Revolt of the Nihilists  —  In 1933, Franklin Roosevelt inherited an economic crisis.  He understood that his first job was to restore confidence, to give people a sense that somebody was in charge, that something was going to be done.  —  This generation of political leaders is confronting …

RNC ad, was cut, sent out before package failed  —  The Republican National Committee's new advertisement critical of the the Wall Street “bailout” was produced and sent to television stations in key states before the package failed, officials at two stations said.  —  “Wall Street Squanders our money.

The politics of the bill  —  There is no glory to go around here.  Assume, arguendo, that most people in the House believed both that the bill would be passed, and that anyone who voted for it would suffer politically, except maybe in New York.  —  Pelosi screwed up royally.  She is the Democratic Tom DeLay.

Biden's strategy: Go easy on Palin  —  If Sarah Palin goofs, flounders, stumbles or blunders during her debate against Joe Biden on Thursday night, Biden is going to let it slide.  —  “If she makes a gaffe, he underplays it,” one of the people prepping Biden for his vice presidential debate told me.

Ideal of the Scoop  —  Following are excerpts of remarks by the Editor of the Sun, Seth Lipsky, to the newspaper's staff:  —  It is my duty to report today that Ira Stoll and I and our partners have concluded that the Sun will cease publication.  Our last number will be the issue dated September 30, the first day of Rosh Hashanah.

Media: Bush Is The ‘Picture Of A Beaten Dog’  —  In the wake of yesterday's congressional meltdown over the bailout bill, President Bush gave a speech this morning, meant to reassure the public and the volatile financial markets.  Just four minutes long, the address expressed disappointment …

IF AT FIRST YOU DON'T SUCCEED, SUSPEND AGAIN!  —  John McCain made the morning show rounds today.  On Fox they were virtually begging him to “suspend” his campaign again in the wake of the bailout failure yesterday on the Hill.  You know, since it worked out so well the first time.

Commentary: Bankruptcy, not bailout, is the right answer  —  Editor's note: Jeffrey A. Miron is senior lecturer in economics at Harvard University.  A Libertarian, he was one of 166 academic economists who signed a letter to congressional leaders last week opposing the government bailout plan.

With Brokaw as Elder Statesman, NBC Plans Future of ‘Meet the Press’  —  WASHINGTON — Sometime between Election Day and early December, NBC News will make a final decision about who will replace Tim Russert and his interim successor, Tom Brokaw, at the helm of “Meet the Press,” Steve Capus …

A House Divided Along Twisted Lines  —  The bailout bill was going down to defeat on the House floor yesterday, and Democratic and Republican leaders were desperately trying to twist arms and change votes when a bipartisan group of backbenchers began to heckle them.

A READER AT A MAJOR NEWSROOM EMAILS: “Off the record, every suspicion you have about MSM being in the tank for O is true.  We have a team of 4 people going thru dumpsters in Alaska and 4 in arizona.  Not a single one looking into Acorn, Ayers or Freddiemae.  Editor refuses to publish anything …

The Paulson Crisis  —  One issue that I don't think has been adequately explored yet is the extent to which our current predicament is attributable to Hank Paulson's mismanagement of the situation ten days ago.  After underreacting to problems at Lehman Brothers and bringing us close to brink …

Hugo of Arabia?  —  A Democrat sends over this clip from John McCain's economic forum just now, in which McCain, talking about energy policy, stresses the importance of “ensuring that America is secure, and not dependent on oil from people like Hugo Chavez or other parts of the Middle East which is …

FIRST THOUGHTS: WHO SHOULDN'T BE BLAMED  —  From Chuck Todd, Mark Murray, Domenico Montanaro, and Carrie Dann  —  *** Who shouldn't be blamed: Just when you thought there couldn't be any more twists and turns in this election year, the House yesterday rejected the Bush Administration's $700 …