The most likely scenario, as of 3 PM this afternoon: The stock market continues to drop. Some version of the bailout passes in the next week. The American economy staggers into a recession, but passes through the storm without 1930s-style suffering; the Republican Party is not so fortunate. Even though most Americans claim to oppose the bailout [update: not anymore], the House GOP's obstructionism is widely viewed as having worsened the economic situation; the fact that these are contradictory positions does not faze an electorate that wraps all of the country's current troubles up, ties them with a bow, and lays them at the feet of the Bush-led GOP. John McCain loses by a landslide in November. The Democratic Party regains years or even decades worth of ground among the white working class, consolidates the Hispanic vote, and locks up a large chunk of highly-educated voters who might otherwise lean conservative. The much-discussed liberal realignment happens.Such an outcome would be the Republicans getting what they deserve. Those of us on the opposite side of the political spectrum have argued forever and a day that the GOP are absolutely wrong on economic issues and we predicted their policies would deliver us to the abyss we now stare into.
But we need to remember that this is America, after all. All the warning signs were there four years ago however, rather than elect John Kerry, voters re-hired the current idiot for a second term - four more years in which he dug us deeper into what was, in 2004, an already deep hole.
The current financial meltdown better serve as a wake up call. If it doesn't, and American voters elect John McCain and his reckless brand of Republicanism to the White House, there will be no saving us. The situation is that dire.
