Read this:

naked capitalism: Democrats Say “Breakthrough” Enables Them to Pass Bailout Bill Tomorrow

And now, take a moment to weep for the complete loss of sanity in Congress. The debate centered around executive compensation. That accounts for what? $700 Million, tops. We’re talking about $700 Billion. Total costs for this package are estimated at $1.3 Trillion. And the debate was over how much a few executives got paid?

I’ve got an idea: why not debate why we need to put hundreds of billions of dollars on the line anyway? Why not debate whether or not this stupid package will be a positive or a negative in the short run, let alone the long run? Why not debate whether or not this whole idea was just made up on the spot (yeah, I’m linking to it again)? Why not ask why the people who kept telling us all along that the whole thing was fine now suddenly say we have to throw exactly $700 Billion at the problem or we enter economic Armageddon? Why not debate a Plan B? Why not debate having congress work overtime and maybe postpone their vacation? Why not debate whether we want a guy with potentially millions in Goldman stock orchestrating the bailout of Goldman?

The last time congress was told to act quickly, told to trust the administration’s evidence, told that the consequences of inaction were dire, we landed in a war in Iraq. The difference is that the administration built a case against Iraq over a period of time. This time, the administration was telling us two weeks ago that everything was going to be fine.

Buy calls, in anything. Just sell them while it’s still moving up. Heck, buy 30 and sell one a day. No, don’t do that, maybe 10. But every time you sell, buy a cheap put. Be prepared for a quick move to the downside. Propping up asset prices fails, but sometimes it takes a while for the crazy to wear off.