Newest Bail-out Will Cost Taxpayers A Trillion Dollars

I can't even fathom a trillion bucks, can you?

So after the Mother of All Bubbles comes the Mother of All Bailouts. Main Street saves Wall Street. It now looks like Uncle Sam will create a new entity to take hundreds of billions of bad debt off the books of America's major financial companies. (Look for this to get done before Election Day, if not early next month.) "This is a gigantic step forward, the only way to fix the crisis," writes Ian Shepherdson, economist at High Frequency Economics. "Economy still a mess, but systematic risk way down."

Details are still forthcoming, but one possibility would be an $800 billion fund to purchase toxic bank assets. But whatever forms it takes, Congress will provide something close to a blank check to solve the American banking crisis. Already the Treasury Department has come up with a one-year, $50 billion guarantee of money market funds. You have questions. Here are some answers.

http://www.usnews.com/blogs/capital-commerce/2008/09/19/analysis-washingtons-trillion-dollar-wall-street-bailout.html