The bit... BiTE on the Bailout!

There is so much to think, say, and even just listen to and discuss at times on this whole bailout issue. I have been meaning to mention how confused I am about this whole ordeal. I may be in the dark about the whole thing, but I am sure not everyone knows and understands the whole detail about what is actually happening. If anything, I just have questions I would like answers to. It's not only because of the money I make, yes working in this country, is partially going towards this, but because I want to know of any implications which may not yet be fully and readily available to the general public! Those implications turn into issues, turn into problems, turn into bailouts - that's when we "general" folks are thrown the curve and all's ablaze! So, first question... why is this happening in the first place? I've read the credit/mortgage crisis has played a huge role. Has that same mortgage crisis caused this recession we are still being advised we have not entered, yet. Notice, please, the inclusion of "yet" is not totally optional. Am I the only person who believes we are heading there, just striding instead of sprinting? So I want to know the why, and to that please follow up with the how. Now, should I be even more upset because all of these dollars going to this bailout, and not something better - useful - ultimately logical and rational if you will? Would this money have been used for something like that in the long run? Was it just going to sit there, regardless? If it's gonna be sitting pretty, why not use it for this? Was... no, this wasn't going into the defense, was it? Now, in all sincerity, I would like to know if allocation is the main issue causing surveys, screaming, and shouting... or is it a fear of a tax-hike? I'm confused, but for the most part I think lots of everyone else are too.