October 1, 2008


Reliable word that Bank of America branch managers just received a message via the U.S. Federal Reserve Wire system from the US Federal Reserve instructing them to "perhaps be ready for a one-week universal shut-down of the banking system", including access to checking accounts, savings accounts, credit cards and ATM's.

Reliable word also has it that BofA bank branches received a shipment of signs last week, reading
"We're sorry, but due to circumstances beyond our control, we cannot be open at this time."

This raises the likelihood of a ONE WEEK LONG bank holiday coming soon.

It would be wise to have some cash around because checks, credit cards, CDs don't work when the banks are closed and it appears ATM's will be offline too. If you have CDs it might be worthwhile to cash them even though there is a penalty. If you have anything inside Safe Deposit Boxes in the bank that you may need, make certain you empty those safe deposit boxes tomorrow!

Additional word as of 8:08 PM EDT is that a silent run is taking place on many U.S. Banks with customers withdrawing huge amounts from all banks almost everyday. My source says that unless Congress comes through with a plan which will stop the silent run, Banks will be forced to close to stop the run.

The US Senate is voting tonight on a 400 page Bill to address the financial crisis and it is expected the US House of Representatives would take up the Senate Bill by Friday. If this new Bill is defeated the same way the last one was defeated, it is likely all US banks would be ordered to close as soon as ALL OF NEXT WEEK.

More details as they become available. . . . . .

UPDATE 9:00 PM EDT: The U.S. Senate HAS PASSED a 400 page Bill which must now also be passed by the House of Representatives. But passage is NOT guaranteed since it was the House of Representatives that killed the first bill.

Spread the word.