Right now, in the midst of an economic crises, there is a gaping power vacuum in Washington. Bush is too weak politically to pass a major bill. Congress is too divided to approve this questionable bailout package.
This is a chance for Obama to lead the way, and in the process, show what we at dKos already know--that he has what it takes to lead the country. He should stop "playing it safe" and take charge in this time of need.
There are many reasons Senator Obama should not continue to support the bailout package. There is a good chance it will not work. It is an unjust bill--it rewards Wall Street for poor investments and predatory lending. Similar to the FISA bill situation, it does not have the support of his base. Most importantly, it does not have the support of the public at large.
Obama needs to meet with Congressional Democrats and like-minded Republicans to construct an alternative, progressive solution to this crises. Some excellent alternative ideas have been floated around, such as a Home Loan Agency that would assist those at risk for foreclosure, providing a "bottoms up" solution--a "bailout bill for the people". The final bill should have financial regulatory reform and safeguards against predatory lending.
Certainly, a bill that has popular support would resonate well with the public. The republicans don't have the numbers to stop such a bill, and with popular support behind it, they would not dare to. Bush would be the only one who could bring a "bailout bill for the people" to a grinding halt with a presidential veto. Certainly, there is little Obama could do to prevent this, but it would further the notion that Republican leadership in the White House must end.
There are those that argue that presidential politics should not be injected into this bill. Yet the reality is that there is nobody else in Washington strong enough to lead us through this mess.
Obama is not president yet, but he has the poll numbers and the political strength to engineer such a rescue. I concede that it is a risky move when he is ahead in the polls, but it is also risky to tread lightly and simply go along with McCain and this already discredited administration.