IMO, the significant problems with the latest form of the bailout proposal would be awarding malfeasance, all out corporate fraud, greed and stupidity, which is plaguing the private investment sector for too long.
IMO, What needs to happen is exactly what happened yesterday. $1,200,000,000,000, that's 1.2 trillion dollars in primarily inflated market value was flush out the markets yesterday. That's a half a trillion dollars more that the "700 billion proposed."
Obviously, someone out there knows exactly how much ponzi value is within the private investment bank markets.