Monday's events in the House, with the Republican members rejecting the massive bailout bill before them, was a huge turning point in this soap opera-like election. Yes, it did cause the markets to sustain the largest single-day tumble in US history -- but there's something more significant lurking. Their rejection was effectively a vote of no confidence for their party's nominee.
With polls showing a widening gap between Obama and McCain, Palin's horrendous showing with Couric last week and Sheriff McCain claiming the responsibility and glory of having whipped his party into delivering the votes just hours before it was rejected, House Republicans have had an epiphany: they probably won't win in November.
So what's the next best thing for this aimless tribe with no leader in sight? Posture themselves against an extremely unpopular bill. Remember, their constituencies hate this bill -- Republicans don't like big-government involvement that slyly resembles European Socialism one bit. So maybe this whole spiel of killing a bill, which has been likened to a root canal (it's painful, but has to be done) is a way to save face with the folks back home. Yep, looks like this Presidency is a lost cause. So are they now focusing on trying to get some of these empty congressional seats filled with their fellow conservatives, or at least safeguard the ones they currently hold? An attempt at the Republican Revolution of '08? As Jason Linkins pointed out, there is a striking correlation between seats up for grabs and the votes cast -- "The safer the seat, the closer to yes." This sounds like a departure from McCain's campaign slogan "Country First," instead embracing the ever-apparent Republican mantra of "Campaign First."
So, kill the bill, point the finger and accept the pats on the back while walking down Main Street...