Wells Fargo to Buy Wachovia

For $7 a share, scuttling Citigroup’s FDIC-backed deal. Citi is threatening a lawsuit.

Serious consolidation in the banking industry continues.

In other financial news, there are bad unemployment numbers out today and the credit markets, where small businesses, local governments, and all manner of financial companies secure short-term loans, are still frozen.

Related to this, California is warning that it will need $7 billion from the Feds if credit markets don’t improve quickly. California is the canary in the coal mine of state governments. What is happening there will soon be happening everywhere.

Lastly, the House is now debating the bailout bill. Visit the usual suspects (CNN, CNBC, CSPAN) to watch online.

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