Unbelievable. Wachovia, for all purposes, just went down with FDIC backing as it transitioned to Citi's ownership (and taxpayer ownership on losses: 50%). Fortis and major European Banks are cracking now (Fortis and B&B basically failed -HSBC is showing cracks). This legislation pending is doomed to be a gigantic failure. We are all being screwed by the U.S. Government - those of you supporting the bailout legislation are amazingly naive or must have ulterior motives. Meredith Whitney (regardless of what you think of her) nailed calls on this financial meltdown before a single failure occurred (before Bear Stearns or Indymac - in fact, before New Century or mortgage brokerage failures), and she was on this morning proclaiming confidently that 1) taxpayers are going to lose big on this legislation, and that 2) the legislation will not achieve its central goals. If there was ever a time to yank this legislation, it is now.