As equity markets continue their wild swings while the credit markets signal distress, Congress will make another run at the financial sector bailout this evening.
This time the Senate will try. The new package retains the core of the bailout — authority for Treasury to purchase hundreds of billions of dollars worth of troubled mortgages and other assets — while adding an increase in FDIC insurance levels from $100,000 to $250,000, hurricane relief, and the Senate-passed tax extender package.
The Senate will take up the package this evening, voting around 8:00 pm Eastern Time. If it passes, the House will take it …