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I have been on the verge of literally pulling all my money out of the banking system and moving into US Treasuries because every month, we keep discovering how deep the hole is in the financial system. We’ve gone from Bernanke telling us that everything was “well contained” back in August of 2007 to G7 intervention and the collapse of Jefferson County.

With the FOMC today, who knows what to expect next.  More interest rate cuts?  Higher rates?  Does it matter?

There are still billions more in losses to come so I’m skeptical that the CNBC talking heads and others claiming that we’re past the sub-prime problem is anything but realistic.

I’ll likely be out of town when this article posts so perhaps some new developments will negate my concerns but as I write this, I’m very skeptical and extremely concerned about the viability of some banks.