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This past Sunday, the landscape on Wall Street changed in almost an instant. By yesterday morning, an entire year’s worth of significant news had come out. Two investment banking stalwarts are hurting: Lehman Brothers having declared bankruptcy and Merrill Lynch getting acquired by Bank of America. As if that wasn’t enough, the oldest insurance company in America, AIG, is begging for help as it tries to stay afloat. Then this morning, venerable investment banker Goldman Sachs announced that its third-quarter net earnings were down a stunning 70%. We’ve been telling you for some time that the whole credit crisis was far from over, and it’s now reaching historic proportions. That has investors seriously concerned about their money. Unfortunately, there is already a lot of misinformation out there, but we’re going to set the record straight at this critical time. Click here to learn what happens if your brokerage firm fails and how to protect your money. And continue reading for tips on how to protect money you have in your bank… Last week, we asked you if you were concerned about your bank failing. The results surprised even us: An overwhelming number of you, 90% to be exact, said that you were worried. And that was before the news from this past weekend. Eleven federally insured banks have already been taken over by the government, and another 117 at risk of failing. That number increased 30% from the first quarter to the second quarter and now is the highest it’s been in five years. The truth is that more trouble lies ahead, and we want you to be prepared. It’s pretty clear that at least a dozen banks or more will fail by year-end. We’ve talked before about how to protect your deposits, what to do if your bank fails, and everything you need to know about the all-important FDIC insurance. If you haven’t yet read and acted on our advice in those articles, please do so now. This week, we’ve added more information to help you as we discuss tell-tale signs that your bank could be in trouble and what to do if it is. Click here for this important information.
Hurricane Ike may not have been as devastating as some predicted, but it was a deadly storm that left a trail of destruction in its wake. Our thoughts and prayers are with will all of those affected by this natural disaster. Those folks returning to their homes now must rebuild—a time-consuming, expensive and arduous task. Making it even more difficult is that fact that insurance companies generally are in no hurry to pay your claims. We hope that doesn’t prove to be the case this time around, but whether you’re rebuilding after Ike or have a less serious situation on your hands, you need to know how to win the claim game. Learn our strategies to help you win the claim game and get your money faster. Sincerely,
Ken & Daria Dolan P.S. We’re watching the whole financial crisis closely, including today’s announcement by the Federal Reserve. Stay tuned for more of our advice in the coming days and weeks to help you be smart about your money at this critical time. We’ll get through it—together! |
The current recession and financial crisis has given rise to another concern you may not have thought about: What if you have a gift card from a store that goes bankrupt? More than $97 billion in gift cards were sold last year, so a lot of folks have them. Whether you’re buying or selling gift cards, you need to avoid some serious pitfalls. 
Gas prices have popped back up as storms have wreaked havoc in the Gulf of Mexico. They’re still cheaper than they were earlier in the year, but even at the current national average of $3.85 a gallon (it’s $3.99 at our local station!), gas takes a big bite out of your household budget. 
