We’ve tried, but we just can’t take it anymore!

So at what point to we decide that maybe we are in a shit storm of trouble.  Two more banks have bit the dust, bringing the grand total to 19 this year.  So, I’m not good at math or anything but that is one bank failing every 19 days (remember it is a leap year).  I can’t even balance my checkbook in 19 days. 

Our latest two casualties are Franklin Bank, a Houston, Texas-based bank and Security Pacific Bank, a Los Angeles, California.  Ironically, Lewis Ranieri, the 61-year-old co-founder and chairman of parent Franklin Bank Corp., is credited with inventing mortgage-backed securities two decades ago. 

At this rate there will only be the major banks left. 

Just a word to the wise… if you have more than $100,000 in an account in a federally insured bank you might want to think about opening another account or something.  Remember the FDIC only insures up to $100,000 per account.  I am so sick of hearing these stories about how someone has lost a ton on money because they didn’t have it put into different accounts.  However, if you choose not to heed my warning at lease pay attention to what is going on at your bank.  We are talking about your money here.