BREAKING NEWS: Senate to vote on Bailout Bill

By Michael J.W. Stickings

Any minute now...

It'll pass by a wide margin.

Note: It's not the House version. It's full of add-ons and is more expensive (not that anyone really knew, or was in a position to predict, the price tag of Paulson's plan).

CNN has the details of what's new in the bill. Here's the problem -- one of them, anyway: The bill is an attempt to appease, and bring on board, House Republicans. Along with raising the FDIC insurance limit from 100K to 250K, the bill prescribes a number of tax breaks. Overall, they're fine, especially the tax breaks on renewable energy for businesses and individuals. What's important, too, is that, as with the House, "the Senate would only allow the Treasury access to the $700 billion in stages." But is this now too much of an appeasement?

I'm still in principle opposed to the bailout. But, at the same time, it seems to me that something must be done, and soon, if only for the sake of public confidence and market stability. There are viable alternatives, but this is what's in play now. And perhaps, just perhaps, it's better than nothing.

(I'm trying to bring myself to accept what is about to happen. I worry that this is still, at its foundation, nothing more than a huge transfer payment to Wall Street, and that the add-ons, from both sides of Congress, are little more than disposable window-dressing, a vote-winning sham (particularly to get Democrats on board). The key is to protect homeowners, after all, not to stuff the coffers of Wall Street failures. And yet stuffing is what this is.)

Stay tuned.

UPDATE (9:00 pm): No vote yet. Do they have the votes?

UPDATE (9:11 pm): Alright, they're voting. And it looks like a landslide.

UPDATE (9:16 pm): Ben Stein and Karen Hughes are on Larry King. I feel like vomiting. Or watching Ferris Bueller.

UPDATE (9:20 pm): And it passed.

UPDATE (9:23 pm): 74 to 25. (Kennedy didn't vote.) That's pretty decisive. And so now... back to the House.