Democrats cannot win the election if they open themselves up to criticism as being friends of a capricious Wall Street and supporters of a clueless Bush and Paulson. House Republicans are performing a flanking maneuver that is going to portray the Democrats as just that - and place McCain as a clear alternative to both Bush, the Dem's, and Wall Street. In this scenario, McCain and the "true" Republicans become the populist representatives of the people. This cannot be allowed to happen.
The Democratic leadership is killing their ticket by being seen in photo op's with Bush and Paulson, killing the ticket by emphasizing speed over reflection, killing the ticket by promising the taxpayer "equity" in assets that are worthless. They are opening themselves up to both criticism from experts who dismiss the plan as foolish, and to the average voter, whose criticism will bite much deeper.
While I am symathetic to Jeff Lieber's diary, the most important thing going on in the debate over the bailout is that we have Republicans echoing the opinions of the general public. In the battle between Wall and Main Streets, this puts the Democrats on the wrong side. Democrats need to be the voice of the people if they wish to win this election. They need to distance themselves from Bush and Paulson, and start echoing the comments made by those like McCotter. Bipartisanship can only be neutral for the Democrats if the Republicans have their caucus in line. They don't, and thus this opens a space for McCain, to join this opposition cohort, and attack our flanks.
The American people have not bought into the hysteria, and such skepticism will be directed at all those who do. Democrats need to coopt the Republican message and become defenders of the people first, and defenders of the market second. The surest way to allow a foothold to the right is to give the right our populist image.