Spengler asks: "Why should American taxpayers give US Treasury Secretary "Hank" Paulson a blank check to bail out the shareholders of busted banks? Why should the Treasury turn itself into a toxic waste dump for their bad loans?"

For what it's worth, I think the latest Democratic mantra, "Don't send a blank check to Washington" is absolutely brilliant and captures the sentiments of most Americans. Here was a real opportunity for McCain to go toe-to-toe with the Administration, in weeks just before the election, both tapping into populist sentiment while defending conservative economic principles. He blew it. McCain has simply allowed himself to be out maneuvered on this one. Instead, McCain's move has been to rail against bailouts both before and after they happen, but support them in the moment -- bizarre. He was against the AIG bailout the day before he approved it. Most Americans are freaked out by this bailout giving Paulson unfettered authority and allowing companies to give massive payouts of taxpayer money to their CEOs.

But maybe you disagree?