The bailout in a nut shell by Congressman Dennis Kucinich.
Here is a very quick explanation of the $700 billion bailout within the context of the mechanics of our monetary and banking system:
The taxpayers loan money to the banks. But the taxpayers do not have the money. So we have to borrow it from the banks to give it back to the banks. But the banks do not have the money to loan to the government. So they create it into existence (through a mechanism called fractional reserve) and then loan it to us, at interest, so we can then give it back to them.
All of that is the smoke and mirrors that in itself creates debt slaves. But, the real issue is one of constitutional rule of law. Congress cannot delegate authority over the treasury, period. End of story.