Bailout or not, Wall Street will never return to its freewheeling, profit-spinning ways of old. - Inspired by Julie Creswell

Yesterday, in defiance of both presidential candidates and Obama, the House rejected the proposed $700 billion bailout by a vote of 228-205. The Dow plummeted 7% by the end of the day while lending rates rose. Apart from objections to the bill itself, worries about re-election are a major reason for the bill’s defeat.

Even if the bailout were to be passed, and even if it were to stabilize Wall Street, according to Creswell, Wall Street will never be the same again. “After years of lax regulation, Wall Street firms will face much stronger oversight by regulators who are looking to tighten the reins on many practices that allowed the Street to flourish.”