Nate Silver has a good post on just who voted against the bailout bill and their transparent reasons why. I am reminded of an old mantra of George Steinbrenner’s: “Lead, follow, or get out of the way.”

[Edit] Adding the clarification that I don’t think it a bad thing that the bill failed if it gets us a better bill. While I do think the credit market needs some propping up, the bill as written allows far too much latitude to the Treasury secretary as to setting prices and which assets to buy. Not only does it make him inordinately powerful, not only does it force us to put uncommon faith in his judgment (both the current guy and his post-January replacement), but it makes him the most corruptible figure this side of Russia. As Bob Dylan sang, “Don’t follow leaders and watch your parking meters.”

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