I would stay away from the banking stocks in the near future. Today's rally was expected, but I don't think the downturn is over. And there will be another upturn once the "bailout bill" passes, but I really don't see that as a long-term.
Stick yourself in some recession-proof stocks for the time being, or something safe.
I'm trying to figure out right now when I think housing is worth a buy. Not yet, well especially not where I am. 
I am wondering if the WB stock may get back to $5 or $6 a share, and that would sort of even out my losses when I bought it at $9/share. I want to wait and see what happens tomorrow with this bill. If it passes, I could make a quick profit and sell it off before the next downturn happens. If the bill fails, I'm just not going to look at my portfolio and ignore emails and phone calls from my broker. All he told me was not to panic.
There are so many better investments right now- for the long term. I would never try to catch a falling knife like a failing comany.
No, you should start looking for the next "best thing." Or better yet, start putting it in index funds. Most of my portfolio is in Vanguard Index funds- five stock and two bond. I watch my asset allocation- 65-25-10 usualy- and when it shifts, I adjust. That way you're selling high and buying low. A part of my 65 in stock assets, I usually have two or three stocks That I rotate in and out of- probably on average every 18 months. Right now I have ESLR, which I doubled my holding in about 2 weeks ago, FLIR, and I just bought a small position in AAPL. I don't have any now, but I also like to rotate in and out of SCHW, which I've been following for years. But no single stock is EVER more than 5% of my portfolio, and the stocks (aside from the funds) make up about 10%.
But seriously. Sam's right about banks, and further, there are much better investments than WB right now. Take the time and find one for the longer term.
