I recently read an article about three federally insured banks going belly up since the beginning of 2008. Remember the days when people thought investment safety meant heading down to the bank to buy a CD? This was the safest way to protect your money, right? Well… maybe.
The mortgage crisis is poised to hurt small banks (and maybe some large ones- see Bear Stearns). We’re all sure the FDIC will always step in and pay these debts, right? Again, maybe.
The ideas and beliefs that we commonly held yesterday may be completely obsolete by tomorrow. Change has always been here, but change seems to be happening faster than ever before.
September 26th, 2008 at 9:17 am
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