WP's The Fix points out that despite rampant enthusiasm for elaborate blame-laying among House Democrats and Republicans (not to mention presidential candidates), there's compelling evidence that the bailout bill failed for another, more parochial reason:

It's no coincidence then that of the 205 Members who voted in support of the bill today, there are only two — Reps. Chris Shays (R-Conn.) and Jon Porter (R-Nev.) — who find themselves in difficult reelection races this fall. The list of the 228 "nays" reads like a virtual target list for the two parties.