What do you think the $700 bln bailout was? Congress already passed it, and Bush signed it into law.
The bailout does not allow renegotiation of loan terms. The rats have proposed to give judges the power to renegotiate loan terms. I think that McCain agrees with the rats in principle about renegotiating loan terms. I think it is disasterous policy. Everyone behind on a mortgage will now feel that they should have new loan terms. We may be seeing the end of the mortgage market. Mortgages will be turned into a government subsidized program like student loans.