The coming bank failures
Bob Morris @ May 30th 2008 17:23 - Category: Credit crisis
There will be numerically less failures than during the S&L crisis. But banks are much larger now. So the damage may well be worse. So, how do you protect yourself? Bank with a huge institution like BofA assuming it is too large to be allowed to fail, buy gold and guns, do something else?
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Sue on 30 May 2008 at 11:09 pm #
Make sure that all of your deposits with the bank(s) are FDIC-insured. Do *not* buy uninsured bank products. Do *not* buy bank stocks or bonds.
DJ on 31 May 2008 at 8:02 am #
Keep some cash at home. FDIC will get you your bank balances back– eventually. In the mean time, make sure you’ve got enough cash to live on in an emergency.