While the pundits threaten and promote Paulson's bail out plan, there are actually other things going on which Wall Street seems to like.
"News that the SEC is working with FASB [Financial Accounting Standards Board] on 'fair value' accounting rules that could delay implementation of the onerous mark-to-market provision are giving stocks fresh legs higher," according to analysts at Action Economics
From CBS Market Watch.
SEC and FASB in negotiations:
The Financial Services Roundtable, a lobbying group representing the largest financial services firms, is also urging the SEC to change the rule. The Roundtable is urging alternative definitions for fair value in illiquid markets that focus on the long term value of a security if the security does not require immediate liquidation
This is something I mentioned and sounds like a reasonable thing to do.