Questions on the $700 Billion Bailout

With the $700 Billion bailout being the talk of the town and Congress grilling the Treasury Secretary Hank Paulson and Fed Chairman Ben Bernanke with all sort of questions on this bailout, as a taxpayer, I thought this might be the right time for me to chime in with my own set of questions. So here you go....

1. How did the treasury come up with amount $700 Billion for the bailout?
2. What is the guarantee that the $700 Billion will solve the credit problem facing the various financial institutions?
3. If the $700 billions is not enough to rid the markets of all the bad assets? What then?
4. What is the upside for the taxpayers in bailing out the wealthy Wall Street elite?
5. What about all the people whose houses are in foreclosure or are about to go into foreclosure? Is there any help for them in this bailout?
6. Since I hear no talk about a tax increase, how is the government going to pay for the bailout when we already have a $500 Billion tax deficit every year?
7. Assuming the $700 billion is approved by the Congress, is there a process on how the money will be used to buy the toxic assets?
8. How is the treasury going to assign value to these assets so as to avoid overpaying for them?
9. Is there a priority on who gets to sell their assets first?
10. With the government already taking control of Fannie Mae, Freddie Mac and AIG and helping JP Morgan Chase buy Bear Sterns earlier this year, is there a plan to buy more companies with the $700 Billion?
11. If so how do you explain the irony of government taking control of private enterprises when the policy of this administration has been minimum government intervention in the functioning of free markets?