Banks will now start to fail. Don't take chances.
The Fed and taxpayer will bail some of 'em out. Some will be bought up, wiping out their shareholders. But others will fold up shop and just go away, leaving their account holders, especially the fools who carried more than the FDIC limits, in a world of pain.
The FDIC will pay out some of the first to fail, but then the FDIC itself will need to be bailed out by the taxpayer. And by the time the FDIC gets around to paying (if they pay), the dollar itself will be even more worthless.
And the first to fail? The banks who have the most wildly-overvalued toxic mortgage garbage still on their balance sheets. Better safe than sorry, and in my personal opinion, just looking at the stocks of some of these banks should show you that things are quite stable there today.
IF YOU HAVE MONEY AT COUNTRYWIDE BANK, INDYMAC BANK, E*TRADE BANK, WASHINGTON MUTUAL OR ANY OF THE OTHER GARBAGE LENDERS, GET IT OUT NOW AND GET IT OUT FAST.
I would imagine none of you do. HP'ers are in the know. But there's a lot of people out there that for whatever reason (what's on Idol?) still have no idea what's going on or what's to come. That's who we need to reach.