Congressmen voted 228 to 205 against the measure to authorize the biggest government intervention into markets since the Great Depression. The Dow Jones Industrial Average slid 778 points for its biggest point drop ever as $1.2 trillion in market value was erased from American equities.

A horrible misconception is greatly disturbing me, it seems that people want to blame Wall Street for all the ills of the market, and I appreciate that feeling, BUT....

I also appreicate that Lehman Brothers, and Bears Stearns are now nonexistent, and Goldman Sachs and Morgan Stanley are fighting to stay alive.

The blame for this mess is not the "Big Guys" fault alone, Wall Street created financial securities, specifically secondary markets in asset backed securities, that allowed Americans to live the American dream. Buying new cars, going to Disney Land, investing in multiple homes in which they had NO business doing(and sometimes exagerating their incomes on loan applications-which is criminal). Wall Street created securities, they bought them and sold them, held them for investment and traded them for fee. That's all they did. Meanwhile, as a result, the every day Joe and Jane were able to own their first home and a new car too.

A few points from my perspective on the ongoing events, and who should share in the blame for the need for a "Bail Out":

1. The Vote today was Not Bailing Out Wall Street. We were not bailing out Wall Street, but if we were, they would deserve as much as the Main Street banks we really are saving. Washington Mutual is not located on Wall Street, nor is Wachovia. National City is no where near Wall Street.

2. Standard & Poor's and Moody's? We rely on them to analyze securities, and one should ask did they negligently label too many of them as investment grade? When the housing values were soaring, it didn't matter, but it surely did as the housing bubble popped. Thank them for some of the problems.

3. Mortgage Brokers(Sorry, there are many of you that are my friends, but you know that not everyone holds themselves to the same ethical standard so please don't take offense). Who created liar loans? The market for the most part has taken care of the problem brokers, but part of the blame can be attributed to loan products that were simply unnatural and fell into the category of too good to be true. Also, some of the banks that originated these loans took on great risk for the sake of greed. Greedy men working for those banks originated bad loans, and sought Wall Street's help to package them and sell them since they could be rated investment grade and dumped onto others.

4. Society(US) People just like you and me made these mistakes, and people like me and you allowed it to happen by not staying informed with the goings on of our society and by not seeking to improve upon it.

5. The Treasury plan from Paulsen needs work, the plan did not address the need to recapitalize badly undercapitalized financial institutions. Nor did the plan include an HOLC-style program to reduce across the board the debt burden of the distressed household sector. Our leaders need to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown. For everyone from traders, investors and banks to the average American, the latest development in the TARP means one thing-The Treasury has failed to restore confidence in the financial markets and it could be some time before there is stabilization.

Quotes and information in the media today that should impact your thoughts on the events of today:

``They've got to come up with something or the damage is unimaginable,'' said Henry Herrmann, Overland Park, Kansas-based president and chief executive officer of Waddell & Reed Financial Inc., which manages $70 billion.

``There's a real opportunity for this thing to totally unwind into chaos if we can't get some real direction from Washington,'' said Russ Kamp, chief executive officer of Invesco Quantitative Strategies, which manages about $461 billion in New York.

Wachovia Corp. tumbled 82 percent after the bank was sold to Citigroup Inc. in a deal brokered by the Federal Deposit Insurance Corp., sending shares of Sovereign Bancorp Inc. (The second-largest U.S. savings and loan)down 72 percent and National City Corp. (Ohio's biggest bank)63 percent lower.

Goldman Sachs Group Inc. (Warren Buffets Baby)and Morgan Stanley, the two largest Wall Street securities firms, fell more than 12 percent.

General Motors Corp., Chevron Corp. and Intel Corp. sank more than 10 percent each.

The next 10 days will be very interesting, likely a worldwide market cataclysm such as we have not yet seen.  Our financial system needs fixing. This is the problem, but where are the true leaders and brilliant minds that know the answers?

The bailout was for $700 Billion dollars, and the over 1 Trillion dollar loss in the market equates to more than $300 Billion dollars then the amount of the Bailout LOST in Just ONE DAY!

In closing, Please take time to consider that volatility in the financial markets benefits no one.