So much depends on how one man handles the job. Many say Hank Paulson was part of the problem, and of course he was in the mix as the disaster was brewing. With that in mind, we have to hope he uses not only his insider knowledge but is also open to understanding things that happen to people outside his personal circle, and parks his ego at the door. The government has already begun to hire Wall Street experts; they should be hiring Main Street experts, as well.

I think some people long ago gave up on the idea of the bailout being a magic bullet. And some people said to hell with it all, and let the chips fall where they may. Of course, those are the same folks that see the plan as helping only a sliver of the population – and who could lose their jobs if their company loses access to the credit market. It sort of reminds me of my old neighborhood, where some people had a serious dislike for the police – right up until someone was robbing one of us. Then we wondered why it took them so long to show up at the scene of the crime.

A lot of crimes have been committed, and the bloodlust is understandable, but everyone better get on board to make this deal work.

There has to be accountability out of the gate. And there will be more bailouts: The auto industry is getting $25 billion to make alternative cars; Arnold Schwarzenegger may ask the Federal Government for $7.0 billion for the state of California. The Governator is meeting with officials on the 8th, and there's a scheduled sale of notes on October 13th (managed by Bank of America (BAC) and Goldman Sachs (GS)). Other options being tossed about include asking CALPERS for a loan. The state currently has $51 billion in general obligation debt outstanding. The situation underscores how the crisis affects everyone - from the most populous (and richest) state to small municipalities looking to make ends meet.

One of the biggest problems for banks is how to lend in a world where the global and domestic economies are shrinking. While the average person is hunkering down for the difficulties ahead, it stands to reason that banks would prefer to do the same. Sure, lending is their business model, but laissez-faire lending got them in hot water to begin with.