Those of us who are paying attention seem to agree that a great number of banks are under water, and that as a result the government will have to continue to step in to buy out troubled assets in one way or another.
I'm trying to a) understand my own slow response here, and b) solicit for other's opinions on the following:
Assuming that the government fails to act, or acts with poor timing to save banks, it is conceivable that a run on the banks will occur. The economy could collapse and people would lose everything. I like obama, but he could fail to push something like this through, or he could simply appear to fail and cause a run on the banks. (imagine if Bush were still president!)
So why aren't you taking your money out of your bank right now?
Second, I'm seriously considering cash under the bed, but does anyone know of any banks that explicitly don't have exposure to troubled assets that might serve as legitimate alternatives in the crisis?
Thanks for everyone's thoughts.