Interpreting what's happening now sort of defies blogging. I don't know what it means. It doesn't feel good for John McCain. On the other hand, I really find it hard to believe there will be no bailout ultimately. It seems likely that Republicans, having made a dramatic show of indignation, will now dredge up a few more votes, and Democrats will twist a few more arms, and we'll get to 218. So McCain still has a chance to bring around some Republicans and save the day, truly delivering on his pledge to bring people together and get something done.
But: If a bill doesn't pass, or if it does but McCain has no role, or it does but only after lasting economic damage, well, then he really could be toast.