With the news of the failure of Washington Mutual Inc., the largest bank ever to be seized by the federal government, alongside information that the $700 billion bailout is losing steam, is today the worst day in banking history?

Every time a new piece of bad news hits the wire, I think that it’s the last straw. But with each new day, I am proved to be too optimistic. Where is the bottom? Is another Great Depression really a plausible scenario and no longer a cautionary tale meant to invoke action in Congress to continue Secretary Paulson’s socialistic takeover of the banking industry?

Now the question is: Will $700 billion be enough to save the world?