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 Belt Pulley? Really Doing Something? - by Chris Pratt. Belt Pulleys! Most of us conjure up a picture of a massive thresher with a wide belt lazily arching to a tractor 35 feet away throwing a cloud of dust, straw and grain, and while nostalgic, not too practical a method of using our tractors. While this may have been the bread and butter of the belt work in the past (since this is what made the money on many farms), the smaller tasks may have been and still can be its real claim to fame. The thresher would bring in the harvest (and income) once a y
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