So it turns out that our bank - and the bank my company uses, too - has failed.WhooHoo!
But the FDIC has our back, right? This isn't 1929, we don't have to run down to the North Portland WaMu and get our money in cash to hide under the mattress or lose it, right?
But...what's backing up the FDIC..?
(Author's Note: I think one of the really open questions nobody is talking about is the potential effect of the massive consolidation of the banking industry occurring during this immense-public-failure-of-lassiz-faire-capitalist goat-rope. Now that WaMu is J.P. Morgan Chase and everyone else is Bank of America how close are we to having a monopolized banking system? What wil this mean for commercial and personal credit and finance? Will this make credit more difficult for struggling small businesses and individuals? To me the bottom line is: we don't fucking know. As John Travolta famously says in "Look Who's Taking: "Could be lunch meat! Could be peaches! Who knows?" But it COULD be one of the single most life-changing and long-lasting effects to result from the latest blowup of the "free" market system. And yet there has been little if any discussion of this in the Roman circus that is the "mainstream media".)