Americans don't need to worry about another depression. But no matter what happens with the bank bailout, the economy is unlikely to turn around soon.
In the biggest bank failure in history, JPMorgan Chase will acquire massive branch network and troubled assets from Washington Mutual for $1.9 billion.
Tropical Storm Kyle is gaining strength as it swirls in the open Atlantic southwest of Bermuda.
President Bush said Friday morning that Washington will come up with a rescue plan for the nation's economy despite disagreements that blocked a deal Thursday.
Rep. Barney Frank said leading Democrats on Capitol Hill were shocked by the level of divisiveness that surfaced at a White House meeting Thursday, not long after key congressional players of both parties declared they'd achieved the broad outlines of an agreement on a bill implementing the administration's proposed $700 billion bailout plan.
The government says the economy's spring rebound turned out to be slightly less energetic than previously thought. Even so, the improvement is expected to be short lived as the country gets pounded by the worst financial crisis in decades.