T
The.Boomer
Guest
Because of who I am and who I work for I have been inundated with phone calls and email asking my advice about peoples personal bank accounts in light of our current financial market. First let me state my work has nothing to do with banking, that said I'm going to tell everyone here the same thing I'm telling everyone. Your personal bank account, each and every one of them is insured separately for $100,000 dollars. So as long as you have less than $100.001 you are safe, sort of. The problem is this no one knows exactly how much is actually out there in those accounts, and the F.D.I.C. who insures those accounts has only 45Billion to cover them. Should a run at allot of banks occur all at once then......? I'd also like to say that any investments which you have that are not hard secured, that is to say if it exists only on paper this is a very scary time for those. Although I hear some pundits saying now is the time to buy stocks since many are below market value, this I think betrays an old way of thinking that is how we got into this mess in the first place. The market still has a long way to fall, and I personally think it will continue it's down turn for the foreseeable future.
