Let us be perfectly clear: somewhere between $700 billion and &1.8 trillion of your tax dollars are going to bail out companies that are in trouble because the rich smart men who ran them made bad decisions. Bad decisions they could make because they were not regulated -- there was no oversight. There was no oversight because they insisted oversight would hurt the economy.
I'm betting it wouldn't have hurt it $700 billion worth.
Those rich smart men will now retire with hundreds of millions of dollars in bonuses, while you pay for their mess. For bonus points, the text of the bailout act states that there is no oversight over the funds being distributed. Which, as we've seen, works out so well.
In the past, capitalism punished bad decisions. No longer. So, we can socialize the national banking system, but not health care. Aces.
For some historical context (admittedly partisan in analysis, but the facts of record are all accurate).
For the Very Simple Explanation of what exactly happened in a way you can explain to your Grandma, Ezra has this.
For an alternate reasonable solution, you can read Ezra's discussion of this fella.
Do economists like this plan? Noooooooooo.
Whoops, props meeting. Enjoy the New Century!