In relation to the current "stock crash", I've recently heard an interesting theory.

The theory is that the crash was planned so that the Boomers wouldn't be able to retire. So I get to thinking about it, and there might be something to this. If every Boomer retired today, there is not nearly enough people around to replace them. You also have to think about the business and technical knowledge the Boomers have that has not been passed on to younger generations. Most companies can't afford for the Boomers to retire.

And then there's Social Security. If every Boomer started drawing that check, there is no way there are enough working people to pay the necessary taxes it would take. I remember when I got my first job years ago, I always thought the SS I was paying was for me when I got to retirement. When I got older though, I figured out that I was actually paying for people ALREADY retired. Huh? I came to realize that SS is probably the biggest Ponzi scheme the government has ever come up with. SS makes the Madoff case look like child's play.

On the issue of banks, I am in agreement that WE are doing the service by putting our money in there for them to loan to others and make money. And what do we get, 2% (if you're lucky) interest rates. Especially right now, since they are basically borrowing from the gov for 0%, they have the nerve to have such low interest rates on savings accounts. What a crock.

However, there is a service that can only be had by putting your money in a bank (or similar financial institution), and that is FDIC insurance. I'm not sure if you people have this across the pond, but the gov insures all deposit accounts up to $100k USD (the $250k limit expires Dec. 31) and all eligible retirement accounts (IRA's and such) are insured up to $250k. Of course this insurance is somewhat paltry if you have millions in a bank, but if you have that much money it should be spread out anyway.

It's also a lot safer to have your money in a bank than walking around with a wad of cash all the time. Just make sure your money is in a bank that's solvent, which readily eliminates most of the "big boys" like BoA & Citi.