It's Independence Day!

September 29 should be a Federal holiday. It's the day the people prevailed. The day government worked. I never thought it could happen, but it did.

The House of Representatives voted down the bailout bill. A failed Republican administration, aided and abetted by a failed Democratic Congress, threatened our very sovereignty.

Representatives from both sides of the aisle listened to the overwhelming message from their constituents that they did not want their tax dollars to bail out irresponsible borrowers, lenders, securitizers and investors. They listened, and they voted the people's will.

They saved us from the demise of our economy. Yes, stocks tanked. So what? Stock market investors are subject to risk. They can't expect a free ride. Yes, we'll be in a recession, if we're not already (we are, IMO). So what? We would have been anyway.

But the dollar won't drop to worthlessness. Inflation won't double. Oil won't double (it actually fell $10/barrel). Tax rates won't double. China won't stop investing in Treasuries. All that, and worse, would have happened if the yeas outweighed the nays.

We should celebrate the triumph of capitalism, free enterprise, and the democratic process over socialism, nationalization, and partisanship.

God bless America!