Reply #89: Yes, Our Condo Association Did That

[Demeter]

Now we have to sweat over MULTIPLE small banks going under, and waiting for the FDIC to pay off the brokered deposit account holders...I'm not sure it will work long term. Too many banks are daily slipping over the edge into insolvency and failure.

But putting the cash into Chase or Citi or BofA in the expectation that Uncle Sugar will coming riding to the rescue every single time is even more foolish, IMO. Money markets pay nothing, and are less secure than ever. Treasuries are shaky, if the US defaults or hyperinflates. There is no safety, there are only temporary shelters that can get blown away by the next big wind.