Sinking beneath the Wave.

“‘If you turn the clock back two or two and half weeks, you could make a plausible argument that if a couple of things go our way we will lose three to four Senate races,’ said one Republican strategist. ‘Now we will lose six to eight.’” Reeling from both the economic collapse on Wall St. and the ensuing shenanigans surrounding the bailout — which passed on its second try yesterday, despite continued opposition from a majority of the House GOP — the Republicans prepare to be ousted en masse in a month. “Polling in most Senate races over the past 14 days has shown a five-point decline for the Republican candidate, the strategist said.“

Update: “‘Before the economic crisis, we had a number of races moving our way,’ said Matthew Miller, communications director of the Democratic Senatorial Campaign Committee. ‘But now we’re seeing Republican numbers plummet.’ GOP officials largely agree. ” Is 60 in the Senate now in sight?

Bailout, or we all sink.

“‘Today’s the decision day. I wish it weren’t the case,’ said Rep. Barney Frank (D-Mass.).” Despite the apparent attempt by divider-not-a-uniter John McCain to kill a compromise he hadn’t even read last week, the Dubya White House and Congress hold their respective noses and come to agreement on Paulson’s $700 billion bailout plan, with debate in the House starting today. “The proposed legislation would authorize Treasury Secretary Henry M. Paulson Jr. to initiate what is likely to become the biggest government bailout in U.S. history, allowing him to spend up to $700 billion to relieve faltering banks and other firms of bad assets backed by home mortgages, which are falling into foreclosure at record rates. The plan would give Paulson broad latitude to purchase any assets from any firms at any price and to assemble a team of individuals and institutions to manage them.“

As I said here, I’m not all that happy about the nation having to subsume the risk, and ride to the rescue of, the many banks and Wall Street types that profited massively from these obviously suspect mortgage deals. But, what else is there to do? As with so much else occurring over the past eight years, it befalls us now to clean up the mess left by the free market fundies of late. I just hope we learn something from the economic consequences of this latest binge of free-market fraudulence, before they grow too dire. To wit, whatever the corporate-funded right tells you about self-regulating markets, we need, and will continue to need, real refs on the field.

Update: Uh oh. The bailout compromise dies in the House, prompting the Dow Jones to swiftly tank 700 points. “The measure needs 218 votes for passage. Democrats voted 141 to 94 in favor of the plan, while Republicans voted 65 to 133 against. That left the measure with 206 votes for and 227 against.“

As the TIME article linked above noted before the vote, “the candidate with the most riding on Monday’s vote is McCain, who backed the concerns of conservatives in the House over the initial agreement…[I]f a majority of the House Republicans don’t vote for the measure, McCain could lose political face. ‘If McCain cannot persuade them, it is hard to portray him as a leader,’ said Clyde Wilcox, a political science professor at Georgetown University.” So, that’s the silver lining, I guess. But the bad news now, alas, is considerably worse.

Baked Alaskan.

“‘I’m not a big fan of the prosecution’s charges, but I think he’s got some ethical issues that put a cloud over him,’ Stibitz said. ‘So, I’d probably go with Begich.’” Thank you, Alaska Republicans: Embattled Senator Ted Stevens — he of the recent indictments — has managed to win the GOP primary in Alaska, meaning he’ll face off against popular Anchorage mayor Mark Begich in November, and — if the polls bear out — will likely lose. From what I gather, almost any other Republican candidate could’ve probably held the seat in this predominantly GOP state, so this is good news for us.

Steady Teddy.

“My fellow Democrats, my fellow Americans, it is so wonderful to be here. And nothing going to keep me away from this special gathering.” In an emotional valedictory of sorts, Ted Kennedy kicked the major speeches off in grand fashion, brain tumor be damned. [Transcript.] “Yes, we are all Americans. This is what we do. We reach the moon. We scale the heights. I know it. I’ve seen it. I’ve lived it. And we can do it again. There is a new wave of change all around us, and if we set our compass true, we will reach our destination — not merely victory for our Party, but renewal for our nation. And this November the torch will be passed again to a new generation of Americans, so with Barack Obama and for you and for me, our country will be committed to his cause. The work begins anew. The hope rises again. And the dream lives on.“

Now, that‘s a great introduction. However you feel about Sen. Kennedy, he undoubtedly stands like a liberal colossus over the straits of our times. In one of the darkest periods in our history to be a lefty, Sen. Kennedy has kept the flame alive, from the horrors of ’68 through Nixon, Reagan, 41, and Dubya. Given everything he and his family stand for, it’s hard to think of a better or more moving way to commemorate this week’s passing of the torch. Get well, Senator — We want you back in 2012.

Law Smash Puny Stevens.

The case against him has been building for awhile…and, today, the Hulk tie finally failed him. Longtime GOP Senator Ted Stevens (R-AK) — he of the “Bridge to Nowhere,” terrorist wife, cocaine-fighting Eskimos and “series of tubes” — is indicted with seven counts of making false statements on his financial disclosure forms. “The indictment accuses Stevens, former chairman of the powerful Senate Appropriations Committee, of concealing payments of more than $250,000 in goods and services he allegedly received from an oil company. The items include home improvements, autos and household items.“

Sen. Stevens is up for re-election this year, but given that he was already losing in the polls against the Dem challenger, Mark Begich, it’s a good bet his stepping down early will only help the GOP…if they can find someone to take his place in time (and if Stevens plays ball.)

Scratch Webb Off.

“Last week I communicated to Senator Obama and his presidential campaign my firm intention to remain in the United States Senate, where I believe I am best equipped to serve the people of Virginia and this country.” In the Obama veepstakes, Sen. Webb takes himself out of the running. “Under no circumstances will I be a candidate for Vice President.”

Good Riddance, Jesse.

Our nation’s been waiting with bated breath for years. But, at long last — Happy B-day, America! — Sen. Jesse Helms has shuffled off this mortal coil. (1921-2008) “Ed Feulner, president of conservative think tank the Heritage Foundation, hailed Helms as ‘one of the most consequential figures of the 20th century.’ ‘Along with Barry Goldwater and Ronald Reagan, he helped establish the conservative movement and became a powerful voice for free markets and free people,’ Feulner wrote.“

Um, yeah. As with Strom’s passing in 2003, it’s worth rereading Hunter S. Thompson’s Nixon obit right about now. “I beat him like a mad dog with mange every time I got a chance, and I am proud of it. He was scum. Let there be no mistake in the history books about that. Richard Nixon was an evil man…Some people will say that words like scum and rotten are wrong for Objective Journalism — which is true, but they miss the point. It was the built-in blind spots of the Objective rules and dogma that allowed Nixon to slither into the White House in the first place.“

Same goes for Helms and the Senate. If, God forbid, the media roll over as they did at Helms’ retirement and try to “Russert-ize” Helms now that the racist, homophobic bastard is finally gone, remember this: He was the worst kind of racebaiting scum and the worst kind of hypocrite. He camouflaged his divisive hatred by slathering it in fake, aw-shucks populism. And he spent his career serving the dictates of the wealthiest and screwing over the good people of North Carolina, white and black. Our nation is a brighter place with his passing. [Helms photo via here.]

Temper, Temper.

“‘McCain was down at the end of the table and we were talking to the head of the guerilla group here at this end of the table and I don’t know what attracted my attention,’ Cochran said. ‘But I saw some kind of quick movement at the bottom of the table and I looked down there and John had reached over and grabbed this guy by the shirt collar and had snatched him up like he was throwing him up out of the chair to tell him what he thought about him or whatever. I don’t know what he was telling him but I thought, good grief, everybody around here has got guns and we were there on a diplomatic mission. I don’t know what had happened to provoke John but he obviously got mad at the guy and he just reached over there and snatched him.”

Um…ok. Senator Thad Cochran (R-MS), who earlier said the idea of McCain as president “sends a cold chill down my spine,” recalls McCain losing his mind on a diplomatic tour to Nicaragua. And before anyone thinks this makes him a tough guy, “easily baited” is a terrible trait in a negotiator…or a president. Update: McCain denies it.

To live inside the law, you must be honest.

“In the lower courts, according to a study Professor Long published in the Washington & Lee Law Review last year, Mr. Dylan is by far the most cited songwriter. He has been quoted in 26 opinions. Paul Simon is next, with 8 (12 if you count those attributed to Simon & Garfunkel). Bruce Springsteen has 5.“

With great lawyers, you have discussed lepers and crooks: By way of Ted at the Late Adopter, the NYT examines Chief Justice Roberts’ use of Dylan in court opinions. “Mr. Dylan has only once before been cited as an authority on Article III standing, which concerns who can bring a lawsuit in federal court…The larger objection is that the citation is not true to the original point Mr. Dylan was making, which was about the freedom that having nothing conveys and not about who may sue a phone company.”

Like a Junkie to the Needle.

“‘Both parties talk a good game on cutting earmarks, but at first opportunity, the House larded up,’ said Stephen Ellis, vice president of the watchdog group. ‘This is just another broken promise.’” With another big defense bill imminent, congressional earmarks are sadly back in vogue. “In the Senate, Lieberman led the way with his participation in 14 requests worth more than $292 million, some of them involving more than one lawmaker, the watchdog group data show. Sen. Carl M. Levin (D-Mich.) made 48 requests, many with colleagues, worth more than $198 million. Sens. Jeff Sessions (Ala.) and Elizabeth Dole (N.C.) led Republicans by participating in requests totaling $188 million and $182 million, respectively.”