The sky is falling, the sky is falling

While the attention of most Americans has been sidetracked by the circus that is the Presidential campaign, our economy has taken a nose-dive.

It is said that once you hit rock bottom, there is nowhere to go except up. We aren't at rock bottom yet and I'm afraid our country's financial well-being will continue to erode. You will now see that erosion become much swifter and have a much larger impact on regular Americans in the near future.

Small banks have been closing their doors in record numbers and now, even the larger banks, once thought to be immune to the changing winds of the American economy are starting to lock their doors.

I hope you are not counting on the FDIC promise to insure your deposits, as they too are on the verge of being defunct.

A September 5 piece in the Executive Intelligence Review provides a healthy understanding, in clear language, of the challenges we face. You may read the article by clicking here.

If you need to hear the news from a more familiar name, Former Federal Reserve Chairman Alan Greenspan is even allowing that the financial crises we are facing is a "once in a century event" and expects the failure of more financial institutions to follow. You can read stories from Bloomberg by clicking here and from CNN by clicking here.

Bottom line? We're broke guys. I'd tell you to start stuffing your money into your mattress, but it won't do any good if those little pieces of paper are no longer worth anything.