Summary of the morning's news...

Sometime last night, the bailout became no bailout. Obama, via the NYT:

“What I’ve found, and I think it was confirmed today, is that when you inject presidential politics into delicate negotiations, it’s not necessarily as helpful as it needs to be,” Mr. Obama told reporters Thursday evening. “Just because there is a lot of glare of the spotlight, there’s the potential for posturing or suspicions. When you’re not worrying about who’s getting credit, or who’s getting blamed, then things tend to move forward a little more constructively.”

The Republican side of the story, as told by Kevin Smith, aid to House Republican Leader Boehner:

But a top aide to Mr. Boehner said it was Democrats who had done the political posturing. The aide, Kevin Smith, said Republicans revolted, in part, because they were chafing at what they saw as an attempt by Democrats to jam through an agreement on the bailout early Thursday and deny Mr. McCain an opportunity to participate in the agreement.