Strange Political Bedfellows

You know you're in the midst of a real crisis when you suddenly find yourself in agreement with politicians you normally abhor. In fact, the financial mess we're in seems to act like a magnet pulling compass points in all directions. As a result, I may not be lost but I'm sure as hell not willing to travel far, and I'll trust no one for answers.

Apparently we won't be seeing ads for WaMu now that they, the largest bank in US history to fail, have been seized and handed over to JPMorgan Chase for $1.9 billion. Does that mean we only have to scrape together $698.1 billion for the bailout?

Oh, I guess not.

Because of WaMu's souring mortgages and other risky debt, JPMorgan plans to write down WaMu's loan portfolio by about $31 billion — a figure that could change if the government goes through with its bailout plan and JPMorgan decides to take advantage of it.

Another interesting day on Wall Street awaits.