The $700 billion bailout package passed by Congress is small potatoes compared to the $7.4 trillion that the Fed has pledged to throw at the credit crisis, Bloomberg reports:

The money that's been pledged is equivalent to $24,000 for every man, woman and child in the country. It's nine times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office figures. It could pay off more than half the country's mortgages.

So far, $2.8 trillion has actually been tapped by financial institutions, but the Fed is still refusing to disclose who got the loans recipients and what collateral secures the government loans.