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Let The Pain Begin

Apparently attempting to make up for its fantasy ratings for the junk mortgage bonds, S&P downgrades dozens of banks.

All of the usual suspects are there, the ones that are ‘too big to fail’, but seem to be making a good attempt at doing just that. This will probably accelerate the trend of people moving their money into smaller, local banks and credit unions.

I expect a mattress company to start selling a ‘vault’ model to provide convenient access to your money, while keeping it more secure that a checking account.

2 comments

1 Suzan { 11.30.11 at 3:24 pm }

I need a new mattress (someday, anyway).

I’ll be looking for that vault model.

Thanks for the notice!

Suzan

2 Bryan { 12.01.11 at 12:25 am }

The numbers will be tied to the prime rate, becoming firmer as the rate goes up.