Wall Street is in big trouble and needs a big bailout.  Here's a special Thursday update:   The effects of Black Sunday aren't over. On Monday, I explained how the biggest bankruptcy in history started a chain reaction that resulted in the government proposing a $700 billion bailout plan. Though there has been some hot debate in Congress, it looks as if that bailout plan is going to happen mainly because, as President Bush said, there is fear that without action "major sectors of America's financial system are at risk of shutting down." "This rescue effort is not aimed at preserving any individual company or industry -- it is aimed at preserving America's overall economy," President Bush said last night. That's right, without the bailout America's economy is in danger of non-preservation (destruction).  Because of this, it appears that the bailout will happen. In effect this will make the U.S. Government a gigantic investor in Wall Street, and the government is going to play the market. This was all explained in the President's Address To The Nation last night.   Today, Congress laid out a plan that modified the original bailout, but kept the basic principles. Up to $700 billion could still be spent, but the Treasury would only get $250 billion now, $100 billion later (if there is still an emergency), and $350 billion in May 2009 if needed. Executive pay for the rescued companies could also be capped and the government would have a financial stake in the companies. This proposal is pending votes by the House and Senate and approval by the president, but is expected to pass soon. Interesting times to say the least. Keep this in mind, though the bailout is apparently needed, this will add close to $1 trillion to the national debt. What if the market doesn't play out the way everyone hopes it will? What will happen to the $700 billion in taxpayers' money that was put on the line? I don't know, but I'd like to hear what you have to say. Leave me a comment.  --Jens      The picture is taken from this photostream, and used with permission from a Creative Commons license.