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alstry (35.97)

Bank Failures Approaching Alstrynomic Pace

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January 30, 2009 – Comments (4)

Ocala National Bank of Ocala, Fla, fails

Suburban Federal Savings Bank of Crofton, Md., fails

MagnetBank of Salt Lake City, Utah fails

3 Banks 3 States Two time zones......we still may have some Western notices before the night it out.

None of this is any fun.....no reason to fear if you prepare.

4 Comments – Post Your Own

#1) On January 30, 2009 at 6:35 PM, alstry (35.97) wrote:

Caterpillar to cut another 2,110 jobs, leaves door open to more

Notice the word "another"

L.A Times to cut 300 jobs, daily section: report

NEC to axe 20,000 jobs by end of 2009: reports

Get ready for some BIG...REALLY BIG numbers from NYC.

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#2) On January 30, 2009 at 6:35 PM, VIS46 (27.91) wrote:

Al;

 What do you mean by " to prepare."To limit your exposure to any bank to less than $100,000.00, I suppose.

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#3) On January 30, 2009 at 6:45 PM, jesusfreakinco (28.95) wrote:

By prepare, Al means, buy some gold.  Just ask him...  :)

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#4) On January 30, 2009 at 6:55 PM, alstry (35.97) wrote:

Actually, J....as long as you are not using leverage....gold is fine.  But cash is insured by the Feds upto $250K for free...you have to pay to store and insure gold....and if you want to deposit that cash in the insured bank, they might even give you a bit of interest as well.

Right now everyone should have at least 2 years of living expenses socked away in liquid cash to be stable....ten would be better by one at a minimum.

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