Antipitas, I think the differences you and I are discussing are differences of theory and differences of application/reality.
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You are not allowed to use, clause 1 of section 8: The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; unless you can give me a counter argument to what Justice Story expounds upon in his Commentaries.
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Actually, I can until which time the action is ruled Unconstitutional. Justices Story's Commentaries are an opinion, not law.
The Federalist Papers are nice as well, but not a legal part of the Constitution.
Please keep in mind, I am not claiming the actions of Congress are correct or good. I am not a proponent of the bail out. I simply have not seen any sort of convincing legal argument that has shown Section 8 doesn't actually apply here. I know why it shouldn't apply, but that isn't the same thing.