My buddy that works with the CFO of Citigroup NYC (he's in Investment Banking) just called me:

"We're on the verge of financial armaggedon, it's a bloodbath here on Wall Street." -Citigroup

(A lot of people he knows lost their jobs)

"What do you have to say about to WaMu?" -Me

"It was bound to happen. WaMu should've fallen earlier. Wachovia should've been sold to us earlier." -Citigroup

"What do you think of this bailout and the rejection?" -Me

"In general, if you don't put something together...everything will fall apart. This country will enter a prolong recession or even a depression. Too much is riding on this. If you don't bail out the funds, the money will run out...nobody will lend to each other...and the economy will freeze." -Citigroup

Anyone have questions? I'm on the phone with him.