the collapse of our economy

the chilling number of home foreclosures, the fall of lehman brothers, and now wamu??
wow.

according to npr, it is the the biggest bank to fail in the history of united states. you don't need to be worried about your account because business will be back as usual on monday. but just... wow!

"The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion."

and i just received an email from uber, another blog hosting website:

"Thank You. Goodbye. Uber will be turned off on Monday.

Thank You.

That's the first thing that we wanted to say. We have some bad news. The crisis in the economy has claimed Uber as its latest victim. Our investors have decided to stop supporting Uber and we have closed the doors. We would like to thank them too; it’s no fault of theirs that this happened. On the contrary, without their unflinching support we would never have made it this far, and they have stood by us and tried desperately to help us realize our dreams.

The site will be inactive as of Monday September 29, 2008.

We, the former Uber staff, are very disappointed in this outcome and feel bad that we can’t continue this journey we started with you. Uber was an art project in the form of a for-profit corporation whose mission was to change the way the Internet was built. We felt and still feel that everyone needs a voice in this new medium, not just the big media giants. We tried to build a site that let people of eve ry skill level, every style, and every generation express themselves and meet fellow individuals.

After two years of refining Uber, listening to your feedback and working at breakneck speed to try and make a product that accomplished this goal, we were unfortunately cut short right as we got on a roll. But we’re not quitters. The team behind Uber will undoubtedly reform in a new way and bring another set of ideas to you and will have had the benefit of the wonderful experience we had here to aid us on our way... "

i was so sad to read this. uber provided a blog service that was on another level. it provided room for personal portfolios, which was my favorite part. and it's funny to me because i thought uber was doing well. underground celebrities such as cory kennedy, and awesome writers like rose apodaca blog on it. lisa ling had an uber too !! and i'm sure they brought in a lot of hits. it's where all the cool artistic people blogged. but i guess it didn't get much publicity and failed to spread wide =(

i assume blogger will never have to shut down since it's owned by google. yep.
*sigh* what's happening to our economyy and when will this end??