Most banks have FDIC insurance. That means, your money deposited is covered by the federal goverment program that if the bank fails, your "lost" money will be paid by the goverment. Well to be clear, the goverment dont just hand you a check for any losses, the goverment takes over a failing bank so things continue to opperate. While the bank is operating, they are selling off its assets and slowly shutting the bank down.
The problem is, the FDIC has 10-30 Billion dollars of assets. Bank deposits are 5-10 Trillion dollars. Just a little bit of a shortfall there... Thats why people always say you should never have more money in the bank than you can afford to lose. Things are fine if only a handful of banks close at any one time, if a bunch of them close, you will be getting what they call a "haircut" on your money.
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Today's Featured Article - A Towny Goes Plowing - by Anthony West (UK). I live in an area renowned for its rural beauty. Small fields with hedgerows and trees are common place, as are small hamlets with village greens and the odd duck pond complete with swans. The center of any village once the shop is closed is the old tavern. Rustic places with cheerful names like "The Griffin" "Red Lion" or "The Plough and Harrow" are found dotted around the country lanes all over the place. The warm glow of yellowish light can be seen for quite some distance at dusk, and
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