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 …

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.

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 …

McCain: $700B plan is a ‘rescue’ effort, not a bailout  —  (CNN) — The $700 billion financial plan for Wall Street failed in the House of Representatives because people are not convinced it is a “rescue effort,” Republican presidential candidate Sen. John McCain told CNN's “American Morning.”

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.

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.

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 …

President Bush Discusses Economic Rescue Plan  —  THE PRESIDENT: Good morning.  Yesterday, the House of Representatives voted on a financial rescue plan that had been negotiated by Congressional leaders of both parties and my administration.  Unfortunately, the measure was defeated by a narrow margin.

Errant e-mail costs GOP chief post  —  Dutchess County Republican Committee Chairwoman Corinne Weber has resigned over a chain e-mail she forwarded to party members, some of whom were offended by its content.  —  Weber forwarded an e-mail to more than two dozen Republicans on Friday night …

$700 billion bailout?  You ain't seen nothin'  —  Think $700 billion to bail out Wall Street is expensive?  Just wait.  The mortgage meltdown is cheap compared with the coming fiscal firestorm fanned by unfunded Social Security and Medicare costs.  —  Together, these programs hold unfunded …

A Defining Moment  —  The stage is set for someone to play Washington, Lincoln, or Churchill.  An entire generation of leadership is failing, as the world watches aghast.  —  Greedy Wall Street hot shots are worse than discredited.  —  Rep. Nancy Pelosi at the hour of national crisis proved …

Treasury, Fed Low on Rescue Options  —  The failure of the $700 billion bailout bill leaves Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke with few options to continue their urgent campaign to rescue the financial system.

Wall St. Problems Viewed as ‘Crisis’ in Latest Poll  —  Most Americans see the current financial situation as a “crisis,” and there is overwhelming concern that the failure of the House of Representatives to pass the economic recovery package will deepen the problem, according to a new Washington Post-ABC News poll.

Chris Matthews Interviews His Daughter...Without Disclosing It  —  On Friday's “Hardball,” Chris Matthews interviewed a number of student members of the group Concerned Youth of America.  —  One of those students — Caroline — is his daughter, a student at the University of Pennsylvania.

ACORN, Obama, and the Mortgage Mess  —  The financial markets were teetering on the edge of an abyss last week.  The secretary of the Treasury was literally on his knees begging the speaker of the House not to sabotage the bailout bill.  The crash of falling banks made the earth tremble.

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.