Nomi Prins, a former Wall Streeter, has a good critique at Mother Jones of the bailout proposal as it was voted down yesterday. After summarizing the reasons why, in her view, the amended bill was not a good bill, Prins concludes:

The current financial crisis—and the debate over the bailout package—provided an opportunity to shine a light under the hood of the industry, remove its engine, and reinstall a more efficient one. It’s not likely that the 130 or so House Republicans who bucked their party leaders to vote against the bill are looking for the re-regulation of Big Finance. The 90 House Democrats who also voted against the bailout are probably more sympathetic to that approach. But for the moment—despite all the harrumphing from pundits and commentators about the bailout’s crash in the House—the opportunity to get it right (or, at least, better) remains.

But Prins has argued earlier that a better bill would have to include reregulation of the financial industry. So I’m not sure where her optimism about getting it “right (or, at least, better)” comes from. Read the whole critique here.