Paulson already said he would pay over value for the loans. The banks are holding them and not selling because they would be insolvent if they did. So the bailout is a loser. The banks have their crap hidden off balance sheet and in tier 3 mark to make-believe. Lehman was supposed to have 20 billion in capital and looks like it will have at least 120 billion loss. Fannie Mae and Freddie Mac are already showing losses far in excess of what OMB guessed at 25 billion. It is ridiculous to try a bailout until you know the extent of what is needed and the banks are hiding it because Bernanke and Paulson are letting them.
Do you want to give taxpayer money to banks that took unnecessary risks, committed fraud and debtors who took loans they knew they couldn't pay and lied on their applications? What happened to Law and Order?
http://www.youtube.com/watch?v=ZZQPyVL7kKY