Wall Street's California problem

There is historical synchronicity to be mined from Wachovia's stunning announcement on Tuesday of an incredible $23.7 billion loss for the third quarter of 2008. The figure matches almost exactly what Wachovia paid for the Oakland, Calif.-based mortgage lender Golden West in 2006. And if any single financial institution can be said to reside at ground zero of the housing bust, it was Golden… » Full Story on Salon.com