The financial press is beating its "depression" drums just a bit harder this afternoon in the wake of Congress' surprise rejection of its bailout legislation and the market's strong drop. However, we remain skeptical that this behemoth bill would indeed be the market's short term salvation.

I hope all you Cramerican’s started your Wachovia positions when I posted last….if so, you have realized quite a gain….might want to resize your position…

Great ready for the banks to start reporting earnings: On Tuesday 22nd we have Wachovia (WB)…if you want a good trade get into WB a day or two before earnings are reported. With the new CEO Bob Steel from Goldman Sachs on board and the stock down over 50%...

Another big CEO is forced out during the housing crunch and lowered earnings. Wachovia chief executive Ken Thompson was pushed out Monday as head of the nation's fourth-largest bank, following Stanley O'Neal at Merrill Lynch & Co. and Charles Prince at Citigroup Inc.

It looks like earnings are really driving this market over the last few weeks as investors are looking for signs of stability. Last week Google helped drive the markets higher. The week before GE helped to drive the market into the ground. Looks like it is Bank of America's turn.