So the good senators have shown some back bone and ignored Paulson, Helicopter and Dubya's prominent jawbones.
So where to now for the 'bailout'?
Looks like efforts are likely to turn to the severely eroded equity bases of the banks that are left standing on a case-by-basket-case basis. So in effect we will have a nationalisation of the US banking system. Japan and the 1980's comes to mind?
Anyway it should prove cheaper than pouring 'good' money after bad as more and more tranches of leveraged securities debt start to whiff.
And I am sure it will be good for a few more dead cat bounces. Happy days