What I've Been Reading 9/26/08

The proposed Wall Street bailout has descended into chaos.

Lawmakers bickered over competing counterproposals and hours of meetings between key lawmakers broke down without any progress late into the evening.

Washington Mutual has been seized by federal regulators, its operations sold to JP Morgan.

Regulators, who termed WaMu’s failure as the largest U.S. bank failure ever, say there will be no effect on the bank’s depositors, but it appeared the WaMu shareholders would be wiped out as a result of the deal.

MSN's Smart Spending blog finds a silver lining in all of this.

The bus has gotten very crowded lately. This time last year, I could easily get a seat of my own on the 75. Now I'm lucky to be able to sit down at all.