Wachovia’s share price fell from $10.00 on friday to $1.75 a share when the FDIC took them over. If the FDIC didn’t move before the markets opened on Wall Street, Wachovia would have gone belly up as soon as the opening bell was struck.

The Government claiming that the bank did not fail is an attempt to manipulate market psychology. Wachovia did indeed fail on the heels of news that three major European banks failing.

The Government is blatantly lying in an attempt to quell market panic. The fact is the $700 billion bailout bill that is going to cost over $18,000 dollars per US household is going to work. The failure of Wachovia is simply the markets sending a signal to the government that bailout isn’t going to work.

But the Government isn’t going to listen. It will ignore the markets just like its ignoring the 80% of voters that oppose this Wall Street bailout bill. Until the government acknowledges this bill isn’t going to work, more banks in America and around the world will continue to fail.