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&lt;p&gt;This afternoon, the House of Representatives voted against the federal bailout plan, defeating the proposal 228 to 205. The Dow Jones Industrial Average and S&amp;amp;P 500 immediately sank on the news, as investors displayed their lack of confidence in a plan passing Congress. House Financial Services Committee Chairman Barney Frank said he was &quot;very disappointed&quot; in the vote,&amp;nbsp;adding, &quot;The Republicans killed this.&quot; Even after President Bush lobbied to pass the bill (to &amp;#8220;help keep the crisis in our financial system from spreading throughout our economy&amp;#8221;), Democrats could not rally enough yays.&lt;/p&gt;&lt;p&gt;The markets were already down somewhat on earlier news that Citigroup had agreed to acquire the banking assets of Wachovia for $22 billion. On a per share basis, Citi paid $1 for Wachovia&amp;#8212;a far cry from the more than $50 per share price Wachovia&amp;#8217;s stock traded for in the summer 2007 prior to the credit crisis (and also a lot less than the $10 per share price it traded for just a few days before the Citi deal). So, Wachovia commercial banking employees, meet your new boss: Vikram Pandit. &lt;p&gt;And following in the footsteps of WaMu and Wachovia, it appears that the next credit-crisis casualty&amp;nbsp;will be&amp;nbsp;National City, whose share price is down another 60 percent today to $1.50 (just a tad off its 52-week high of $27).&lt;/p&gt;

Derek Loosvelt

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