Assuming you are right, if the Fed did not spend those 900B, we will have an economy that probably would have lost $5 trillion by now. Any idiot who say no bailout doesn't understand a thing. If no bailout, your employer will probably go out of business and you and millions will be on the street looking thru the garbage to feed your family.
As the way things turn out, we will get the economy back on its feet, the toxic equity will start to worth something and the $900B will be paid back. Once the economy gets going, the taxes will provide Treasury a surplus.
No bailout will mean the economy going into tailspin and get us into deep depression for years.