David Cay Johnston: Bailout bill’s failure is reason to cheer

Author and former New York Times reporter David Cay Johnston, whose warning to journalists about taking bailout hype at face value we cited earlier, has published a postscript on the House vote yesterday over at the New Republic’s The Plank blog. His verdict:

Whether you favor the $700 billion bailout or not, the House vote today should make you cheer–loudly.

Why?

Because the majority vote against it shows that Washington is not entirely in the service of the political donor class, by which I mean Wall Street and the corporations who rely on it for their financing.

Read the Johnston column.