Markets Await Federal Bailout

Financial markets continue to reel with continuing delays in the proposed $700 Billion Federal Wall Street bailout.  In an effort to calm growing concern by investors, Senate Majority Leader Harry Reid and Senate Banking Committee Chairman, Chris Dodd, appeared today stating that congress will in session until a deal is reached.  Treasury Secretary, Hank Paulson, and Federal Reserve Chairman, Ben Bernanke have pressed congress to take swift action or face economic hardship unseen since the Great Depression. 

Largest Bank Failure in US History, Washington Mutual latest to Fall

After unsuccessful efforts to purchase a buy, Washington Mutual (WaMu) becomes the latest financial institution to fall victim to the ongoing financial crisis.   In a deal brokered by the Federal Government, JPMorgan has reportedly purchased the rights to a portion of the business.  The 119 year old Savings and Loan, becomes the largest financial institution to fail in US History.