The people have spoken, but how well they were heard was based on whether the listener was up for re-election. Per FiveThirtyEight.com:
This was predictable, I suppose, but it's remarkable to see how strong a relationship there is between today's failed vote on the bailout and the competitive nature of different House races.
Among 38 incumbent congressmen in races rated as "toss-up" or "lean" by Swing State Project, just 8 voted for the bailout as opposed to 30 against: a batting average of .211.
By comparison, the vote among congressmen who don't have as much to worry about was essentially even: 197 for, 198 against.