These 58 million customers seem emblematic of the current attitudes about fiscal policies. Stock prices plummeted from BAC 15.31 in the last year to a low of about 6 bucks. Bank of America is facing $10's of billions in lawsuits and easily $100 billion in bad debt. Given tradition leverage, they are likely bankrupt with the operative phrase "zombie" bank.
Yet their "loyal" customers see no reason to protect their personal savings or access to cash. How can the FDIC save 58 million customers? Well they can't without Tim and Ben. Is everyone comfortable with the 'too big to fail' concept? Why wouldn't a rational person duck for cover? After all there is little cost to checkout from Bank of America and into lower risk treasuries. You can even open a checking account with the Treasury department! It's not like you are aboard the Titanic with nowhere to jump to!
So if markets and free enterprise are so damn efficient how can 58 million be so laissez faire?
