Can someone please explain the details of the bailout?

I've been hearing so many conflicting reports, can someone please give a simple breakdown on how this bailout plan is going to work???

Asked by TBone in Economics one year ago

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engcomp answered one year ago …

The stated objective is to unfreeze credit and keep the economy going.
The hidden objective is to let Goldman Sachs (Paulson's past company) and others offload their junk assets onto the taxpayer before the crunch comes.
The crunch will be when $60 trillion in credit default swaps cannot be collected.
How is the bailout plan going to work? It will line the pockets of some at the cost of many.