Last night the Senate passed the Bailout bill 74-25.  Sen. Barack Obama, Sen. John McCain, and Sen. Joe Biden voted for the bailout rescue plan.  In total, 39 democrats, 34 Republicans, and 1 independent (Lieberman) voted in support of the Bill.  There will be a Main Street benefit by way of the defrosting of credit.  The Bill allegedly will significantly increase the availability of credit and prevent a deep recession.  In the last few weeks, consumers have noticed that it is more difficult to get credit for home loans, car loans, and other types of consumer and small business loans because banks are not lending.  Until banks are able recapitalize, the industry is holding on tight to the credit strings.  The hope is that the Bill will provide much needed stability to the financial markets.  When businesses cannot get loans to make payroll, employees lose their jobs or don’t get paid.  Consumers then stop spending money and consumer buying slows down resulting in states bringing in lower tax revenues.  The broader economy is then impacted.  It’s all interconnected.  One good thing and per Sen. Obama’s suggestion, the bill will raise the FDIC insured amount from $100,000 to $250,000.  If there was more time perhaps a better bill could be crafted but given the alleged urgency of the situation it is the best available remedy of the moment.  Today Congress will be whipping votes and there should be a second vote in the House of Representatives on Friday.