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I recall back in the mid-1980s Rainier Bank of Seattle went bankrupt. The State of Washington employee savings program had 14% CDs (bank CDs!!!) that were all the rage. In fact, the employee retirement plan board was about to eliminate the mutual fund choices because any idiot could see the bank CD was all that was needed.

I and three other employees protested at the hearing and they reluctantly backed off, after calling us ignorant. Within a couple of months Rainier defaulted on those CDs and went under.

No matter how stable and prosperous a bank may appear, they can and do fail. Since then I have never kept much money in a bank. It is now in long term diversified investments, tangibles, and cash outside the bank.
 

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