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The document proposing the largest financial bailout in U.S. history is refreshing concise. You can read it here.

It gives the Secretary of The Treasury enormous power:

(a) Authority to Purchase.–The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.

but the taxpayer is considered:

In exercising the authorities granted in this Act, the Secretary shall take into consideration means for–

(1) providing stability or preventing disruption to the financial markets or banking system; and

(2) protecting the taxpayer.

Note that the taxpayer is #2 on that list 😆

And an awful lot of zeros are postulated:

Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary's authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time

As we well know, any amount set in a government document is usually only a starting point, and I am sure this will balloon as well.

Oh well. A pretty mess we are in.

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