Indie Mac, Fannie & Freddie, Lehman, Merrile, AIG, totaling 14 trillion & another 1500 banks set to fail ?

Does all these bankruptcy swindles actually mean the end of our economy, with taxpayers being taken for a ride though the next 3 generations? What does Paulson mean with just a 700 billion bailout swindle? Is he just trying to get his foot in the door to rob us blind?