Day One of negotiating the Big Bailout has ended in failure (thank you God! thank you thank you!). Also, rumor has it that over 100 House Republicans who were not invited to this party have let it be known that their constituents are opposed to being robbed in this way, and that they will oppose it.
"We need to get the president to get the Republican House in order," Sen. Charles Schumer, D-N.Y., said on the Senate floor. "Without Republican cooperation, we cannot pass this bill." Schumer said Bush should also "respectfully tell Sen. McCain to get out of town. He is not helping, he is harming. Before Sen. McCain made his announcement, we were making progress." (This from AP news.)
Godalmighty, I hope he is right on both points: that Schumer and his gang of thieves can't bring this heist off without the House Republicans, and that McCain is "harming" their efforts.
Defenders of the bailout argue that if we don't pass their proposal, and do it faster than we can even think rationally about it, consumers will find it too difficult to borrow money to buy new homes. "This is for Main Street, not just Wall Street!" Here you see a graph showing that Main Street's ability to borrow is at record highs. Where is the crisis for Main Street that we should be panicking about? (Hat-tip to Jeffrey Tucker at the Mises Blog. See this article for more discussion of the evidence.)
Added Later: Quote of the week: "We don't have to rush in with the greatest advance of socialism in the Western world," said Rep. Louis Gohmert, R-Texas and a backer of the House Republican proposal. "The only thing we have to fear is fear-mongering from the secretary of the Treasury."