The historic bailout of Freddie and Fannie will have immense implications for the financial world, and will probably cause tremendous anxiety in the markets over the coming weeks. The mere fact that the U.S. government is now on the hook for $6 TRILLION of U.S. mortgages does not bode well for U.S. treasuries or the U.S. dollar. But, the market may see otherwise. The dynamics of such an event are so complex - the real importance of such a bailout is this: short-term, dramatic government intervention can buoy or destroy market confidence, but, in the long-run market and financial fundamentals prevail.
Always stay the course during hectic times in the market, even if your head or heart tell you otherwise. Market psychology plays an important role in making you money, and not losing your shirt.