Given that the House GOP didn’t deliver the 80 (or whatever) votes that Democrats were making substantive concessions in order to achieve, now I really don’t see why the Democratic leadership doesn’t tear this thing up and start writing a progressive bill. Not only might that produce a good outcome in the end, but it also seems to me like the thing that would be most likely to convince recalcitrant House Republicans to get with the program in order to preempt something more left-wing.
UPDATE: Ramesh Ponnuru says:
If I Were Pelosi [Ramesh Ponnuru]
I would figure out if there were a bill to the left of the one the House just voted on that could pass on a party-line vote and reassure the markets.
People are always talking about how Ramesh is one of the smartest conservative writers out there.
UPDATE II: Brad DeLong says “Bring Congress Back into Session After the Election … and go for the Swedish plan: nationalize the insolvent large financial institutions: dare Bush to veto that after the election.”