Robert Kuttner ponders the consequences of the bailout bill's failure and suggests that maybe, just maybe, it could allow a better bill to be passed:
What now?
First, we will face the inevitable round of recriminations. But the record is pretty clear. The Democrats were prepared to step up and take a politically difficult vote. The Republicans weren't -- and were willing to play Russian roulette with fragile financial markets.
Second, Republicans will face huge pressure from Wall Street to try again. But the moment for this bill may have passed. Pelosi was also facing growing rebellion in Democratic ranks.
Third, both parties will now go back to the drawing board --- and it is here that Republican calculations may have backfired, big time. For while many Republican legislators are posturing populist, they really don't have anything up their sleeves that is true to rightwing ideology, that will please angry taxpayers, and that will fix the problem. Vote No is not a program, and as the crisis deepens the vote will look increasingly cynical and opportunist.
--The Editors
