"Wall Street Cheers As Its Nemesis Plunges Into Crisis," today's Wall Street Journal reports on Spitzergate, which is the topic du jour across the country today for obvious reasons. But Wall Street is also cheering the latest cash injection from the Feds. After a grueling past week, the market surged this morning, buoyed by an addition of up to $200 billion.

What will this mean for the markets--and what will the markets ultimately mean for the election in November? The Politico, for one, forecasts a "big test" for John McCain when it comes to economic issues:

McCain's admitted preference for national security matters over kitchen table concerns could pose a danger in a year in which, as as recession looms, domestic issues could be paramount...

His only seeming economic passions are free trade, cutting taxes and curbing spending--traditional GOP policy tools that thus far have played only a minor role in the debate about how to respond to the subprime mortgage crisis.

Free trade, cutting taxes, and curbing spending? That combination, particularly the latter two, will be music to the ears of many GOP voters. The more interesting question, it seems, is this: Will the big-spending domestic policies advocated by Clinton and Obama retain their glossy sheen if they continue to face a tanking market into November?

Perhaps they will, and it's possible they'll even gain steam. But if the McCain campaign is thinking ahead, they're probably also busy building talking points that link massive, expensive new bureaucratic programs to fiscal irresponsibility and a potential fallout--just as recently seen in, yes, the subprime mortgage crisis.