After WaMu's brim of total collapse, Wachovia comes next. Yes, Wachovia is now owned by Citi Group after they sell their deposits, stocks, etc. to the Citi Group. It is sad to see how these big banks are starting to gone out of business. Imagine, in just a matter of 1 week two large banks are already out of business? It is a very sad scenario.
The economy is indeed on its meltdown right now. The failure of the $700 billion bail out to pass the Congress is making the economy even worst. Just today, DOW stocks lost around 770 points which is the biggest drop ever since the last economic recession happened in the US.
Wall Street is such a mess today! They closed very early after the stocks uncontrollably went down which happens after the rejected $700 billion bail out fail to pass in the Congress.
The question now is, what's next?