I just wanted to make everyone aware of David Donadio’s fine op-ed which appeared in the Baltimore Sun this morning, and which we’re running on Doublethink Online as well.

Though Dave and I have our differences on the Paulson plan, I think this is as cogent and impassioned a polemic against the bailout as I’ve read anywhere else. And by calling it a polemic, I don’t mean to give it short shrift—it’s a powerful gut check for those of us more inclined to “do” something.

Matt Yglesias surprises me again with his four demands Democrats should make before acquiescing to the bail out:

Preserve substantial financial upside for taxpayers in the event that the bailout works (I think in practice this requires an equity stake in the bailed out firms, but I’m not sure).

Meaningful steps to restructure mortgages and keep most people in their houses.

A real second stimulus package.

Controls on executive pay for bailed out firms.

Reasonable people can argue about the first three points, but the last one’s a howler. What does Matt think would happen with that unused executive pay? Would the secretaries and janitors all get raises? And more broadly, if you think that inequality is the problem to be addressed today, is this even the tenth best way to address it?

UPDATE: Josh Marshall largely agrees.