Saturday, July 26, 2008

Lew Rockwell On Supposed "Bankrupt Banks"

Lew Rockwell, on his blog, provides some odd advice, today. Rockwell under the headline "Bankrupt Banks" writes:

The whole system is shaky because of fractional reserves, of course, but if you have more than $100,000 in Wachovia, WaMu, or Downey, GET IT OUT.

But, why single out these banks, and try to play bank analyst? The prudent thing to do, since FDIC coverage is good for only $100,000 per bank, is to never have more than $100,000 at any one bank.

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