Apart from the credit being tight for years i think you are right with most of that, but the reason that the 700 Billion is gonna be difficult to have any good effect on the mess is, because like you said its a very small % of the overall 15 trillion dollars worth of debt being held.

Its only gonna be a matter of time before we have another load of money having to be appropriated for this.

But like Donkey says, even if were to vote out every member, we'd only get another 500 jackasses in.