Congress says, "Thanks but no thanks," to bailout to nowhere

As I mentioned in a post two days ago, much of what is driving a quick adoption of a bailout for the stock market is the impending sense of doom. This was most apparent when it first hit last Thursday, but it still remains. A couple of hours ago Bush warned the U.S. that failure to adopt the $700 billion dollar bailout would result in a "long and painful recession."

Now, I am not suggesting that there isn't a crisis, but I am becoming increasingly skeptical that only Paulson's uberplan can save us.

In fact, it seems that a plan is close to being finalised and is far closer to a solution for the whole country; rather than just a Wall St. bailout. This plan is apparently 98% complete and

includes a strong provision for congressional oversight, limits executive pay, and would allow bankruptcy judges to adjust mortgages in order to help homeowners, among other items. In other words, the major Democratic priorities.

So it seems calmer heads have prevailed and that instead of the blank check Paulson had wanted last week, a much more nuanced and - ahem, accountable - plan is in the works. Let's hope they can get it out before Friday so McCain can stop making silly excuses for not turning up to debate.