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Let me get this straight. Taxpayers, the new politically correct term for Chinese lenders, are going to bail out Fannie and Freddie so that our benighted mortgage giants can pay back their creditors in, uh, China. It’s sheer genius. I don’t think a country wishing us harm could have put us in a deeper financial hole.

It’s the international version of payday lending — an endless lifeline for the fiscally challenged. Do you think they’d let me go to the bank to borrow money so I can pay my mortgage to the same bank?

Now, if John McCain really believes we need to cut taxes, he should come out against this bailout. Best, however, to discuss “long-term reforms,” preferably of the painless sort. Wake me up when Mr. and Mrs. Straight Talk point out that a streamlined Fannie and Freddie could make it harder for the average American to get a loan or when they discuss the details of how their reforms will keep that from happening.

After all, before these companies existed to enrich MBAs, stockholders, former politicians and foreign creditors, they existed to help Americans.