“The most serious financial crisis since the Great Depression” is how presidential candidate Barack Obama referred to recent upsets in the banking industry. On Sunday, Merrill Lynch decided it was time to sell the farm to Bank of America, while Lehman Brothers filed for bankruptcy protection. It has only been a week since the government bailed out mortgage giants Freddie Mac and Fannie Mae. All this activity is threatening to shift the focus of both parties’ political campaigns heading into what promises to be a history-making presidential election.

Tally ho! Tonight VP candidate Joe Biden plans to make a speech, being called “Bush 44,” to rail against presidential candidate John McCain’s foreign policy. The two have a long history, which Biden says makes him even more equipped to criticize his friend. It’s all part of the plan to beef up Democratic nominee Barack Obama’s offensive after complaints from voters he wasn’t fighting back against McCain’s more aggressive campaign tactics.

Epic tardiness has plagued the California Legislature’s attempt to finalize a state budget. Already later than any other legislature in state history, they still haven’t officially approved anything, though the New York Times reports they’ve reached an “agreement.” Hell, if we can operate for 80 days without a working budget, why not throw it out altogether? If good, debt-ridden Americans can function without one, so can they!

Proposition KY, anyone? San Francisco voters may decide whether to legalize prostitution. A debate is raging over Proposition K, which would effectively ban police from investigating or prosecuting prostitutes. Proponents are saying it would make the trade safer for women and protect sex-worker rights. The mayor and many business owners oppose the measure, saying it would only encourage more pimps to work in the city and might “hamper efforts to fight human trafficking.”

Nabbing an ‘A’ for staying on the D-List, Kathy Griffin took home a Creative Arts Emmy for outstanding reality program on Sunday night for her show, Kathy Griffin: My Life on the D-List. Per usual, she made funny in her speech to media, asking if it was bad for her to love the Emmy more than her family. The Creative Arts Emmy awards were announced Sunday and covered more production-oriented categories such as music, makeup and special effects, as well as animation and reality series. The 60th Primetime Emmy Awards will air live on ABC next Sunday, Sept. 21.