Just how much of your money has the government flung at Wall Street? $1,164 billion so far: $700 billion bailout package for Wall Street; $200 billion for Fannie Mae and Freddie Mac; $150 billion in “stimulus”checks; $85 billion for AIG; $29 billion for Bear Stearns.

– Despite the vast sums involved to prop up Wall Street Europan stocks followed Asia and New York lower this morning.

– US futures are down. According to MarketWatch: “S&P 500 futures fell 2.7 points to 1,211.10 while Nasdaq 100 futures edged up a quarter point to 1,670.00. Dow industrial futures slipped 13 points.”

– Bailout talk didn’t do much to hold up stocks yesterday either. Traders sent the Dow down over 370 points, effectively wiping out Friday’s gains.

– Oil, meanwhile, had its biggest one day spike in history, shooting up as much as $25 a barrel. It ending its run at $108 a barrel at 9am Sydney time on the Nymex.

– The dollar got “crushed,” according to CNBC. It was down to $1.48 per euro – its steepest decline against the single currency since January 2, 2001. The euro, however, dropped versus the dollar this morning on bad news from Europe’s service and manufacturing industries.

– Adam Lass is extremely pessimistic on long-term dollar strength:

Every aspect of your life is on the line now. Not just your stock portfolio, but your bank accounts, your credit cards, the heat and lights in your house, even the value of the dollars in your wallet. They have put it all on the line to pull off this mad coup.

You simply must protect yourself if you have any hope of surviving. An immediate step would be to buy shares of PowerShares DB US Dollar Index Bearish fund (AMEX:UDN).

– Gold futures were also up Monday. “The December contract for gold settled up $44.30 to $909 an ounce from $864.70 on Friday,” reports CNN.

– Politico.com reports that rank and file lawmakers on both sides of the political divide are calling into question the rational behind the bailout.

– “Investors fretted about the pace of negotiations over the plan for a $700bn government fund to buy toxic assets from banks, while also worrying that even if the fund is set up, it may not succeed in turning around the credit crisis,” report the Financial Times.

– Fed head Ben Bernanke and man of the moment Hank Paulson will give their version of events in front of the Senate Banking Committee at 9:30am ET. Securities and Exchange Commission chair Christopher Cox and Federal Housing Finance Agency director James Lockhart will also testify.

–  “Attempts to bail out banks and brokers at taxpayer expense will do nothing but add to consumer debt, weaken the US dollar, and literally waste $700+ billion dollars that can and should go to more productive uses,” says contrarian blogger Mish Shedlock in an open letter to Congress.

– This isn’t stopping “automakers, student lenders and others” from lobbying government to get their troubled assets included in the Treasury bank asset plan.