I can't remember how many times I heard the bozo's testifying before the House today say that many people have been helped and many more will be helped in months to come by the measures already taken by the GSE's (GOE's--government owned enterprises) and HUD. Those that have been helped include...people in ARMS that refinanced and weren't subject to possible foreclosure; those people whose LTV's were low enough to actually refi; and those folks who have had their loan modified by servicers but 40% of whom are back in trouble because the modification was inadequate.
I would pay money to see at least one person testify that this is a fuster-cluck beyond imagination and that most people who need help can't get it, and people who don't need help right now, will be needing help 3 months from now. One person testify that the bailout has done nothing more than stave off the inevitable for another 3 months, and that it would have been just as effective to give every household in the U.S. $50k.
These people are either in massive denial, mentally ill, studid, OR pathological liars.
I believe that they would do very well in the 1800's, selling Lydia Pinkham's Miracle Tonic...cure all for feminine complaints, frigidity, nervousness, gout, digestion, and bubonic plague.

While not quite as pessimistic as you, I am seeing much of the same thing.