Yeah, I’m sure all those concerns about the stability of the nation’s financial system are overblown. So what if the government seized the country’s largest depository institution after its souring mortgage portfolio triggered write-downs and losses and a lack of confidence that triggered more than $16 billion in deposit outflows in 10 days and insufficient [...]

The “agreement in principle” on a $700-billion mortgage bailout turned pretty quickly into a disagreement Thursday night as House Republicans revolted. Not being a Capitol Hill Kremlinologist, I can’t really tell you how significant this is: This summer’s big housing bill was opposed by 149 of 199 House Republicans, and that sure didn’t stop it. [...]

Some breaking news on the Washington Mutual front. Seems JPMorgan Chase is swooping in to buy WaMu’s deposits—and take over some branches. Details are murky at the moment; we’ll know more after the conference call at 9:15 tonight. Word so far is that the deal was government-brokered. What, exactly, does that mean? Think a lot [...]

A prize to the first person who guesses correctly: (Hint: It’s one of the reasons we think we need a $700 billion bailout plan.) Thanks to Bill Saporito, author of this article, for passing along the ad. Barbara!

Reuters reports: The U.S Mint said Thursday it was temporarily suspending sales of American Buffalo 24-karat gold one-ounce bullion coins because strong demand depleted its inventory… Coin dealers from the United States to Canada have recently reported a surge in buying of bullion coins and other gold products as troubles in the financial markets prompted [...]

Lawmakers of both parties emerged a little while ago to say they’d agreed on the principles of the mortgage bailout deal. What are those principles? Here’s the NY Times version (the WSJ’s was similar): They said the bill would authorize the full $700 billion requested by President Bush, but that Congress was intent on disbursing [...]

TIME’s David von Drehle has a wonderful, if ultimately and inevitably inconclusive, essay on Obama, McCain and the economic future. It’s the cover story of the magazine that hits newsstands tomorrow. I could maybe write an article as elegant as that if I had about two weeks. He had two days. Of course, it’s not [...]

Falling oil prices have been hammering T. Boone Pickens’ hedge funds lately. Reports the WSJ: All in, the funds have lost around $1 billion this year, a figure that includes $270 million of personal losses. “It’s my toughest run in 10 years,” said Mr. Pickens, a former geologist who earned billions by building an oil [...]