Sure sounds bad

I'm no economist, but headlines like these two make me think I should panic, great depression style, and go demand my money back from BofA, FDIC be damned. I guess I probably won't do that, though.

Comments

Actually, it is a serious worry. If a US Bank (insured by FDIC) gets into a crunch due to panic withdrawal by lots of depositors, FDIC doesn't just show up on the corner the next day with wads of green. It takes a substantial time interval to get payout from FDIC.

But BOA is very likely in the half-dozen banks that the FED and Treasury won't let fail. The bigger worries are what those dollars may be worth in purchasing power.

Posted by: JimPortlandOR on January 22, 2008 10:09 AM

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