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Bank Shares Plummet Today

Published:

http://www.reuters.com/article/email/idUSTRE4AJ5QP20081120

US bank shares plummeted today.  All of the major banks have lost in the double-digit percentages.  Why is this important to us?  Because that piece of plastic we use to buy our gas and groceries will be useless when these banks go bust.  Our credit and debit cards are instruments in the fake money (in the form of debt) that these institutions provide.  Those cards are the end victims in the current "credit crisis".  Debit cards are included because they are issued by the credit card companies, not your personal bank.

There may (and probably will) come a time when your credit card is refused as well as everyone else's standing in line behind you.  They aren't going to issue a warning when they stop issuing credit.  They're just going to do it.  It will be instantaneous.

Many of us have a cashless lifestyle.  We buy our Starbuck's with plastic and don't carry much cash.  I recommend you have a stash of cash on your person and in your home in case this happens.  If you accompany a credit card bust with a "bank holiday" you might find yourself without any cash at an inconvenient time, especially if you are traveling.

Entry #171

Comments

1.
JAP69Comment by JAP69 - November 20, 2008, 4:43 pm
Cash in my pocket has always been my motto.
I have carried around a fair amount at times.
I do not particulary like plastic. Leaves a paper trail of all your purchases.
2.
time*treatComment by time*treat - November 20, 2008, 5:09 pm
Some places are beginning to scan cash, too. (That's a whole other blog entry.) Just sayin' ;-)
3.
Rick GComment by Rick G - November 20, 2008, 6:08 pm
Here's another article on the subject from the NY Post today.

http://www.nypost.com/seven/11202008/business/credit_cards_will_be_the_next_big_financ_139703.htm
4.
time*treatComment by time*treat - November 20, 2008, 6:50 pm
Some days it's frustrating, but in some ways I'm thankful few people listen to those "internet rumors". :-)

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