The House has rejected the government’s $700 billion bailout plan and the stock market has reacted by plunging several hundred points this afternoon. This is even as the Federal Reserve and foreign central banks agreed to pump billions of dollars into the global financial system to unlock tight lending.

That did little to staunch the bleeding though as the market was down about 700 points at one moment during the afternoon. The House has pledged to get another vote as soon as possible but that may not be until Wednesday as tomorrow is Rosh Hashanah.

Many politicians spoke out against the bill after it failed saying it did not have enough oversight and that too much taxpayer money was at stake. Other politicians spoke out saying that the bill needed to be passed as soon as possible to help stop the financial crisis and stabilize the market.

What will happen remains to be seen. We’ll be watching the action closely and would love to hear your perspective on the situation. We’ve gotten some very insightful comments already and I look forward to reading more.