Matt Yglesias does a better job than I would of explaining my objections to the bailout. First off, there's the fact that Paulson's been one of the people insisting that everything was fine, up until the point where he announced that we were in a total crisis and needed to act immediately. That's not the sort of thing that makes me think he should be given $700 billion to do with as he sees fit.
And then there's his transparent lie about the lack of oversight in his proposal.
If I were a political cartoonist, I'd draw a picture of a burning house, with Paulson standing in front of it, holding a can of gas, his hand out, saying, "I'm the only one who can fix it, but don't ask me for the details."
Meanwhile, you have people saying things like "the patient has been hit by a car, and is lying on the ground bleeding" in part of their rush to get Congress to sign off on this plan. I'm no expert, admittedly, but I do know a little first aid, and I know that if the patient is lying on the ground bleeding, throwing a bucket of blood on top of them won't help, and starting CPR will probably kill them.
Acting quickly is important, but so is acting correctly.