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  Andrew Lilco has just posted on Centreright an alternative view of what happened in the US Congress. I am not sure he is right, I hope he is and as a result something better will emerge, but I am not at all sure....
  
  quote.......the deeply misguided Bush-Paulson bailout scheme - which I have previously characterised as the end of US private capitalism - has been rejected by the House of Representatives. Even though the resistance to the scheme amongst the Democrat leadership, responding to its deep and widespread opposition amongst American voters, had led - through the proper political process of debate and compromise - to great improvement of the scheme from Paulson's original blank cheque, even the final version was seriously flawed. Its rejection is a victory for democracy - I am very impressed with the House Democrats and Republicans that have had the bravery to stand up to the bullying and melodramatic "this must be done" posturing of Paulson and Bush...........
  
  I wonder. We will see, as I have said anything can happen but what the markets need most is leadership, even flawed leadership is better than none.

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