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Are taxpayers on the hook for hundreds of billions of dollars for a credit crisis that may have been overblown? Who is the bailout really helping?

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Key members of Congress were stunned to hear Federal Reserve Board Chairman Ben Bernanke and Treasury Secretary Hank Paulson say on Sept. 18 in a closed-door meeting on Capitol Hill that the country was “days away” from a complete financial meltdown–one that could lead to Depression-like runs on banks, widespread violence and ultimately even to a possible declaration of martial law. It was a vision of Armageddon, but, of course, 10 days later, the House rejected a Wall Street bailout package sent over by Paulson, only to pass one in a more limited form–the Emergency Economic Stabilization Act–a week later that gave Paulson less power and only half the money he wanted.

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