Last week, the news of the biggest bank failure in US history is sinking in. And it’s pretty glum around here (Seattle) where the Washington Mutual was based. The truth is, much of the damage created by this is psychological in nature, undermining confidence in the economy. No one has lost their job at WaMu (so far) and no depositor has lost his/her money. The jobs that will be lost at WaMu will likely be those in the corporate center. People at branches will be in the best position to keep their jobs. The big losers of course were the WaMu investors – arguably the group that perhaps deserves to take the fall for this.

And today we get news of Wachovia facing a similar failing. That aside, it’s really a strong indicator of where things are going in the job market – to lower paying jobs. Jon Talton of the Seattle Times writes in WaMu fall devastating for Seattle

The entirely predictable consequence of this deal for Seattle will be the loss of thousands of well-paid jobs, hundreds of thousands of square feet of office space emptied out, and a serious downshifting of local giving.

Times like these actually help in Network Marketing. These loss of jobs and opportunities, cause more people to look at building their own business. There is no better way to build a business than with Network Marketing because of the low cost of entry. People affected by the economy must decide they want to start a business and let that decision fuel their desire to run a business and work their way out of the job market.