Dear Fools,

As you've probably seen by now, the proposed bailout plan that went before the House of Representatives this afternoon was voted down, forestalling any progress our financial system can undergo to dig ourselves out of the mess we're now in.

Regardless of who's to blame or who should be held accountable, these are extremely serious times not just for Wall Street, but also our entire economy. The debate over how and why this happened can go on for days, but it's important to realize that the proposed bailout is designed to help the financial system, not Wall Street fat cats hoping to cash in on your hard-earned tax dollars.

In just the past two weeks, our economy has witnessed the demise of Lehman Brothers, AIG (NYSE:AIG), Washington Mutual (NYSE:WM), and Wachovia (NYSE:WB), all organizations that -- despite their obvious missteps over the years -- play a vital role in keeping our economy running. Without government intervention, the problems are guaranteed to get quite a bit worse. Warren Buffett -- known for his cool head in times of financial panic -- warned Congress over the weekend that without a plan, we'd be heading into "the biggest financial meltdown in American history."

We understand the paramount level of frustration right now, particularly because of the blatant amount of greed that underlined Wall Street over the past many years. Regardless, the decisions that will be made in the coming days on Capitol Hill will have a serious impact on every American.

Our question to you today is, "Do you agree with the House's rejection of the bailout plan?"

Please take a moment to weigh in via our poll below and add comments if you feel so inclined.

For related Foolishness:

Fool contributor Morgan Housel doesn't own shares in any of the companies mentioned in this article. The Fool has a disclosure policy.