Does anybody know what is actually going on?

I think part of the reason this bailout situation is so complicated it because the major media outlets have failed to explain what it means for the American people. Take this article in the Washington Post for example that I found linked on talking Points Memo :

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/26/AR2008092603957_pf.html

The majority of the article discusses whether or not the bill will pass and what McCain did to disagree with the base of his party. Honestly the article did nothing to clear up the little information I had about the bailout plan, which I believe is basically about the fact that the government is trying to buy up some bad debt that the private banks and mortgage firms acquired. For a controversial piece of pending legislation, there has to be a lot more facts to it. Why would anybody care who in congress is voting for it when the vast majority of Americans don’t understand the actual implications. I think the major media outlets have done a poor job of disseminating this information for the public.