So...what is YOUR answer?...would you like Bush et al...to just say and do nothing? Do you have a BETTER plan...if so, please put it forth.
Adam Smith had a better plan. How about those who made bad loans lose their money. Those who can't pay their mortgages lose their homes. Those who were responsible don't have to give up their money to pay for the (usually) obviously foolish decisions of others. As for commercial paper, it's not a bad thing if that market disappears. I can't get excited over companies having to prove that they can afford each loan they take out instead of just borrowing whenever they ask and without the lender checking their finances. My solution: the free market.
My long-term solution? Figure out what went wrong (the details) and reinstate regulations (but only as needed) to prevent it from happening again. It's not a crisis, nor is it an emergency, just an unpleasant learning opportunity. The alternative is to go overboard in trying to prevent those who made bad decisions from experiencing the consequences of those decisions, and that course could lead to another Depression.
Now, Obama would love to expand a government he leads, so I expect him to show "Irrational exuberance" for the biggest expansion of his power that he can pass. I don't think McCain could win if he favored doing nothing because that would sound heartless when the media explained it. The best political choice: a committee to study the problem and analyze all possible solutions, reporting back when their work is complete ... in 2-3 years.