Bailout Passes House 263-171

A majority of Republicans still opposed it, but it was a significantly smaller majority (54% vs. 67% the first time around).  Just 27% of Democrats voted no, down from 40% in the first go-round.

There's a rumor going around that the Fed will announce an inter-meeting rate cut of up to 50 basis points soon after the matter is resolved.  Look for a potentially massive upside move in the equity markets (with the Dow already up 240 points before the House vote) if that comes to pass.  The rally faded shortly after the passage, with traders apparently "selling on the news" (which bailout opponents will likely mistake as the market disliking the bill).  A rate cut - especially if it's a coordinated cut with other central banks - will likely get folks back in a rabidly bullish mood.

The President will speak at 1:55 pm, so any Fed announcement may be held off until after that address.

Previously:  Bailout Passes Senate 74-25