I think, without getting into conspiracy theories, that it is imperative that we realize the bailout as the October surprise we all feared would come. The Wall Street crisis is not the surprise, but the bailout itself.

An October surprise is a dramatic global event with enormous consequences that steals the control of the narrative from the challenging party and exposes them to tremendous risks no matter which way they respond.

The very fact that the bailout is couched in terms that would be unacceptable to so many Democrats should tip us off.

I am no expert, and so I can only see the broader arcs of the dilemma, but to quickly accede to the proposed bailout provides 700 Billion dollars of unfettered power to the executive branch, and cripples the flexibility of a new incoming administration.  To delay, play politics, insist on new regulations, runs the risk of making Democrats appear responsible for any continued collapse in the market over the next two months.

I don't have a clue what should be done, but I do know that the Democratic Party response needs to be  unified, and Obama, risky as it is, needs to step up to the plate and serve as the leader of the party.