Washington Mutual About To Collapse

Well, this is how the market works. JP Morgan Chase, Santander, Citigroup and probably more have all had a look and didn't like what they saw. Bank seems close to bankruptcy and share price heading towards cents. Not even waiting for a Friday Failure.

From the panic and general incoherence of both Bernanke and Paulson, my guess now is that the Fed itself is close to being insolvent. How much more money can the FDIC pay? $700 billion sounds about right!