FAILout

In case you haven't heard, this morning the House rejected the bailout, by a vote of 205-228. I'll echo Chris Bowers' glee that this extremely bipartisan vote happened to cut against the elite consensus, bringing together the left and the far right, the exact opposite of what centrist Broderite "bipartisanship" always demands; and while David Sirota is characteristically overexcited in calling it a "populist revolt," it certainly is exciting to see a bill like this deep-sixed by grassroots popular pressure. (No thanks to centrist Blue Dogs like Jim Marshall of Georgia, locked in a tight reelection race right now, who reportedly told the caucus that he'd "give up [his] seat" to support the bailout. FAIL!)

That's the good news: we have a Congress which for once is responsive to the public. But--

--BUT--

--but, now we're left with a financial system that's continuing to implode. And Treasury's taken its shot, so the ball is clearly in Congress' court to come up with a sensible plan. And anything which will actually help the situation (suggestions? anyone? ...Bueller?) is likely to look even more like socialism, so good luck convincing those cranky Republican wingnuts to back, for instance, bank nationalization.

("Wingnut" is the word, incidentally. Good for them for stopping the bailout; but these are people who instead proposed, in total seriousness, that the government shouldn't buy these assets but rather insure them. Think that through for a minute and you'll realize how BUGSHIT INSANE it is. That's how deep their market fundamentalism runs.)

Then, if Congress winds up half-assing it or doing nothing -- which of course never ever happens -- watch for wily Republicans in 2010 to pin the full-blown depression right on Nancy Pelosi's nose. And they'll have a point. So Democrats have a responsibility to put together a plan, and quickly -- during election season -- with a Republican president and a panicked public -- for an unbelievably complex institutional problem which may in fact have no solution at all. Have I said FAIL enough times to get my message across yet?

What Not To Do On CNN

This clip has been making the rounds today, in which Gov. Mark Sanford (R-SC) does a total faceplant trying to articulate any contrast between McCain and Bush on the economy. This is one of the worst appearances by a high-profile surrogate you'll ever see, and it highlights the severe message difficulty McCain's campaign is having on the economy. Look:

Brutal.

(Also, as Taegan Goddard notes -- we can probably strike Mark Sanford off McCain's VP list.)