The world's largest Savings and Loan bank failed today, Washington Mutual, was seized and taken over by the FDIC. J. P. Morgan Chase is the new owner of the bank, It will open as usual on Friday morning, savings are said to be safe, but there will not be a Washington Mutual. Look for a few more large banks to be closed by the FDIC, as has been rumored. The puchase cost to J.P. Morgan Chase was reported to be $1.9 billion dollars. Shareholders will not have any stake left in the company, as the stock price fell to under $.50.

The Congress and the administration, keep on playing the one upmanship song, while Rome burns. At the moment, the stock market futures are in the red, and still falling, tomorrow will be an interesting day, perhaps a 800 to 1,000 point drop in the Dow, in one day, will shake up the game. There is a feeling that the Congress, especially the Republicans, don't believe there is a real crisis. If they let this situation go on too long, it may be too late to fix, the cascading may not stop.

Individuals in the U.S., reportedly withdrew $190 million dollars from money market funds, last week.

HSBC will slash 1,100 jobs.

FDIC will reportedly need $150 billion dollars next year, as concern over local bank failures mount.

New Zealand slipped into a recession, as GDP fell by 0.2%, first time in ten years. New Zealand is also suffering from a drought.

Delta Airlines and Northwest Airlines, have come to a tentative agreement to merge.

Due to the slowing of the economy, many New York Broadway shows are closing, the producers are not willing to, take the chance that ticket sales will increase as the year progresses. You can still get tickets to some shows, if you hurry.

McDonalds boosts annual dividend by 33%, to $2.00.

Senator McCain suspended his presidential campaign, yesterday to fly back to Washington, to work on the bailout plan. His campaign stated that McCain would not be at the debate on Friday night in Mississippi,
with Senator Barack Obama, if a deal is not reached by Friday. This does not appear to be achievable, based on the machinations being
acted out by the Congressional leaders. People are wondering if this is another of the McCain longshots, being used whenever he wants to
distract attention. The state spent $5 million to host the debate at the University of Mississippi. At the moment, Senator Obama is leading or tied in seven of eight crucial states, although there is only, a 4% difference in the National poll, with Obama leading.

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Trying to keep a sunny disposition may be unrealistic, but it will sure make you feel better.