We are, as many say, in the thick of history as it is being made, and for years to come, this year will be known for the spectacular rescue attempts that were made at tax payer expense. 

Beginning with Bear Stearns ($30 B), Fannie Mae and Freddie Mac ($200 B), AIG ($85 B), Auto Industry ($25 B) and now, the mother of them all, $700 B to rescue Wall Street from total collapse

How did we get here? While everyone points fingers at each other, here's one picture from Professor Brad DeLong's blog, Grasping Reality with Both Hands:

In his latest post: Why Friends Don't Let Friends Vote Republican, Professor DeLong writes:

 "on the last day of September, the national debt hit $10 trillion plus," as the "gross national debt as a percentage of the gross domestic product has, under the Bush Administration, hit a 50-year high. The debt grew the fastest under supply-siders Ronald Reagan, George H.W. Bush, and George W. Bush.

The debt was $5.7 trillion when Bush took office; the bailout legislation passed by the Senate last night would raise the debt ceiling further to $11.315 trillion."

And, Senator McCain's ads have been raising the specter of tax increases if Senator Obama were elected.  However, according to Why Friends Don't Let Friends Vote Republican:

"As the Center for Budget Policy and Priorities has shown, 42% of the "fiscal deterioration" and explosion of the deficit that occurred under Bush was due to tax cuts:

The key factors have been large tax cuts and increases in security-related programs." (italics mine)

The bailout, reluctantly as it is being voted in, is by all accounts a band-aid solution; to keep Wall Street afloat before we completely meltdown.  Whoever is elected will be left holding the bag. 

So how can we ever recover from this $ 11. 315 trillion deficit?

If McCain is voted in, based solely on Ms Palin's ability to look good on camera or speak directly to the common man, we can expect the economy to be continually drained by his policies that will ensure ongoing expenditures for the war in Iraq while supporting tax cuts.

"An analysis by the Center for American Progress found that if McCain's economic plan was in place for eight years, it would leave a debt of $12.7 trillion, besting Bush's record." (DeLong)

For any one interested in a succinct analysis of the bailout package, read Why the Bailout Sells America Short in MotherJones