I think the only concrete thing about the immigration bill collapse is that it signifies the total collapse of Bush's political capital. He lost the independents thanks to Iraq and Katrina, he never had the Dems and now he's really limping along. I never got the sense, except perhaps Sen. Kennedy, that Dems were gung ho for this bill - I certainly wasn't. As I've noted here before the "build a fence" people and the anti-hispanic xenophobes like Michelle Malkin and Tom Tancredo are just Klan-friendly morons, but I also don't appreciate the idea of skipping in line considering my relatives who came to America just about 35 years ago were afforded no such luxury nor are many others who are in line right now.
The right blogosphere apparently thinks it has won... something, but I'm not sure what. They're essentially helping to cut Bush's balls off, and while I'm appreciative in the quest to make the man irrelevant - the whole campaign is about electing his successor. I don't know how they will reconcile having the instigator and executor of the Iraq War, the administrator of Katrina, and the engine behind the privatization of social security and reform of immigration policy at their convention, paying homage to his service while also running the hell away from him. Are they going to lose the invitation for the sitting president in the mail? ("Sorry George, we sent it to 1600 Pennsylvania Ave, Washington, CA!")
2004 should have been a referendum on Bush, but it wasn't and they won. 2008 is all about who do you trust to clean up Bush's mess - yet the Dem candidate will make clear that their candidate has his blessing (and we'll for sure make a note of it when he decides not to campaign for them like he was forced to in 2005 and 2006 for fear of hurting his party).
If I were a Republican, this is the part where I would give the other side some b.s. faux piece of advice. But I'm not a Republican.