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I think the problem isn't so much that the bailout bill failed (as a number of people pointed out, it could be a much better bill) but why it failed, which isn't clear right now. (It's also dead for the day.)
Why it failed will determine what kind of bailout will happen. Is it a bait-and-switch by the Republicans? Are the farther ideological reaches of each party lining up on the vote for totally different reasons? The latter is my guess, mostly.
Here's Jesse Jr.'s reasoning, FYI.
Brad DeLong: the Dems need to sack up. Not going to happen, sorry.
But what you want to know is: are we doomed? The answer, obviously, is yes:
That bit of sic transit gloria is from the Washington Post.