elow is David Galland’s take on the fact that as of this Friday the US Government will no longer guarantee Money Market Funds. The key points are that the smart money is getting out of MM funds. Assets in these funds have declined by 15% in the last month. There is still $2 trillion in non-Treasury MM funds. Are you sure your MM fund is safe?
The 2nd more important point is that the Treasury is trying to force this money into the Big Banks. DO NOT LET IT HAPPEN. If you withdraw your money, put it in a local credit union or small bank in your community. DO NOT REWARD THE WHORING TARP BANKS. We need to make them fail for the good of the country.
What’s in YOUR Money Market Fund?
I noted with interest that Tim Geithner, the Goldman Sachs Secretary of the Treasury, has gone on record as saying that the government will withdraw its $3 trillion backstop guarantee from the money market fund industry, on schedule, this September 18.
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