The original title just 24 hours ago was below. Now this price tag is $800 billion dollars.

$500 Billion Additional Dollars - RTC 2.0 - Shock and Awe

Bloomberg has well basically no details except they are negotiating that some of that money should go to the taxpayer. The taxpayer, just some???? We're paying for it assholes therefore it's ALL ours!

Negotiate? Unbelievable. This is in addition to the $900 billion dollars of the other bail out tally.

CNBC is reporting the details of the latest plan to bail out banks that is going on behind closed doors on Capital Hill. That's the initial number already. Which means in the last few days our government has used $1.4 trillion dollars to bail out Wall street in some fashion. The devil is always in the details so here is CNBC with the best ones I could find so far:

Treasury Secretary Hank Paulson briefed Congressional leaders on plans to address the "illiquid assets" on U.S. financial institutions' balance sheets, possibly including the creation of a government facility to take on financial firms' bad debts.

The proposal to create a massive facility to buy mortgage-backed securities could cost as much as a half-trillion-dollars and would involve the purchase of both private-label and government-guaranteed mortgages, according to an administration official.

The plan would have two parts. The largest part would be the purchase of private-label (those underwritten by Wall Street) mortgages by some as-yet unnamed vehicle. Financing would occur through the sale of treasuries, the official said. That part of the plan would require congressional approval. The idea is to hold the securities to maturity. The average mortgage has a life of about 7 years.

A second part of the plan would involve the purchase by Treasury of additional government-backed (Fannie Mae and Freddie Mac) under a plan it announced several weeks ago to rescue the two government-sponsored entities. Back then, it said it would purchase $5 billion initially. The idea is to ramp up those purchases more quickly. It does not require approval by Congress

Now Paulson is trying to say it's all because of housing prices. Housing prices! That's bogus, flat out.

What about derivatives, what about banks leveraging at 40:1, 50:1, what about default credit swaps?

Volcker (past Fed Chair) & past Comptroller weigh in.

Seeking Alpha calls it Shock and Awe, RTC 2.0.

Amid all of the insanity, there was a Congressional hearing yesterday on how banks won't reduce the overall costs of loans when homeowners are facing foreclosures.

Public Citizen has a blog devoted to all things 2.0.