We mentioned (in jest) late last week that “On tap for next week: the world is coming to an end” and after today, I have to wonder.

Today, the House voted “no” to the Emergency Economic Stabilization Act of 2008 and the markets responded by promptly going in the tank and posting the largest-single-point-drop-in-one-day-in-history.

But wait.

According to Bloomberg, Secretary Paulson is working with Congress to salvage the “Bailout Bill” after the House rejected it.

Said Paulson:

“We need to work as quickly as possible; we need to get something done, we believe that our plan, and the plan that we developed with congressional leaders and worked so hard, is a plan that works. And we need a plan that works.”

Yep.  That was well said.

WE NEED A PLAN THAT WORKS.

Now if only it was that cut-and-dry…

Stay tuned for more developments as they happen.

Love it or hate it, the “bail out bill” goes to a vote in the House on Monday and the Senate on Wednesday.

It is still in DRAFT form, but I think it is safe to expect some form of this bill to pass into law this week.

For all those of you who like reading the fine print of your tax forms, you can see a summary of the bill as well as the a full draft of the bill in it’s proposed form.

(Hat Tip Phoenix Real Estate Guy for making these easy to find…)

Just in case you needed to see it again — this is what a TRILLION dollars looks like in numerical form:

$1,000,000,000,000