What does everyone think of the cut and what to do with people hoarding money

[djmatt]

With Black tuesday here.. what are you folks doing?

Hoarding money? Investing? Say you've got a decent chunk of change and want low risk to invest for yourself long term..
How safe are banks?
I'm younger, and have no faith in Ben.. I'm concerned what to do with my money.. as putting it in the bank I won't be FDIC insured

 

[desrat]

Why wouldn't you be covered by FDIC?

 

[djmatt]

They only insure up to a certain amount

 

[desrat]

If you are over the $100,000 limit just open accounts at multiple banks. You are not limited to $100k in total coverage just per institution per depositor. IRA's are insured up to $250k per institution per depositor.