Wall Street Bailout and impact on REI

The drama in our financial systems is on the news 24/7 this MAJOR $700 billion bailout may be inevitable. If the government buys all these bad debts what happens to all those REO properties out there on the market? I've gotta think that whatever the government does on this, there will be a real opportunity for the creative investor to capitalize. We've been waiting for a week to hear what is going to happen here and hopefully this will close soon. WAMU was seized by the feds and sold off to JP Morgan so things are just nuts.....gotta run. Looking forward to the first presidential debate tonight!