Where Is The Safest Place To Save Or Invest Your Money?
Published 10/3/08 (Modified 4/9/15)By MoneyBlueBook
Whether we want to acknowledge the grim reality or not, the vast majority of the American public is undergoing a mental crisis at the moment during this difficult period of economic recession and housing depression. Indeed, this economic slowdown is causing many Americans to struggle financially, and the series of collapses of major commercial banks and investment brokers have led to a domino effect of pink slip closures and layoffs. With the bailout of major global insurance conglomerate AIG and the takeover of mortgage loan giants Fannie Mae and Freddie Mac by the spend-happy federal government using taxpayer money, significant numbers of shareholders and stakeholders have been financially wiped out in the process. Collapsing under the weight of bad mortgage debts and the loss of value in their subprime mortgage loans, major mortgage lenders like Countrywide and investment brokerage banks like Merrill Lynch and Lehman Brothers have had to engage in significant write offs and ultimately put themselves up for sale at bargain basement discounts.
With the FDIC shutdown of major thrifts and banks like IndyMac and Washington Mutual, as well as the shakeup at Wachovia, even historically secure commercial banks are starting to feel the credit crunch squeeze. With the recent bank safety scares hitting Wall Street and now Main Street, bank deposit customers have been sent reeling and scrambling to check FDIC insurance coverage limits - calling their banks to arrange their affairs for sufficient coverage. When FDIC insured bank consumers are feeling uncertain and fearful, you know the confidence of the American people
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