Guest Editorial by Jon Ponder, Pensito Review.
The bailout of Wall Street is the rancid pickle on an economic crap sandwich that is a result of 30 years of conservative deregulation/trickle-down ideology. The fact that the Bush appointees who devised the original bailout plan are from the same gene pool as the neo-cons, cronies and heckuva-jobbers who turned America into a torture state, spied on Americans, drowned New Orleans, stole two national elections, corrupted the Department of Justice and took the country to war on the false pretext of bringing democracy to Iraq but then screwed up their true intent --- to steal its oil --- should have been reason enough to kill the plan on sight.

But that's not going to happen. As inept and ineffectual as they are at everything else, the Bush team is highly practiced at forcing Congress to act in haste. Six years ago this month, Karl Rove and the White House political shop "created a reality," as one of them has described it, that there was an urgent need to push the Iraq war resolution through Congress just days before the midterm elections. Now we know that the only urgency was Rove's need to get Senate Democrats who were potential Bush rivals in the 2004 presidential election on the record about the war before the election. Iraq post-invasion has been a disaster, but the vote on the resolution was stunningly successful in hobbling the campaigns of both John Kerry and Hillary Clinton.

Now, in what is either a horrendous coincidence or the most elaborate (and apparently botched) October Surprise in presidential campaign history, as Bush prepares to slouch off to Crawford for good, he is pushing one last crisis down our throats. As with his invasion of Iraq, it will probably be years before we know if this latest crisis is "real," or if it was fumbled attempt by the White House to change the game in John McCain's favor.

It certainly feels like we're being played again...

My column this week at the UK's Guardian is headlined "Careening down the slippery slope." It begins this way...

Please check out the full article...

Guest Editorial by John Washburn

Under the proposed bailout legislation (according to Henry Paulson, Secretary of the Treasury), the US Treasury or agents thereof could acquire Microsoft for one US dollar, with no legal recourse for Microsoft or even its shareholders.

Here is the text of proposed legislation and here is what the Treasury Department claims the legislation will allow it to do, and here is how Paulson (or his successor) could own Microsoft...for a buck...

Guest Blogged by Jon Ponder of Pensito Review...

Telegraphing panic over the economic crisis to his fear-addicted followers, John McCain has announced he is suspending his campaign and that he wants to delay the debate Friday night, according to Washington Post...

It's not as if John McCain has announced any sort of definitive measure to resolve the crisis that he needs to be in Washington to push --- or that he has a record of providing leadership on the economy in the past. (Quite the opposite, in fact. He was an advocate of the deregulation that underlies the failures.)

More importantly, if John McCain can't juggle a debate with Barack Obama while simultaneously working on the economic collapse, how can he possibly handle the multiple world crises that inevitably come with the presidency?

It's likely that what's really going on here is that the campaign has seen some dire polling numbers --- today even the new Fox "News" poll shows Obama support widening nationally, with a full 6-point lead, 45% to 39%, beyond the poll's margin of error --- and they want to push the debate forward, with the hope that the issues that are dragging him down have turned around.

(Please note, however, in re: the Fox "News" poll released today, FNC's "Fox News Polls Home" on their website currently ledes with a headline screaming that "McCain Leads Obama 45% to 42%". Click on that top headline, and one finds that it's headlined Sept. 10. Guess they're in no rush to update their polls page for some reason.)

(Hat-tip Richard Blair at All Spin Zone.)

Guest Blogged by des...

Nouriel Roubini, RGE Monitor, who accurately predicted the current economic crisis: "Last week we argued that, with the nationalization of Fannie and Freddie, comrades Bush, Paulson and Bernanke had started transforming the USA into the USSRA (United Socialist State Republic of America). This transformation of the USA into a country where there is socialism for the rich, the well connected and Wall Street (i.e. where profits are privatized and losses are socialized) continues … with the nationalization of AIG."

Atrios: "The entire financial system is practically collapsing and they're lamenting the possibility of more regulation...People who prattle on about 'the free market' are usually too stupid to have a clue how complicated and pervasive the "rules" had to be to to get a well-functioning modern market system: sophisticated concepts of contracts and enforcement, property rights, legal entities, proper accounting, bankruptcy, limited liability, etc... etc..., did not descend from the heavens but were, in fact, created."

Matt Yglesias: "Who knew the 'Washington Consensus' would die in Washington, DC under a Republican President in a mad fit of bailouts and nationalizations?"

Tom Toles: