To read the news today, you'd think it would actually be reasonable to head to the bank to withdraw all your savings. After all, IndyMac Bank went under, so who's next?! It doesn't help that sites like Consumerist, ABC News, and CNN each have lists going of banks that could be the next to go under. Nevermind that these banks are FDIC insured, which means that amounts up to the first $100K that you deposit are guaranteed by Uncle Sam—and that freaking people out maybe isn't the best approach to take (hello, 1929).
Maybe we're being overly optimistic...or maybe it's just that we're immune to the fear-mongering that's been rife in the media post 9/11...but what do you think? Should we all be afraid?
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I don't think that we should be afraid of anything. After all, we are red-blooded, capitalistic American's and we've seen and corrected way worse. The fact that the media is focusing on this serves to purposes: 1) the market makers and entrepreneurs will always find opportunity in an adverse environment; and 2) the media will always bleed every last drop out of "bad news." We are coming up on elections, and in my optimistic opinion the news will soon change and soon will the consumer tide... that is if we someone doesn't nuke Iran on their way out. Not naming any names but it starts with a B and end with USH.
—brentbutler
14:10, July 18th, 2008
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