Does Anyone Out There Get It?

I have been listening, practically non-stop, to the "bailout" news (I use the term news loosely). I do not really understand much of what is under all the blather. My husband says that if every person with a mortgage in the United States defaulted and they all went into foreclosure, and they were all worth a million or two, it would not add up to 700 billion. I think he has a point. A blogger that I read regularly suggested that the government extend insurance on the loans rather than buying all the bad paper. The other side says, no, the taxpayer would have no equity. I say HA! The chances of the taxpayer getting anything back from this catastrophe seem infinitesimal. I do know that while all this noise has been happening the Senate passed a spending bill and sent it to the President and they managed to slip in lifting the ban on off-shore drilling! But the "news" has yet to pick up that little gem. It is interesting that, when asked, no pundit, commentator, or otherwise allegedly erudite personage broadcasting about this "bailout" has no answer regarding what would happen if they didn't pass it. I certainly don't know, I don't really know anybody who does. I know bits and pieces of what others say might happen but.... I think my brother might know, but he's the only one.