Bailout for Fannie and Freddie- Markets didn't like it

I was checking news over vacation and came across this Fannie/Freddie bailout news.
Another month and another major bailout. When will the FED stop doing these bailouts ? Who is going to pay for these bailouts? The US taxpayer ?
After the bailout news, we had a gapup on Monday morning and then we closed in red. This is not good. So, the bailout didn't even help the markets.
They had announced the Bear Sterns bailout on a Sunday night before the Asian markets opened. But then, the bailout made some sense for the market and we printed a good reversal candle and rallied for a couple months. This bailout only reaffirmed the break of March lows.

Excerpts from Paulson's text on the bailout:

Fannie Mae and Freddie Mac play a central role in our housing finance system and must continue to do so in their current form as shareholder-owned companies. Their support for the housing market is particularly important as we work through the current housing correction.

GSE debt is held by financial institutions around the world. Its continued strength is important to maintaining confidence and stability in our financial system and our financial markets. Therefore we must take steps to address the current situation as we move to a stronger regulatory structure. In recent days, I have consulted with the Federal Reserve, OFHEO, the SEC, Congressional leaders of both parties and with the two companies to develop a three-part plan for immediate action. The President has asked me to work with Congress to act on this plan immediately.

First, as a liquidity backstop, the plan includes a temporary increase in the line of credit the GSEs have with Treasury. Treasury would determine the terms and conditions for accessing the line of credit and the amount to be drawn.

Second, to ensure the GSEs have access to sufficient capital to continue to serve their mission, the plan includes temporary authority for Treasury to purchase equity in either of the two GSEs if needed.

Now, this bailout didn't help much, what's next ? Is this just a trick to trap in more bears? Well we have to got to wait and see. We are deeply oversold.