When Bank Balance Sheets Are Ugly, Yours Doesn't Have to Be

By Ilyce R. Glink with Samuel J. Tamkin Saturday, October 11, 2008; Page F08 Only a year ago, in October 2007, the stock market hit an all-time high. Since then, the financial picture has changed drastically. Hundred-year-old investment banks have disappeared. Trillions of dollars of wealth has evaporated. Residential real estate values have dropped by more than one-third in some places as foreclosures have skyrocketed. Some of those who had counted on a lifetime of savings to provide an extra measure of comfort and security in retirement are rethinking their plans. The costs of food and fuel have risen sharply. Consumer confidence is down, and it would take about 11 months to sell out the housing inventory that is on the market. I have been inundated with questions from readers wondering where it's safe to put their cash,... [read full story]