Today there was a Senate hearing on the bail out. Here is the video:

Buying toxic assets for all banks, including foreign banks is a bad, bad precedent - Senator Shelby

Senator Shelby says the bail out could costs $1 Trillion dollars.

This is shocking that Republicans are stepping up to the plate on this. It does appear to be a bi-partisan Are you kidding me? reaction.

But while they fret and fuss, supposedly this is going to pass with no guarantee it would even work.

Forbes sums it up, Paulson Plays Pinata.

Update 1:

William Greider spells out the Game of Chicken:

Wall Street put a gun to the head of the politicians and said, Give us the money--right now--or take the blame for whatever follows

and further points out:

Both political parties may submit to this extortion because they don't have a clue what else to do and bending over for Wall Street instruction, their usual posture, seems less risky than taking responsibility. Paulson and Bernanke evoked intimidating pressure for two reasons. The previous efforts to restore investor confidence had all failed as their slapdash interventions worsened the global panic. Besides, the Federal Reserve was running out of money. Nearly three-fifths of the Fed's $800 billion portfolio is now loaded down with junk--the mortgage securities and other rotten assets it took off Wall Street balance sheets. The imperious central bank is fast approaching its own historic disgrace--potentially as discredited as it was after the 1929 crash.

Consider this an open thread on the hearings and legislation. Post to be updated.