We keep not getting an answer to that question about the bailout (except that the markets will collapse, which still doesn't give us a reason). angry bear:

Why will the economy collapse tomorrow rather than Tuesday?

Update: reader ken says:

This has to occur before the end of the quarter otherwise it will do the bank's balance sheets no good.

This is obvious. If banks have to report these assets at the marked down prices instead of the more reasonable hold-to-maturity value more banks will fail. By next Friday we will have a dozen bank failures if this is not passed before the markets open.

Rdan here.... If this is the only reason, book keeping, is there another way to handle books for one extra quarter, given the seriousness of the situation? Bookkeeping? Or am I misinterpreting the comment?

Well, I'm still not getting it. These guys haven't had any trouble cooking the books before, so what's changed?

And in any case, the banks are acting like they can muscle us, when instead we can muscle them (HOLC, anyone?). When the operational definition of "responsible" is grabbing your ankles, why be "responsible"?

Or is the real problem, as some have speculated, an illiquid Fed?

UPDATE Commenters over at CR note that the Senate can't vote on anything before Wednesday because of a Jewish Holiday that starts Monday evening (?). And the banks need to close the books for the quarter before that. Haw. Well, I'm sure they'll think of something.