We have all heard plenty of talk, both positive and

negative, about the $700 billion bailout plan, and there are now rumors

of similar plans in the works. The discussion dominated the recent

election, and it continues to be a primary concern both on \\\"Wall

Street\\\" and \\\"Main Street.\\\" Many people who have never concerned

themselves with high level economic issues are finding themselves

writing, or being solicited to write, letters to their congressmen and

women in support of or opposition to the plan.

But with this high

level financial decision and high level of potential effect on

individual taxes, it is important for those of us who do not spend our

days reading about the Secretary of the Treasury to know what is

involved with this plan. Many people continue to wonder if investing

$700 billion to rescue the U.S. financial system, and as a result the

U.S. economy, is really a good idea.

A little perspective helps

us see what is really involved with this plan. $700 billion is of

course a huge amount of money. But in 2008 alone, the U.S. Treasury

Department and the Federal Reserve already committed more than $900

billion dollar to bailouts. Since they did not all happen at the same

time, you were unlikely to have heard about them, nor to have realized

the magnitude. There are reports that over the past three years,

bailouts already on the books have exceeded a total of $4 trillion. But

most of the deals either went unreported in the mainstream media or you

might have forgotten about them already. With all of this in mind, $700

billion, while still huge, is not so unusual as it might otherwise seem.

But

even if it is the timing, rather than the amount, that makes this

bailout plan unique, where does all this money go? The new $700 billion

in particular is supposed to be doled out in the following amounts:

. The Federal Reserve will loan $85 billion to Insurer AIG.

. $200 billion will go to Fannie Mae and Freddie Max at $100 billion each.

. $300 billion is for the Federal Housing Administration (FHA) to refinance failing mortgages.

. $4 billion is for local communities to help them buy and repair foreclosed homes.

. $87 billion will go to JPMorgan Chase & Co to help them bailing out Lehman Brothers.

. $29 billion will go to JPMorgan Chase\\\'s for the buyout of Bear Stearns & Co in March.

. $200 billion will be loaned to various banks issued through the Fed\\\'s Term Auction Facility.

When

we look at the details of where the money is going, it is harder to be

for or against the plan as a whole. Many people find certain terms

reasonable and others unfair. But looking at an itemized summary of

where the money goes can help us be more sober when we think about

whether or not the plan, or plans, are a good idea. $700 in one chunk

may initially invite fear and skepticism, but, when we see the details,

it makes more sense.

Personally, I would like to see a list like

this created that consolidates all of the bailout plans, from the past,

present, and future, into one solid plan. This will make it easier to

manage the huge amount of money that needs to be committed. And let\\\'s

face it: These bailouts will happen anyway, whether the Senate and the

House of Representatives approve the bill or not. The only difference

is that they will happen behind the scenes and in smaller portions, and

we might not even notice it.

I for one would like to have more

transparency, and a consolidated plan is one way to achieve it.However,

before committing any money, certain key people need to be held

accountable for their actions. Saying that the money will not be used

for \\\"Golden Parachutes\\\", though necessary, is insufficient. Those who

put our economy in the position of needing to be thrown a costly

lifesaver by the American taxpayers need to be fired at the least and

probably put in jail. The worst possible outcome is that this bailout

money could go to the same people who created this mess. Having a more

transparent account of where the money goes will help us all be sure

that this does not occur.