Sept. 25, 2008; The Day The Banking Industry Cratered?

With the news of the failure of Washington Mutual Inc., the largest bank ever to be seized by the federal government, alongside information that the $700 billion bailout is losing steam, is today the worst day in banking history?

Every time a new piece of bad news hits the wire, I think that it’s the last straw. But with each new day, I am proved to be too optimistic. Where is the bottom? Is another Great Depression really a plausible scenario and no longer a cautionary tale meant to invoke action in Congress to continue Secretary Paulson’s socialistic takeover of the banking industry?

Now the question is: Will $700 billion be enough to save the world?