I believe the Democrat majority in both houses is different today than in the past for this reason: today, no matter what legislation is passed by progressives, the MSM gives it a pass. Campaign Finance Reform demonstrated that pretty clearly.
The MSM is perfectly on board with a command and control organization of America. They simply do not see anything wrong with it, particularly when those in command share their mindset.
If most conservative and libertarian bloggers can see that this is a temporary Democrat interlude, that the Country is still shifting right, that the Democrat Party had to run candidates who on the surface did not support Democrat ideology, that voters turned down windfall profits taxes and prohibited affirmative action, well, then the Democrat leadership understands it also.
What if some major problem arises during the next two years? Suppose housing implodes. Banks having to write off bad loans and raise capital reserves will stop lending. The fed may lower interest rates to zero but if banks cannot write loans there will be no credit to fuel any more bubbles. The Dems could even pass legislation that makes the problem worse; anti-foreclosure laws, prop up insolvent banks, the kind of stuff Japan did. As the problems increase more dramatic and more extreme legislation will be called for by the MSM. Condo projects will stop and sit unfinished in downtowns across the country, whole new developments will become ghost towns because of the misapplication of resources to housing during the bubble. Many illegal aliens who worked in construction will turn to petty crime to survive. Perhaps there will be a terrorist attack. People who counted on their homes to fund their retirement will find out that they have nothing. Hedge funds and even some chartered banks will require bailouts when Fanny securities default.
Then, when people are truly afraid, when millions in equity disappeared, when recession has taken hold, the Democratic Congress will send one after another socialist measure to “W”. Each plausibly a solution to the great hunger. Each with some appeal to underwater homeowners or over leveraged speculators.
Each will be vetoed by “W”; and the New York Times will more stridently proclaim that the do nothing President is prolonging our suffering. A new socialist bill, a veto, and new headlines that the President wants to do nothing to get us out of this mess.
Then the election of 2008.