The financial mess is one of derivatives and derivatives of derivatives.  Unlike the 1980's where the RTC bought actual homes, golf courses and office buildings, the "toxic securities" have nothing behind them. 

The best way to think of the financial mess is to use a gambling metaphor.  Think of a bookie who takes bets, both sides of an event.  Unfortunately this bookie does not pay attention to his book and takes too many bets where the Seattle Seahawks win (0-2), and not properly lays off the risk (Seahawks possibly lose) with bets of is own or the bookie laid off his risks, but the bookie he laid his risk off on, blew up.

Well once you have taken everything the bookie has, including his existence, there is nothing else and you the "winner" is left holding the empty bag.  What are you going to collect?  Who are you going to collect it from?  You lost your winnings in an illegal enterprise so sue me.  Enter Secretary Paulson, he explains to the Congressional leadership that the American Taxpayer needs to make good on the bookies bets or the bookies are going to go out of business and that would be bad.

This is nothing like the RTC - not even close.  Secretary Paulson, I am not buying what you are selling.