Twofer: WaMu rescued + Do we need a bailout?

By GottaLaff

Regulators Said to Broker Rescue of WaMu:

The nation’s largest savings and loan agreed to sell assets to J.P. Morgan Chase in a government-brokered deal to rescue the troubled bank, according to people briefed on the deal.

There's also an interesting piece called "A Bailout We Don't Need":

The point of the bailout is to buy assets that are illiquid but not worthless. But regular banks hold assets like that all the time. They're called "loans."The point of the bailout is to buy assets that are illiquid but not worthless. But regular banks hold assets like that all the time. They're called "loans."

H/t: SharonAustinTX for bailout link