After the last debate, Senator McCain deserves to lose. The Wall Street bailout is massively unpopular and he proposed, apparently on the spur of the moment, to expand it by having the federal government spend billions to buy up every “bad” mortgage in the nation.

If McCain had opposed the bailout, he would be ahead right now. Ordinary people take their lumps when the act foolishly (even in response to bad incentives) and believe that Wall Street fatcats should take their lumps too. This has long been an American view. Doesn’t anyone remember the famous letter received by Congressman Daniel Boone castigating him for voting for federal aid to rebuild buildings in Georgetown after a fire? And Boone’s apologetic response?

Second, McCain doesn’t seem to believe what he is pushing, outside of his perfectly sincere support for the bailout. Down to the marrow of his bones, Obama believes in the big-government approach he is selling. And a sale is a transfer of enthusiasm from seller to buyer. McCain, when he says free-market things, acts like he is selling snake oil. Just a little redmeat for the base. If McCain doesn’t believe in what he says, why should we?