Sorry folks, I don't have any wisdom about the bailout messes, other than to say as an Average Joe I feel like taxpayers have been bent over without the benefit of receiving kisses first.
But, Matt Taibbi of Rolling Stone has broken it all down here in as plain language as you're likely to get.
I don't care which political philosophy you've "insured" your theory on the bailout with. I found Taibbi's explanations mind-blowing.
The irony is I know so little about high finance that I don't know if Taibbi's account is accurate and/or fair. But if it is...accurate and fair, then bravo to him.
So if you have a spare 15 minutes (20ish if you read slowly), check out his article in the link above. I finished it angrier than I was when I started reading. And that says a lot, 'cause I was already fuming - just not fully sure what I was angry about.