Comments on: WaMu Bankrupt and Bought Out http://orlando.metblogs.com/2008/09/26/wamu-bankrupt-and-bought-out/ Wed, 11 Mar 2009 22:27:13 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Terry Howard http://orlando.metblogs.com/2008/09/26/wamu-bankrupt-and-bought-out/comment-page-1/#comment-2036 Terry Howard Sat, 27 Sep 2008 03:29:36 +0000 http://orlando.metblogs.com/?p=1118#comment-2036 I've been listening to Clark Howard a lot on the topic and he has the best explanations of what you should or shouldn't be concerned about. Your funds in a bank savings or checking is definitely in the do not worry column, unless you have more than $100,000 in one account (which if you are smart you shouldn't be doing). FDIC insures your funds up to that amount and it would be available to you with 24 hours of requesting it should your bank entirely fail. The people who have the most to be concerned about during this time of dealing with the fallout from unscrupulous lending practices and the "gambling" on debt buying and selling (with borrowed money) that the financial sector has been involved in over the last few years are people whose jobs and the majority of their income are involved heavily in the financial sector. For most of us our 401Ks and IRAs are going to look ugly for about 7 years and then it will come back and continue on with it's compound interest magic. If you are set to retire in the next half decade, you might want to postpone that. I’ve been listening to Clark Howard a lot on the topic and he has the best explanations of what you should or shouldn’t be concerned about. Your funds in a bank savings or checking is definitely in the do not worry column, unless you have more than $100,000 in one account (which if you are smart you shouldn’t be doing). FDIC insures your funds up to that amount and it would be available to you with 24 hours of requesting it should your bank entirely fail.

The people who have the most to be concerned about during this time of dealing with the fallout from unscrupulous lending practices and the "gambling" on debt buying and selling (with borrowed money) that the financial sector has been involved in over the last few years are people whose jobs and the majority of their income are involved heavily in the financial sector. For most of us our 401Ks and IRAs are going to look ugly for about 7 years and then it will come back and continue on with it’s compound interest magic. If you are set to retire in the next half decade, you might want to postpone that.

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