KAF sent us this follow-up article about the recent IndyMac bank run and closure: Chuck Schumer, bank killer. OBTW, I stand by my prediction (since 2007) that there will soon be widespread bank failures and runs. The global credit collapse has made them inevitable. JWR’s recommendation: Check up on your bank’s safety rating. Spread out your risk between institutions by opening numerous smaller accounts, and keep extra cash on hand! For many years, I have recommended Weiss Ratings (now part of TheStreet.com) as an information source for judging the safety of banks and insurers, for my consulting clients. Marty Weiss and his staff do excellent research and, unlike Standard & Poors, they are truly independent and objective. Meanwhile, we read: Fannie Mae, Freddie Rescue a `Unmitigated Disaster’
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Thanks to Paul B. for this link: Why Wall Street Is in the Midst of Its Worst Round of Layoffs in Decades
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Reader Norman in England sent us this from The Times of London: Britain is creating youths who have nothing to lose by crime.
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Northerners Flee Rising Heating Oil Costs. (A hat tip to Luke N.)