http://news.yahoo.com/s/nm/berkshirehathaway_insurance
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If you are depending upon Berkshire to insure accounts in your bank above $100,000 FDIC then you should read the above article. I've talked to several businessmen who have told me they have already 3 or more business checking accounts to keep individual business acounts below $100,000 in any one banking system. Last time I checked somewhere between 20% to 50% of FDIC insurance has already been used up. I think if it gets to 80% used up people will begin in earnest to buy safes and install them as secretly as possible to move directly to cash before FDIC collapses too. Taking over Fannie Mae and Freddie Mac only speeds up this hopefully not inevitable reality!
This reminds me of my grandfather burying $25,000 in his yard in a can or jar during the great depression 1929 to World War II (1941) because so many banks were failing then. One of the few banks that didn't fail then was Wells Fargo.
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