Bailout = Outrageous socialism for the rich + sickening lack of oversight

It must be a Smirky Administration idea, because the proposed bailout includes absolutely no oversight of the Treasury Department's actions, designed to pump the markets full of publicly-funded cash in return for, well, nothing of value. All of the bad loans all of the financial institutions have ever made could be purchased by the federal government--which means the taxpayers will be paying for them--with no upside participation for the new owners, us. That's right, we would be buying assets from the rankest of wealthy speculators at their highest price with no ability to recoup our investments, as planned! There are no, zero, people on board with this travesty of a proposal, as detailed in this Daily Kos diary. None.
This is the modern Republican dream bill, in other words. The rich get richer, and the poor end up holding a worthless bag of beans in exchange. (And lest you think you are one of the rich, ask yourself some questions: Are you a CEO or top executive in the financial markets? Or do you own an investment portfolio dependent on purchased mortgages for its value? Or are you a member of Congress with your hand out for a bribe? If you can't answer "yes" to any of those, then you are one of the millions of Americans who will pay dearly to someone who can.) Clearly they see that their ride on the gravy train is ending, so they now seek to make one final, massive money grab to see them through the "tough" times ahead. You can be sure that a lot of that $700 billion will find its way back to any Congresspeople that vote in favor of it, probably in the form of post-Congressional employment in the financial sector.
This is the ultimate in socialism for the rich, which has been the Republican mantra since Reagan: privatize the profits and force the public to eat the losses in any market transaction. Remember the S&L scandal from the mid-1980s? You know, the one Neal Bush and John McCain were involved so deeply in? This is literally double the pain and hypocrisy. When you or I lose a bet in Vegas or Wall Street, we have to pony up immediately. Why should the rich get to play by different rules, especially those who were so complicit in destroying our economy as a whole? I don't have a problem with saving the institutions themselves, as long as anyone who has profited personally in any way has to pay back everything they earned by screwing the public. They have lived well of the fat of the land. Now it's time for those who made out like the bandits they are to pay the piper. Not to mix metaphors or anything . . .
UPDATE: Here is an article seeking to ameliorate your discomfort. And by "ameliorate", I mean, "ignore and demean". Gee, what a surprise that someone whose livelihood (writing for CNN/Money.com) depends on the financial sector would write something in favor of its bailout! He makes a half-assed attempt at sounding sincere when he allows us to feel outrage, but his article is essentially telling us to "get over it", which is both insincere and condescending. The main thrust of his essay is that there are just too many people employed in the sector to allow it to collapse, but this is possibly the height of disingenuity, given the apathy the financial world greeted every single other business that the US has let disappear from our shores. How many jobs have been outsourced or simply lost due to greedy or shortsighted policies since 1981? I don't know, but I do know that no other industry's workers as a whole have ever benefited from this kind of welfare.
Why I should care about this group more than any other in the entirety of US history goes unexplained by this author . . . The plain fact is that the American worker has been screwed over for nearly 30 years by conservative policies and Republican politics benefiting the wealthy financiers, but only when their own playground falls victim to their same greed are we supposed to lend a hand? Give me a break.