Down 500 points today. We lost two more financial institutions over the weekend. More to come.

Good time to move to government bonds and short term paper, in my opinion. Even FDIC insurance won't be able to save the entire population of depositors if enough banks fail... it's an insurance plan, not a guarantor of banks. The only way it works is by instilling confidence, which is misplaced if the times get bad enough.

Bank of America may eventually become THE BANK of America, as it will own most of the rest [g].