The Bailout as High Drama

The current political and financial scene in Washington and New York could not be unfolding in a more dramatic fashion.  Key congressional leaders, the President, McCain, Obama, and Secretary Paulson met late into the evening yesterday only to walk away with no deal to rescue US banks and the ailing markets.  Click here for a brilliant account of the events via Stolberg of the New York Times.

Meanwhile, the US Government seized control of Washington Mutual and sold parts of it to JP Morgan Chase.

This is high drama with tons at stake, folks!