If we do nothing, we'll have to watch some banks fail as the CDO mess along with the derivatives beast die... it won't be nice... but at least the Government would still be here, and could help out the little guy once the consequences of this bad debt are fully known. Folks like us could survive it.
If this bailout makes it through, regardless of the details, the bailout buys us a few months to a year of the status quo. It does this by hiding the "toxic" loans from the markets by eating them before anyone gets a chance to see how foul they truely are. Of course, to do this we'll be spending somewhere around 0.7 Trillion dollars, and it will only take a small nibble out of the shitpile. There will be trillions more left, which still has to be dealt with. The 0.7 Trillion has to come from somewhere, and for the first time, the Congress, Treasury, and Fed are considering just printing it up, with no "reserve" to back it. Once they get a hit of truly free money, they'll be like a meth addict, and think they can just buy up all the bad loans... that's when the result is totally debasing our currency, resulting in the devaluation of the dollar to nothing.
It's my opinion that passage of this bailout signals the end of the United States of America.