The scale of the government bailout is unprecedented, but there's a big question hanging over it: Will it work? If so, at what cost? It will buy up lots of debt, most likely at a severe discount to par. But will it ever be able to sell it all? Will it be forced to eventually write it down to nothing? For some, the result may smack of Japan not so long ago, when it's bubble burst, ushering in a decade of weak economic growth. The keys, in some ways, are the root mortgages. If they can be saved, there might be a trickle up effect. But the bottom line is that no one knows just how effective the bailout will be.

For more:
- here's a New York Times article

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