The Bailout Jam

The financial system was on the brink last week, with lawmakers privy to more information about how critical the situation was, and the base activists from both parties wondering why the panic level shot up from 0 to 100. A 3-page outline was handed out Friday; Sunday, it had grown to seven pages.  We saw over the weakened some tweaks and a little more specificity over the weekend in terms of what kind of institutions will be covered and what types of assets will be purchased.  We still don't have all the details, including how they will make things like reverse auction will work when the assets are not easily comparable.
 
In terms of total impact on the economy, the action by the Fed and the Treasury certainly helped push the crash talk back.  Both Obama and McCain face pressure to oppose the bailout;  liberals and conservatives question the wisdom of transferring so much (unchecked, uncheckable) power to an unelected arbiter and both worry about taxpayers being saddled with enormous debts without accountability.  Both Republicans and Democrats in Congress, having finally been tossed the baton, are want to act like they're on top of the situation and to reassert their institutional prerogatives.  Unknown at this point: will the public blame Congress is a package isn't passed in time? What does "in time" actually mean? Is it wise to saddle the next president with such an enormous responsibility without taking the time to consider some of the less obvious counter-arguments?  Can one party maneuver so as to jam up the other?