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Bailout Outrage Races Across the Web
The Internet is flooded with angst about Treasury Secretary Paulson's proposed $700 billion bailout—and inspiring old-fashioned street protests
Arun Gupta was enraged as he learned the details of Treasury Secretary Henry Paulson's plan to fix the U.S. banking system with $700 billion in taxpayer funds. The 43-year-old copy editor and freelance journalist, who publishes his own alternative newspaper, The Indypendent, needed to channel his angst but couldn't find a live protest to attend. So on Sept. 22, he sent an e-mail to some politically active friends in New York. Within days, they'd planned a protest against the bailout in New York and at 80 other locations in the U.S. on Sept. 25.
"I couldn't sit back while this plan gets rammed through Congress," says Gupta. "We live in a digital world, but change has to happen in an analog world. We married the two-the Internet helped us organize like wildfire." Gupta, now working with the online organization truemajority.org, says he expects hundreds and possibly a thousand protesters to converge at the protest near Wall Street. Protesters plan to build a pile of "citizen junk" that the government should also purchase in front of the iconic bull sculpture.
Much of the populist outrage against the bailout is building on the Internet, in blog posts, and Web sites. And not all of the posts are created by left-wingers like Gupta. The Internet is now swirling with petitions, debates bordering on rants, and biting satire about Paulson's plan and its potential consequences. The calls to arms come from across the political spectrum-from right-wing enemies of taxes to libertarians and left-wing progressives. They demand that Congress amend, scale back, or scrap the plan altogether.
Online Rage
The anger fueled much of the political theater in Washington this week. Yet Democrat and Republican lawmakers are working behind the scenes to bat out a deal (BusinessWeek.com, 9/24/08) with Paulson and the Bush Administration.
A lot of the online rage is channeled in the form of signatures on petitions and electronic letters to members of Congress. Senator Bernie Sanders (Independent-Vt.) is circulating a popular one on the left-wing blog Huffington Post. The 1.9-million member Service Employees International Union is also circulating a sign-on letter to Congress that reads in part: "No deal. No blank check." StopTheHousingBailout.com reasons: "A bailout tells responsible Americans that they are suckers."
The anger is coming from right-leaning groups as well. The National Taxpayers Union's "No More Bailouts!" petition reads: "Bailouts that keep mismanaged organizations afloat delay natural corrections to unsound business practices....Enough is enough. No more bailouts. Not with my tax dollars."
The conservative site townhall.com features a similar petition. Right-wing blogger Patrick Ruffini, meanwhile, urges Republicans to vote against the bailout, since "God Himself couldn't have given rank-and-file Republicans a better opportunity to create political space between themselves and the Administration."
"Other People's Financial Excesses"
Then there are the more humble, makeshift calls to action, like a Web site called Tax Payers Against a Wall Street and Mortgage Bailout Petition, set up by a man named Thomas Roach. Readers can sign on to a letter to President George W. Bush and others politely asking, "Please do not support the efforts to bail out mortgage holders and mortgage lenders with my tax dollars. As a responsible citizen, I do not believe it is right for you to ask me to pay for other peoples' financial excesses."
The Project on Government Oversight and the National Taxpayers Union are criticizing Paulson's proposal to prevent any judicial or legislative review of his bailout moves. An open-government group called the Sunlight Foundation posted the full text of Paulson's proposal and Senator Christopher J. Dodd's (D-Conn.) counter-proposal on PublicMarkup.org, where readers can read and comment on each.
Other online manifestos are less earnest. A letter fashioned after the iconic Nigerian hoax e-mail is circulating in in-boxes. "I am Ministry of the Treasury of the Republic of America," the letter from "Paulson" reads. "My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.…We need a blank check.…Please reply with all of your bank account, IRA, and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov."
Meanwhile, on a site whose name defies publication, if not linking, users are posting pictures of their personal junk next to the tagline, "Hey Washington, can you buy my bad investments, too?" The total asking price of the "pile" submitted by users—which includes reading glasses and a book called The Boys and Their Mama for a combined $12,254.90, and $24,000 in student loans for art school—is approaching $500 billion.
Opposition on Social Networks
Not surprisingly, bailout critics are also having their say on social networking Web sites. There are almost 300 members in the Facebook group "Just Say No to the Government Bailout." The anti-tax group Taxfreesociety.com is also "organizing moral opposition" to the bailout through its new Facebook group, "Stop the Bailouts!" The group administrator says the purpose is "to utilize the latest social networking tools" to voice opposition.
Then, of course, there's YouTube. Bailout-related videos include straightforward clips of Paulson and Federal Reserve Chairman Ben Bernanke calling on Congress for the bailout. Others, however, include rants by amateur newspeople, including a group called the Young Turks. The news-style segment, "This Is How The Bail Out Will Screw You," has had more than 24,000 page views.
Herbst is a reporter for BusinessWeek.com in New York.
152 Comments so far
Show AllARE WE THERE YET!
Even Newt Gingrich is saying this bail out is wrong. Yeaaah! They are eating their own.
.
McCuster's Last Stand – Revisited
What’s that you say?
There is a LOT of Indians just over that hill???
Hmmmm…
Perhaps we should cancel that
mounted charge.
- Lieutenant Colonel George McCuster
Battle of the Little BigDebate
.
.
“Without immediate action by Congress,
American could slip into a financial panic
and a distressing scenario would come in
the form of a mushroom cloud!!!”
- President Bush
.
Dang! What ever happened to that fabled "market discipline" that the free marketers were interminably bleating about? Now when it's time to dispense some of that discipline, these guys want a bailout?
OK, this is an election year, and no congressman wants to be seen as bringing on financial doom. A bailout in some form is looking increasingly likely, so I would like to make the following amendments to any apporpriation for this purpose:
(1) FUNDING: This appropriation will be funded by a revenue stream generated by a commensurate tax increase on personal and corporate income. This revenue stream will be generated through the following steps:
(a) The Bush Tax Cuts will be repealed in reverse order until a projected $700 billion revenue stream over the life of the appropriation (2 years) is generated.
(b) If additional funding is required, it will be generated by increasing the corporate tax rate to 35%, and subjecting dividend income to the same tax rate as salary and wages.
(c) If additional funding is required, it will be generated by removing the cap on Social Security taxable income.
(d) If additional funding is required, it will be raised by a gasoline tax.
(e) If additional funding is required, it will be generated by increasing the tax rate in each bracket by 10%. That is, the 10% bracket will become 11%, the 22% bracket will become 24.2%, the 28% bracket will become 30.8%, and the 35% tax bracket will be raised to 38.5%, and so on.
We all have a stake in the outcome of this appropriation. If it does indeed pass, and I think it will, I think it's important that (a) it is not funded by more borrowing, which just digs a deeper hole, and (b) we all contribute to its funding. An unfunded appropriation of this magnitude will be grossly inflationary, putting the American public in somewhat the same position as they would be in were the appropriation funded by a commensurate tax increase.
Yes Helix, the inflation question is what scares me the most. You can't just make that much money and not expect something bad to happen. I like the tax ideas---but do you really think it'll fly?
.
McCutting and McRunning
.
Results of Scientific Evaluation
A systematic study comparing the Value Factors between:
3.7 Cubic Yards of Aerobically Sustained Swine Excrement
set on fire utilizing a gelled incendiary liquid comprised primarily of
benzene and polystyrene, commonly known as Napalm-B.
and
The Republican Party
This actually was an astounding study of comparative value
because amazingly - once accomplished – the Swine Excrement,
[which exhibits the highest level of stench of all animal dung] was
separated from the benzene and polystyrene incendiary residue
at a sub-molecular level utilizing a specially developed mechanism
of extremely complex design –
THEN the Swine Excrement was combined with organic compost,
and after a lengthy curing time this compound proved to be very
effective in fertilizing a small garden, and actually helped feed one
hungry family suffering from poverty in a developing world setting.
Of course, the purified swine excrement – which was patented and
named GREENPorcineTM - needed to be airlifted, at substantial
cost, BUT it actually did create a beneficial value to mankind.
Unfortunately, it was obviously scientifically non-feasible
at this time to even investigate the future value of the
Republican Party.
.
You had me... until you denied the Democratic Party their full share of glory. This travesty, if nothing else, has been a true bi-partisan effort.
"The Party" shall always be accorded full credit. Revisionism will NOT be permitted.
Milton Freidman, unfettered deregulation started in the Reagan years and continued by insane deregulation in the Bush presidency. All Republican, all greed, all tax cuts, all deregulation, all war, all the time. Remember the Clinton economy? We call that responsible governance. You get a surplus...
But you're right about one thing, Your revisionism will not go unchallenged.
Oh, really? I think you left out another Goldman-Sachs alumnus, Clinton's Sec. of Treasury Bob deregulate Rubin and his championing of Glass-Steagall repeal, signed, with a big smile, by Clinton.
.
Hey,
I cried watching Speaker Nancy Pelosi give her acceptance speech – now I would turn my back to her if she tried to shake my hand.
Dems are enablers in collusion with the traitors - and no better!!!
Just sayin - NeoCon’s are more worthless than shit – nothing complicated or “revisionist” about my little attempt at humor during some dark days…
.
Sioux Rose
HELIX: I like your plan. On the plus side, when it comes to robbing everyone's pocketbook, Americans on BOTH sides of the proverbial (these days alleged) aisle show equal passion for protest. Sadly, when it comes to the confiscation of others' lives and treasures, those who reside in foreign lands, not enough voices unify in protest. I PRAY that the crowd makes waves this time, as this administration along with its complicit democratic "rivals" cannot be allowed to steal this much $, with NO oversight, in the light of day given their RECORD thus far with $ lost in Iraq, mismanaged projects at home, war as product, the rise of a mercenary army and NO investment of note in the things that matter. As is, this like the entire demonstrable record of this administration is not only worthless, it's tantamount to a fiscal blackhole consistent with the moral one that seems to claim the soulless behind these schemes.
More complete proof that there is no difference in the two parties, None.
These guys have to be stopped. There is going to be real panic if they DO this.
Where are you Michael Moore? Talking to God, or financing your next film on Wall Street? I thought you were on the people's side? Hmm, guess not.
Vote Nader.
Vote Nader is fine, but before the election you MUST contact your Congressmen/women and tell them that you will not vote for them. They are obviously not listening right now. Make them listen. Even if you don't support them, it's their job to represent you.
MOORE MONEY, MOORE MONEY!!!
"Where are you Michael Moore? Talking to God, or financing your next film on Wall Street? I thought you were on the people's side?"
Michael Moore is on his side, filling a niche market, and making plenty of money doing so. When he came to London, England, he stayed at The Ritz, one of the most expensive hotels in the world:
http://www.theritzlondon.com
(prices range from approximately $850 to $8,500 per person per night)
Michael Moore aspires to an executive lifestyle, mingling with the rich and famous - or, at least, inhabiting their surroundings.
We make Moore rich so he can spend his money supporting the rich :)
All of the outrage will do nothing if we do not contact our Representatives and Senators and TELL THEM, in no uncertain terms, that we will NOT vote for them if they vote for the bailout. Period. Phone calls are best.
Phone calls are definitely best. I've made all my phone calls, and have put my name on all the various petitions online as well. I hope others will do the same.
If someone can provide a list of where the protests will be tomorrow (besides Wall Street) I'd greatly appreciate it. Search engine searches didn't yield much of anything and nothing locally where I live (Boston).
There may be protests tomorrow as well, but the ones to which this post refers are scheduled for today September 25... 5 PM in many areas around the country... just poke in your zip code to find one close to you.
http://truemajority.wiredforchange.com/event/distributedEventCalendar.jsp
Get out from behind the keyboard. Make yourself seen and heard. This is important. See you there.
Isn't the U.S. military spending level about $700 Billion /year, also?
Isn't it time to protest that, too?
Sioux Rose
KEITH: Although events of our times are no laughing matters, thanks for making me laugh. Very imaginative analogy!
Alan MacDonald
This bums-rushed, late-stage crisis in America is not predominantly about ‘bailouts’, financial ‘socialism’, etc. --- It’s about the battle of democracy vs. Empire across the whole spectrum of our society, our political economy. The weapons may have changed, but this is about excising political economic Empire from our land --- just as it was in the American Revolution.
During the Great Depression, FDR "saved capitalism from itself" ---- once is enough!
FDR "saved capitalism from itself" because he didn't know any better. He did not know that capitalism has a flaw so big that it can not be saved unless it is fundamentally changed --- just as a cancer patient can not be saved unless the cancer can be fundamentally changed, so that its 'destructive' (as opposed to constructive) growth stops.
FDR should not feel too bad about not realizing the penultimate 'flaw' in capitalism (that can pervert its growth destructively instead of constructively), because it was also not known by Adam Smith, John Maynard Keynes, or many others ---- but it was recently understood by Wall Street.
The deadly flaw of capitalism (or its 'market failure', as modern economists say) is "negative externalization of costs".
Wall Street fully understood this fatal 'market failure' of capitalism --- and instead of avoiding it, Wall Street 'gamed' this known market failure for its gain and our loss.
The proof that Wall Street fully understood the catastrophic potential of this 'market failure' of 'negative externality' cost displacement is contained in the following February 2007 article about deep research by three Wall Street CORPORATIONS; Citi, Lehman, UBS:
http://www.socialfunds.com/news/article.cgi/2237.html
The following paragraphs of the article make it very clear that these Wall Street pros fully knew that the 'market failure' of negative externalization costs was massive, widespread, potentially catastrophic to society and the markets ---- and yet they choose to keep on playing (and even expanding) their own destructive, but profitable 'game'.
"The UBS and Lehman Brothers reports concur that climate change represents a classic market failure where company valuations neglect to take into account negative externalizations--in this case, predominantly the emission of carbon dioxide CO2, the primary greenhouse gas (GHG)."
"Therefore, free markets underestimate the future costs to society that would arise if the climate experienced a drastic transformation: a result which many scientists now predict will happen if there is no change to influence free market outcomes," it continues."
"If climate change, one of the most studied environmental phenomena, represents a market failure, one can only wonder to what degree the legion of lesser-studied environmental and social externalities are not being priced into corporate valuations."
These corporations (and others on the financial side of the 'corporatist Empire' that controls our global political economy behind the facade of their two-party 'Vichy' government) knowingly decided to do what CORPORATIONS ALWAYS DO when faced with any decision about societal vs. private issues of right and wrong, profit and loss ---- they 'gamed' the system in favor of private (corporate) gain and public loss!
Now this entire "financial crisis" that Bush, Paulson, McCain, Obama, Dodd, and everyone else in our two-party 'Vichy' charade of a government is yelling and rushing to 'bailout' is caused by nothing other than the modern financial extension of the dirty old trick of 'gaming' the market failure of 'negative externalization' from the industrial level --- and "taking their game one level up" to the financial Ponzi crooks.
I explained how it works and would inevitably lead to a collapse in this Jan 2008 Alternet post to a great Chalmers Johnson article on 'Empire' --- empire, which BTW, is the singular malevolent actor against democracy in all of this:
http://www.alternet.org/story/74620/
"Mirroring the cheating of industrial corporations which used the well known
market failure of negative externality cost displacement to dump pollutants
like cigarette smoke in their customers' lungs, these new financial cheaters expanded the negative externality dumping scam to include the more sophisticated financial negative externalities of CDOs, SIVs, credit swaps, and other 'debt bombs' which they dumped in our country's financial lungs."
Now, in the post-industrial era of perverting financial capitalism, the most anti-social example of this cost displacing Ponzi scheme is precisely a broader picture that is illuminated in the 'financial royalists' of our current corporatist Empire internalizing and privatizing the faux-profits of a leveraged loan economy, and socializing to government and society the very real negative externality costs of asset deflationary 'debt bombs'.
An analogy can be seen by viewing these modern scam wizards of Wall Street like the phony alchemists of old, who promised to turn lead into gold. The modern financial alchemists have promised to turn mere paper (CDOs, SIVs, Credit default swaps, etc.) into gold --- but despite distributing them around the world electronically, they have only managed to turn them into massive ‘debt bombs’.
Unfortunately, this system can no longer be saved by a president like FDR, who "saved capitalism from itself", but only by the completion of the original dream of the American Revolution --- to change the historically destructive political/economic system of Empire, so that democracy applies in both the political AND economic realms.
In summary, we are not just facing a 'financial crisis' requiring a 'bailout' --- what we are facing is one word: Empire.
A 'corporatist financial Empire' now controls all of the economic sphere of our indivisible political economy (our whole society, if you will), and that same Empire substantially controls the two-party 'Vichy' facade of crooked politicians --- but now the Empire is frantically trying to expand its control to absolute 'lockdown' control of the political sphere because they are scared shitless that the American people will use the last vestiges of our 'voting rights' to overthrow their Empire and install 'democracy' throughout our indivisible political economy --- as the original genius of the American Revolution intended democracy to prevail over BOTH the political and economic spheres of self-governance when they kicked out the political AND economic tyranny of the British EMPIRE.
This is not about 'bailout' --- it's about democracy vs. Empire
Thank you for a very clear exposition of this historical event. I am in agreement. Now I believe is an opportune time for 'organized civil disobedience.' I am hearing there is activity. I wish all well and peace.
Your last statement supporting the rebellion against political and economic tyranny is correct. Yet, ultimately the very fucking model rebelled against became the very same thing. Remember 'corporations' are a European invention.
"This is not about 'bailout' --- it's about democracy vs. Empire"
... and the Empire is demanding it's dividend payout. Good post, thanks.
People are beginning to get what it is all about. Even if you don't fully understand it, you get it on a gut level. After losing your job and being told to go back to school to get an even better one, you go back to school. After school, you find that there are no entry level jobs in your field or that those jobs have been outsourced; even if do land one, it doesn't pay as well as your old job. You see the stock market rise to unheard of levels, and hear about how great corporate profits are, especially big oil after gas and food prices skyrocket. You hear about millions losing their homes or, worse yet, you may have been among them.
Then suddenly, you hear that the big banks are in trouble and that these glutinous investors must be saved. They want you to pay them a cool 700 billion with virtually no questions asked. They say that if they do not get it, things will be much worse for you than they are now. Anger and outrage boils within you because you feel in your bones that your being taken, being made a fool of--again. For some it must feel like a flood coming all at once, and you scream at the top of your inner voice: "No, no, no! No bailout for the pigs!" Like in an old western movie, you want them all 'run out of town,' or worse. No matter what MSM or anyone else says, you KNOW you're being screwed (even if you didn't get that before)
I think this is what is happening now.
Your comment is really good. So, all that said, what are you inclined to do? Howard Zinn has pointed out that no action is too small because you never know what will influence someone else.
...and 25 billion already has been approved for these weasel auto makers! There's so much dust from the 700 billion rip off that this one just sneaked-by!
I don't think there is anything we can do but just stop spending money for anything you don't really need. No new furniture. Eating out. Movies. Coffee. Gadgets. Software...and CARS (new OR used)
STOP THESE PEOPLE AND STOP THEM NOW.
There's an article in the Indypendent about the protest in NYC on Wall St today: by John Tarleton www.indymedia.org Protest in NYC at 4pm/people in other cities will be having protests,too. And Arun Gupta was interviewed this morning on DemocracyNow, in the same segment with Ralph Nader. In the title of this article "old fashioned" seems prejorative, as suggesting "what an old-fashioned idea, or dress or shoes", as in out-of-date. Not cool.
(I am not supporting Nader for Pres., and he didn't answer Amy G's ques. re "would you ...people vote for Obama in swing states?" not an exact quote but close.) Ralph Nader did have some really good points about the economic bail-out. Not enough to make a vote for him (a "protest" vote for Nader takes votes away from Obama.....remember the past....close elections make Republican wins "easier" for a variety of reasons:counting/not counting votes.)
I AM voting for Ralph Nader. A vote for Obama is a vote AGAINST progressivism. Your arguments are simply wrong in so many ways. Obama is going to win anyway at this point, unfortunately. (It would be unfortunate if it were McCain as well).
But where are these 80 protests? Any in my area? Where is the list??
I AM VOTING FOR NADER TOO. I am sick and tired of hearing the bullshit excuse that a vote for Nader takes a vote away from Obama. This claim has absolutely no merit. Zero. Nada.
As to the protest movement, great! Take it to the streets.
It's your vote.
Yes, it is my vote and I will feel damn good about it when I vote for Nader. I will feel good because I have not compromised my principles to vote for someone who is nothing more than a corporate mouthpiece. I had this same conversation with a colleague yesterday and gave her much to think about.
Another polite woman.
Vote for Nader, get McCain.
I know CodePink and UnitedforPeace&Justice are involved, as are other groups. I don't have the list or a source, other than the Dem.Now interview, and Indypendent. Sorry.
It's your vote. I prefer to not be confrontational, so I'll ask this question: how do you know "Obama is going to win anyway at this point."?
True Majority is posting a list of places for protest today. I just saw it in comments below the Tarleton story on www.indypendent.org There's also a blog from the NYC protest on the site and Naomi Klein article.
http://truemajority.wiredforchange.com/event/distributedEventCalendar.jsp
just poke in your zip code
I am voting for Nader. Now. More determined than ever. Why should Nader give his votes to any other candidate for any other reason? Obama doesn't own Nader, nor Nader's votes. If Obama cannot whip McCain and take the election regardless of how many candidates are running then he does not deserve to win. The Democrats are again giving the Republican thugs what they want. So what else is new>? Run Ralph. Run!
Actually he gave the best answer to that in an earlier interview. When asked that he said that he would hope Obama would vote for him! Nader is committed to a path for this nation that he realises is untrodden by either mainstream candidate, thus it matters not, to him or to me, whether McCain or Obama occupies the White House. The result will be the same, continued obeisance to the corporate monies that rule our nation and decide its foreign and domestic policies.
You seem oblivious to the fact that many good people have agonised over the decision to vote for Ralph Nader and have arrived at that decision, at least in part, because the arguments of folks like you display a seeming ignorance of the positions of your democrats and an arrogance in the righteous indignation you display because others fail to follow that same road to the status quo.
We see things, not as they are, but as we are.
Anais Nin
My Republican Congressman said he was 'emphatically' against the bailout.
Do I need to depend on him to protect me from the Democrats?
It feels so wrong to look to the Right. But that's what I got.
The Democrats are making a big mistake if they allow the Republicans to be the party that protects Main Street.
Neither party can really be trusted. Your House rep wouldn't be against the bailout if this weren't close to election time. This is all nothing but a stunt being done by both political parties. Sorry.
Cheesedick Cheney was sitting on the toilet at 9 A.M. ET yesterday morning. He had an appointment to talk to Roswell Graymatter, the Managing Editor of the prestigious The American Entrepreneur magazine re "the financial crisis". Cheney, in yet another show of utter contempt for the press and obviously imitating LBJ's infamous treatment of his Treasury Secretary Douglas Dillon, had Mr. Graymatter interview him while he was sitting on the can. Mr. Graymatter was so taken aback, so overwhelmingly insulted, all he could say was, "Mr. Vice President, the nation is on the verge of financial panic, possibly even complete financial collapse." Cheney replied, "So?" He then pulled a long row of tissue and began cleaning his backside. Graymatter, the 73 year old Main Line Eastern Establishment WASP Republican, staggered out of the bathroom, stunned beyond belief, and returned to his offices. He obviously never wrote the story (being too much of a gentleman). The only reason I know this is because my aunt is his executive secretary and she told me.
What surprises me is that he wipes himself !
Isn't there someone better qualified for that job ?
Namaste
Great story. I chuckled. Problem is, it's true.:) Your aunt told my mom, a phone operator in the House building.:)
enliven, I did not see your response, but here :) and,
I thought Bush wiped his ass. With his head.
Loyalty to shareholders rather that loyalty to fellow citizens says much about the people who are making these decisions.
Perhaps Dubya, Cheney, & Co. have finally had their "Emperor wears no clothes moment," in the form of the outrage that hit across a vast spectrum of the political scene. Hoping not to jinx this, but maybe, this moment will go down in history as the time when the vast majority of the American people finally realized what the Bush crime family is all about. Of course, the tragedy is that it took place before the 2000 election.
Not a problem for me. My wallets been empty for years.
Seven huntred billion dollars works out to about one hundred dollars for every man, woman and child in the galaxy. Now I know why Bush and his 'Reich to Lifers' deny the morning after pills to rape victims - they get another $100.
It's not just America's Grandma Millies but everyone who is in or near retirement that will be devastated by this plunder. Where is the AARP now that our lives are at risk?
Obama, McCain and the rest of the congress have already conceded that they will give their wall street backers what they demand. What do they say about how the beating of butterfly wings can cause a hurricane? It is a country of 300 million people, and you only need to find a few hundred good ones, from across the nation, to send to congress and to turn things around.
What the Democrats could have done -
Taken the Bush/Paulson proposal as presented and called for a vote in the House. They could have voted overwhelmingly against it, joined by many Republicans desperate to put space between them and the toxic corpse of the Bush/Cheney administration.
The Democrats could always come up with another proposal, their own, afterwards.
This could have been a Democratic victory, an embarassing defeat for Bush, a tearing apart of the Republican party and an actual example of Congressional bipartisanship.
It would even lessen chances of war with Iran in Bush's final days.
Instead -
We have the Democrats feverishly sugar-coating the bailout to make the crappy 'bailout cake' palatable to us, at least until we have to swallow it (and then we gag).
It's interesting that there's such a country-wide need to keep the Democratically-led Congress from screwing us royally.