Rep. Alan Grayson (D-FL), whose rhetorical flourish has gained a massive amount of attention and praise among progressives and the netroots for his boldness, is holding a “moneybomb” today, where supporters decide to donate all on the same day. And while his campaign set a goal of $400,000 for the moneybomb, he has already raised $368,000 as of 12:50pm ET, according to the website set up for the event, CongressmanWithGuts.com. This already dwarfs the moneybomb held by Michele Bachmann on October 14, which generated over $123,000.

In a live chat on Crooks and Liars today, Rep. Grayson explained why he rolled out today’s action. “The point of our “moneybomb” today is to demonstrate that you don’t need to suck up to lobbyists, PACs and the idle rich in order to fund a $2 million reelection campaign. In other words, to demonstrate People Power.” A Grayson spokesman concurred, adding that “People want to hear the truth. They want to know where their Congressman stands. That’s why so many people are contributing.”

The Democratic establishment doesn’t know quite what to do about Grayson. Multiple sources in David Herzsenhorn’s NYT week in review piece this weekend fretted about Grayson’s rhetoric, with the paper going so far as to call him a “wing nut.” Election pundit Stu Rothenberg savaged Grayson today in Roll Call, the DC insider publication, in a strange piece consisting mainly of Rothenberg reading things on Grayson’s official website and darkly intoning that he’s in serious trouble for re-election, despite the fact that he has no established opponent. Grassroots Democrats are giving 368,000 reasons – and counting – why Rothenberg is wrong.

UPDATE: As of 4:30 ET, Grayson was already over $435,000 and had set a new goal of $500,000.