The whole thing could just be about all the politicians wanting to demonstrate to the electorate that they really are giving the bailout deal a hard time, rather than just rubber-stamping it straight away and bailing out bankers without at least doing some hang-wringing first.
Unlike the war on terror, it will be much harder to tell if Bush is exagurating the threat, as economic collapse is a real possibility, especially if they do nothing. Whatever happens I presume the existing system will be changed quite a lot, its just they obviously favour a controlled demolition, do some drastic things now to stabalise and prop things up, and then reform as little as possible, at their leisure.
I suppose I will be a little surprised if congress dont sign a deal in the end, 'just in time', but maybe its getting too close for comfort and so Bush feels the need to accelerate the process - they must be somewhat desperate to have him make a speech, which could so easily backfire.
Meanwhile the stuff from McCain does seem like a desperate tactic as he hasnt been doing well since the latest economic storm hit.
I dont think its too likely we will be hearing about states of emergency, GOP powergrabs or suchlike tonight, I suppose its not 100% impossible but I'll bet against it for now anyways.