Well looks like there is nothing the American People can do about the bailout bill now. It just crossed the wires that President Bush has officially signed the bill after both houses of Congress passed it.

The Bailout bill gives the Treasury Department $700,000,000,000 of monopoly money to use in hopes of buying up bad credit loans and freeing up the financial markets of all this bad credit. Our financial system just lost it’s ability to fail. In my opinion not having the option of failing will mean more bad decisions in the future. Five , ten, or twenty years from now we will look back at this day and realize that it was a HUGE MISTAKE.

HOTAIR: Breaking: Bailout vote underway; Update: 218; Update: 263-171

Update: Sugary Senate pork made the medicine go down: 263-171 as the gavel comes down, with some 90 Republicans voting yes. The Dow has suddenly dropped by 80 points or so, but I think I know why – it’s pessimists like me unloading their portfolios to capitalize on the post-bailout spike ahead of what they expect will be another downturn next week. (I didn’t unload, but thought about it.)

The Dow is bouncing. It has gone negative, now it’s back in the positive.

You can read the entire text of the H.R. 1424, which is U.S. Senate’s version of the Emergency Economic Stabilization Act of 2008, the Energy Improvement and Extension Act of 2008, and Tax Extenders and Alternative Minimum Tax Relief Act of 2008. The 451-page bill is a part of a proposed bailout of United States financial system

Update: Now that economic bailout plan has been finally passed in both houses, and sign into law what kind of impact will this have on the Presidential election and the many congressional contests around the country. One of the reasons congressmen voted No on a similar bill on Monday was because they feared that they would lose the support of their constituents. Is one month long enough time for the voters to forget about this debacle of a bill?