SHERMAN, Tex. – With President Bush, presidential candidates, and virtually everyone in Washington looking for an answer to the crisis on Wall Street, our Stephanie Brletic looked at how these tough economic times affect Texoma.

Talks are continuing but there's no deal yet, as congressional negotiators seek common ground on a $700 billion dollar plan to bailout Wall Street. While lawmakers meet, President Bush is said to be working the phones doing whatever he can to lobby members of his own party get on board with a White House plan.

There are signs of progress, and a new round of closed door negotiations is underway one day after bi-partisan group congressional leaders announced an agreement on principles to rescue the nation's floundering financial system. Shortly afterward the talks hit a snag.

Democrats blame the stalemate on “Republican" house members who surprised them, and the white house, with their own plan late Thursday.

House Republicans charge Bush’s $700 billion deal did more for banks than it did for struggling mortgage holders.

'That is what this fight has been about, trying to make sure we do the right thing for our country, while protecting people's taxes," Rep. John Boehner, House Minority Leader, said.

As Congress debates the bailout, Washington Mutual became the latest and largest victim yet of the credit crisis. The government seized the bank and then sold its assets to J.P. Morgan Chase for almost $2 billion.

But what does all of this mean for you? Stephanie Brletic talked to a financial planner in Sherman and has some answers.

Edward Jones financial advisor Randy Hudson says the best advice he can give is to stay calm, and that the economy has ups and downs, and this is all part of a natural process.

Hudson says things are more stable than they seem, and that on Friday the market started 130 points in the red, but finished 112 points in the black. He says there's no reason to panic over a fluctuating market.

"It happens about every four or four and a half years. It's very painful, I mean no one likes to go through it, but it's a very natural thing for the market to have a correction like this."

In regards to the WAMU-Chase bank merger, Hudson says it isn't necessarily a bad thing, and says the problems aren't just one person's fault. Too many lenders extended more money than some people could handle, and similarly, too many people took out a loan they couldn't afford to repay.

Still, Hudson says the mortgage default rate is only six percent. One third of people own their homes, and 94 percent of the others pay on time.

Lenders will have to reconsider their lending practices to prevent further problems.

"They're going to have to tighten down, and they're going to have to look at the criteria that they use for loans, and they're going to have to not give loans as freely as they did before and make sure that people will have a better than average chance of repaying that loan."

We talked to people around the community today, and got very different responses. Most people couldn't agree on what caused the economic crisis, but many do say they're taking extra measures to safeguard themselves and their savings.

"I don't really think that there's a crisis going on with the economy."

"I certainly do think there is one."

"I think it's the choices that people make as far as the economic crisis goes."

Although Chase Bank representatives chose not to speak on camera, they tell us their bank is stable and say Washington Mutual customers will be taken care of as well. Authorities say Chase will take over WAMU branches.