According to a top McCain fundraiser, former Arkansas Governor Mike Huckabee is at the top of Senator McCain's VP list.

The fundraiser is less than thrilled with the idea of Huckabee as the vice presidential nominee, and many economic conservatives—turned off by the populist tone of Huckabee's campaign and his tax record as governor—are likely to share that marked lack of enthusiasm. But here is the logic of picking Huckabee:

1) He is a great campaigner and communicator who could both shore up support in the South among social conservatives (Huckabee is a former Baptist minister) and appeal to working-class voters in the critical "Big 10" states of Pennsylvania, Michigan, Wisconsin, and Ohio.

2) As any pollster knows, voters search for candidates who "care about people like me," and Huckabee would probably score a lot higher on that quality than millionaire investor Mitt Romney. Plus, given all the turmoil on Wall Street, 2008 would seem to be a bad year to pick a former investment banker for veep.

3) Economic conservatives and supply-siders may balk, but the threat of four years of Obamanomics and higher investment, income, and corporate taxes might be enough to keep them on board.

Let me add that a top Republican political strategist told me about a month ago that he also believed Huckabee to be the leading veep contender.

UPDATE: Reaction from around the blogosphere. Here, here, here and here. Ouch...