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We know the FDIC protects deposits, but what happens if your insurance company goes under? Below is some information.

The NY Times is reporting that Wachovia and Citi are in merger talks. Wachovia needs a buyer. It's stock is getting crushed and it's suffering from a bundle of bad mortgage loans.

Even if the government passes its $700 billion rescue plan, as it's likely to do, that won't be enough to prevent a pretty deep recession.

Don't believe what any politician tells you about taxes. Economic reality makes it certain that they will have to raise taxes at some point in their administration.

Paulson's comments today convinced me that what I feared is true - the wizards managing the economy really can't do much to stop the economic damage. The most they can hope to do is manage and contain it. The TARP, even in its new incarnation is not enough to stem the mortgage related bubble damage.

The UAW President Ron Gettelfinger is now saying that high gas prices are the cause for the Big Three collapse and that the companys' problems shouldn't be blamed on mismanagement or high labor costs. What a cop out.

Marketwatch writer Paul Farrell brings up some interesting points but I find things are never as bad as they seem, or as good. I also look at articles like this as a marker to a bottom in the market. The more great depression articles you see, the closer we are getting to some kind of low. Are we there yet? No. But we're getting closer.

Fed Chief Ben Bernanke gave his semi-annual report to Congress today and it was short on good news. The headline - inflation concerns as well as economic weakness. Nothing new for people who follow this site.

Want an easy way to accomplish all of this? Read on. You can do it.

I feel like such a downer lately. Here's some info from the Fed that shows that after inflation, the net worth of Americans fell for the first time since 2002. Here's my opinion on what needs to happen before we can start growing again. There are some pretty big economic issues that have to be sorted out before growth can continue: 1) End spending - war on Iraq 2) suffer through mortgage bubble - There's not getting around this. The bubble is going to need to pop and the sooner the better.

Citigroup, JP Morgan Chase, and Merrill Lynch & Co, may be forced to write down an additional $34 billion in assets related to the subprime mortgage collapse. The irony is that an analyst from Goldman Sachs is making the prediction.