Today, on the Ed Morrissey Show (3 pm ET), I invited King Banaian back to explain Tim Geithner’s new TARP plan and how it will work. We’ll talk about what national bankruptcy might mean, and we’ll also discuss Barack Obama’s plans to allow Treasury to confiscate a wide range of businesses for “financial stability.”

In the second half, we cross the aisle and go back again with Tommy Christopher and Caleb Howe, the liberal-conservative tag team from AOL’s Political Machine. We’ll talk about whether the TOTUS gag is fair or not, Barney Frank’s accusation of homophobia against Antonin Scalia, and whether having Star Trek interior decor means never being able to reproduce again.

Now you can join the conversation in the chat room! Be sure to register at Ustream to participate in our raucous live-chat sessions. (And if the log-in prompt doesn’t come up in the chat box below, use this link instead.) Jazz Shaw of The Moderate Voice moderates the chat, and he has his Troll Gun Trivia Contest running before the show, for those who get there early — and are registered!

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Opening animation from TG Studios.