Each turn of the cycle brings tighter global connectivity and integration, everything riding on hair trigger algorithmic trading seeking to squeeze out the last drops of advantage. Many believe this interdependency has reduced the risk of catastrophic failure.
Your deposits are protected only up to the $250,000 insurance limit, and only to the extent that the FDIC has the money to cover deposit claims or can come up with it. The question then is, how secure is the FDIC?
JP Morgan has finally, finally been brought up to account in the congressional hearings yesterday. Senators Levin and McCain could barely contain their disdain and outrage suffering the self-serving and evasive responses to their incisive and deeply prepared questioning.
The Fed must desist in funding the trading operations of Mega-Bank Holding companies so that they can no longer use the Fed window to play casino with commodities that are basic to our economic well-being.