Bear Stearns, one of the largest investment banks, went under today. Ok, not completely. They became insolvent to the point they would have collapsed. The U.S. tax payer saved them, along with JP Morgan chase.
As I diaried about a couple of days ago, the Federal Reserve is obscenely bailing out those large multinational corporations it loves so much - the central banks, with a sweetheart deal, allowing them to put as collateral, bad loans that are almost guaranteed to fail.
The point is that some of these banks are ready to fail, and now the question I want to pose to Kossacks is specifically, are you concerned at all about the bank where you have your money? The majority of us are probably well under the FDIC limit, but even if you are protected, how difficult do you think it would be to recover your money from the government if your bank does fail? We all saw the shameful response to hurricane Katrina, which normally would be called criminally negligent homicide if BushCo wasn't in charge of it. How long can you go without access to your checking & savings accounts?