We've been getting so many questions about the collapse of Washington Mutual and the rumored instability of Wachovia. And amid all the political theater about bailouts, the Federal Reserve went and pumped $290 billion into the markets to keep them functioning.

Meanwhile, businesses are having trouble getting money. For example, junk bonds -- which are issued when companies of questionable finances need to borrow -- are right at a 15% average. Several months ago, they were firmly in the single digits. That 15% figure signals that the marketplace has gone into a "panic." However, Clark has to qualify that term "panic." This "panic" only has stricken those who do this kind of thing for a living. Clark wants to emphasize that there's no reason for the average person to panic.

The failure of WaMu -- the 6th largest bank in the United States -- has been the largest in our nation's history. So how much money will people lose in insured deposits? Not a cent -- so long as you don't have more than $90,000 on deposit. Use CDARS.com if you are a Daddy Warbucks with money to insure above traditional FDIC limits.

The only "gotcha" here pertains to CDs. The acquiring bank (JP Morgan Chase, in the case of WaMu) must decide whether to honor the existing interest rate or reduce it. However, if you have a mortgage or other loan through WaMu, the rate can't be changed by JP Morgan Chase. Just be sure you have your monthly statements to prove your payoff amount.