The Republicans' ham-handed maneuverings on the bailout have handed progressives a generational opportunity for change. Now that the Wall Street-centric (with a few throwaway Main Street perks) bailout has failed, now is the time for Congressional Democrats to propose a truly progressive alternative. The country is ready for this, and I think it has the potential to bring about a fundamental progressive realignment.
People are angry out there. One of the reasons the bailout failed is due to a wave of negative reaction from constituents who weren't going to be conned this time. One news story pointed out that most of those who voted against the bill are incumbents up for reelection.
Something does need to be done. I'm no economist, but I trust those who say that doing nothing would be a disaster for everyone. The point is, we now have the leverage to propose - and pass - a bill that will benefit the people, not just the banks. Bush will veto it, of course - he is constitutionally unable to sign a bill that would actually benefit ordinary citizens. But if the bill is written skillfully enough, Congress may be able to override Bush's veto.
What do you think - is this our big chance?