The failure of the financial bailout bill in the House is a classic example of an old adage: all politics is local.

Despite the fact that President George W. Bush and the leadership of both parties lined up behind the bill, the rank and file of both parties -- particularly on the Republican side -- rebelled in light of polling that showed the American public is deeply skeptical about a planned $700 billion bailout for the financial industry.

With just over one month left before the November election, politicians of both partisan stripes are concerned primarily about one thing: their own political futures.

Friday morning, on CBS’s “The Early Show,” Representative Barney Frank of Massachusetts, the lead Democratic negotiator, said the bailout had been derailed by internal Republican politics.

“I didn’t know I was going to be the referee for an internal G.O.P. ideological civil war,” Mr. Frank said, according to The A.P.Thursday, in the Roosevelt Room after the session, the Treasury secretary, Henry M. Paulson Jr., literally bent down on one knee as he pleaded with Nancy Pelosi, the House Speaker, not to “blow it up” by withdrawing her party’s support for the package over what Ms. Pelosi derided as a Republican betrayal.

“I didn’t know you were Catholic,” Ms. Pelosi said, a wry reference to Mr. Paulson’s kneeling, according to someone who observed the exchange. She went on: “It’s not me blowing this up, it’s the Republicans.”

Mr. Paulson sighed. “I know. I know.”

We launched our Social Media System at REBlogWorld and updated our website:

Domus Consulting Group is the leader in the development of a new social media platform we simply call the “Social Media System“. This system enables companies, organizations and groups to create powerful effective social networks WITHOUT REQUIRING THEIR PARTICIPANTS TO BLOG. Using various popular applications like Twitter and Friendfeed, and bookmarking tools like del.icio.us, our Social Media System facilitates real time news wires. We developed the System because blogging can be challenging, but participating in the various social media is easy and fun.

For example, the System can be easily incorporated into a typical real estate brokerage site. Real estate agents broadcast market news through Twitter and other micro-blogging applications. The effect is that of a local news wire reporting updated Twitter feeds by a corps of agents. One agent may Twitter “this San Francisco 3BR condo just went for $200k over asking… in this market? Click here - tinyurllink.com“. Readers will click and subscribe to real time news offered by that agent because it keeps them up to date on the markets they are interested in. More importantly, the Twittering agent develops a following and builds a lead network that will benefit from his/her insights into the market. You can see more details of the System at our slide presentation Website 2.0 - Creating the Conversational Web.

Let me know if you'd like to see a demo.

Paulson Plan Shows A Weakness: Above Market Pricing, Greater Taxpayer Risk