As of roughly 8:30AM central the House of Representatives began debate on the financial bailout. Roughly three hours of debate/discussion is to be had with a vote expect by noon central.

How are the markets responding? With a sharp drop at the open, the down seems to have found the bottom of the day around 10800.

Updates to come as the day moves forward.

UPDATE: 10:32 AM CENTRAL

Here is the draft of the Bailout, all 110 pages.

UPDATE: 11:05 AM CENTRAL

You can watch the House Debates at C-Span. A final vote is, indeed, expected at 12:30PM Eastern / 11:30 Central but may be later if the debates continue.

UPDATE: 11:15 AM CENTRAL

Just vote already! This is all fluff… Everyone saying how this was politics at it’s best, everyone thanking everyone else… Wait…

Ginny Brown-Waite, Republican Congresswoman, does not like this bill and does not look like she will vote in favor.

UPDATE: 11:17 AM CENTRAL

Congresswoman Marcie Kaptur, Democrate, is voicing her disapproval. She says go back to the drawing board, this is not the right bill.

UPDATE: 11:22 AM CENTRAL

Speaker of the House, Nancy Pelosi, is blaming President Bush for this financial crisis (Let’s ignore the poor lending practices).

Wow – thanks Nancy – I didn’t know that Fed Chairmen Ben Bernanke is a leading expert on the great depression.

The bill does not contain bankruptcy? I wonder what that means….Ah, she wants to help homeowners stay in their home if someone goes into bankruptcy.

UPDATE: 11:31 AM CENTRAL

The vote should be taking place but the debates continue…. Actually, Pelosi continues to slam the Bush administration, is thanking Barney Frank for all that he has done and is asking both sides to vote for the bill.

UPDATE: 11:48 AM CENTRAL

Debate still ongoing – there are a number of very unhappy Republicans suggesting that people vote no.