Well, the bailout plan was rejected in the House of Representatives by a vote of 228-205. And, gasp, the markets are tanking.

Prediction: Voting against this thing is not going to be the political winner that some have speculated opposition would be. Already, there is evidence that the plan was becoming more popular. And expect support to rise further now that the economy will be in even more dire straits.

As for McCain, this is very, very bad news. He failed to convert the House GOP, and the stock market is in a tailspin.

Update...from those always amusing House Republicans:

Representative Darrell Issa, a Republican, said he was “resolute” in his opposition to the measure because it would betray party principles and amount to “a coffin on top of Ronald Reagan’s coffin.”

--Isaac Chotiner