Many from the Caribbean come to America with dreams of financial success and economic stability.All of the restaurants, auto mechanic shops, clothing stores, just to name a few are a testament to the realization of those dreams. We often believe in the stability of the American banking system and use it as the primary place to store our wealth but it may be time to reevaluate that.
Yesterday, Washington Mutual was closed by the U.S Government making it the largest U.S Bank failure. JP Morgan will now own WaMu, so we have one more monopoly to deal with, which is never a good thing for the end customer. However, it’s the Stock holders who are hardest hit as the stock dropped to .45 last night in after hours trading. So check you portfolio thoroughly.
You know that the insiders always know what’s coming before the public do, so if this stock is part of your portfolio please consult your advisers FAST and look at all of your options, read, read, read! It may be time to invest in something else, like gold or silver that doesn’t lose it’s value.