Well, it's all but a done deal--the Fiddlin' government is going to spend our tax money to bail out fools, thieves and greedy bastards. Of course, those of us who have been responsible through all of the housing bubble are going to take it in the shorts to pay for this--unless we can get overseas investors (you know, like the Chinese) to fund this by "investing" in Treasury bonds.
Lawrence Summers says that good old Fannie and Freddie are actually the cause of all this--in other words, the government's good intentions to encourage home ownership lead to the housing bubble. I believe that this action may well reinflate that bubble, leaving the pain to be felt even worse sometime down the road.
Folks, it looks like the clowns are juggling as hard as they can. When all the balls come crashing down, it's going to be a mess.