Banks are Failing! It’s the End of the World! Jesus is Coming!

September 20, 2008

endoftheworld

Failing banks, government bailouts, corporate bankruptcies, huge buyouts. It must be the end of the world! Jesus is coming soon! We should all take our money and stuff it in our mattresses.

Just in case you couldn’t tell, I was being a little bit sarcastic. People everywhere seem to be panicking and thinking the end of the world is near. It is not the end of the world. Let me say that again. It is not the end of the world! Everything’s going to be just fine. Your money is safe.

You don’t need to pull any money out of any bank. The FDIC insurance (or the NCUA) will cover your deposits up to $100,000 or $200,000 for joint accounts. The FDIC covers savings and checking deposits as well as certificates of deposit. They also cover cashier’s checks, interest checks, and more. Check the FDIC website for more information.

Although the FDIC doesn’t cover money market accounts through brokerages, the US Treasury Department earlier this week established a temporary guaranty program for them. Lasting one year, the government will cover any principal in a money market account. You won’t be insured for any interest but you’re guaranteed not to lose any of your money that you put in.

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One Response to “Banks are Failing! It’s the End of the World! Jesus is Coming!”

  1. Skeptic Says:

    It’s not the end of the world, nor is Jesus likely coming. (Since we know not the day nor the hour, I cannot assert that Jesus is not coming, but I can offer the opinion that His imminent return is highly unlikely.)

    But I think this could well represent the beginning of the end of the American lifestyle as we know it today.


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