Sorry, but I had to pop this one, jack. Sort of like when the bully in the schoolyard falls in the mud and gets kicked in the head with an iron boot. Looks like Wachovia Bank took an $8.86 billion nose dive in the second quarter of this year and has to help make ends meet by giving 6,350 of its workers the axe.

But wait, there's more. Seems the reason Walk-All-Over-Ya bank got smacked around is because they lost a bunch of dough from bad mortgages ... the kind of loans that are made to joes and jills who don't have any business borrowing money.

Now don't get in a tizzy ... this doesn't mean the market is heading south. This is a case of things getting good and ugly for the bad. Keep deep-sixing your debt and let's cut into their bottom line even more, baby.