Morning Briefing

Washington Mutual will be on watch today after its credit ratings were cut yesterday and several news reports this morning indicate that the company is in talks to sell itself or be taken over by a private equity fund.

Meanwhile, overseas, the credit crisis seems to have spread -- or at least fear has spread. For the second straight day, nervous customers have formed long lines outside the Bank of East Asia to withdraw their money. The de facto central bank of Hong Kong responded by injecting $500 million into the market to improve liquidity, the Associated Press reports.

After a flat day of trading in the United States yesterday, markets overseas are generally flat in Europe and in Asia. Oil is down to $104 a barrel.

Check back later today for updates as we watch for news on the negotiations on Capitol Hill over the government's proposed $700 billion bailout plan. There will be more testimony this morning during a hearing in the House with the new heads of Fannie Mae and Freddie Mac . We'll be covering it live.

--Sara Goo