Auto industry: the new wall street/mortgage industry

Apparently, 'wall street' and 'housing' as it used to be defined no longer exists. What was once billed as a housing mortgage bailout bill of $700 Billion taxpayers dollars, that, under the not-so-keen eye of the American government, has now morphed into a wall street bailout, is morphing - yet again. That's right - the government is taking the money that was 'given?' to them and doing what they want - this time, bailing out another industry.

http://www.msnbc.msn.com/id/28166218

It is inconceivable to me how far the government as taken this bailout. How is it that $700 Billion taxpayer dollars is now being used to bailout the auto industry? Why will taxpayer dollars be paying retirement for these people?

Maybe I should have payed better attention, but I don't remember that $700 Billion dollar bill saying that the government could do whatever they wanted. I guess I better read the next one.