The new bailout compromise looks a lot better than Henry Paulson’s origianl proposal. For one thing, there’s real oversight of Treasury’s actions, and the public has some chance of getting much of its money back when the "illiquid assets" can finally be sold down the road.
Churches have every right to endorse candidates; they just don’t have any right to both endorse candidates and enjoy tax exempt status. The tax exemption applies across the board to nonprofits, religious or not, on condition they not act like taxpayer-subsidized political action groups. Letting churches be the exception would raise separation issues.