Where Do We Put Our Money NOW?
The US banking system is in the doldrums. You think WE are living in fear? The banks have made error upon error in their attempt to show record profits, attract investor’s, and expand operations. As a result, small business owners are finding it near impossible to find credit, homeowner’s are in a position of losing their homes or unable to refinance even when they have solid credit, and credit card holder’s are finding their accounts closed or reduced. All of this as a result of a banking industry trying to tighten its belt after over indulging at an “all you can eat” buffet. So, what do we do as consumer’s to find our way during this challenging time? Small banks, community based banks, and credit unions have been less affected by the credit crisis than the larger institutions. It doesn’t mean there has been NO exposure to the lending crisis, but smaller banks have generally shied away from complex mortgage-linked investments and subprime home loans. Credit unions are similar in thei...