If the economic crisis on Wall Street is due to a lack of liquidity in the money markets and a tightening of credit, then there is no need for a massive bailout. The federal government, through the Federal Reserve, already has the means to increase liquidity and ease credit.
The appropriate mechanism for dealing with large failures is to allow them to work out through the bankruptcy system. That is what any of us who default, or who are in danger of default, would do. Why we have investment bankers and insurance companies running to Congress rather than the nearest bankruptcy court is not clear.
A large part of the blame must fall on governmental mandates to make loans to those who cannot repay the loans. This is what a sub-prime loan really is, and they are strongly encouraged by federal oversight.
It still seems outrageous for any of us who did not choose to participate in high risk activities to have to pay the bills for those who did. There is high reward for risk, but the alternative is the loss of investment. But I don't believe nationalizing the equity markets would be wise. Politicians would just load up even more stupidity like making loan policies based on political ends rather than credit worthiness.