Well this week, we were treated to the Great Banking Outage of
2007 sponsored by Wells Fargo and most of the customers were
treated to a day of 100% illiquidity. While it has been under
reported, this has to rate as one of the top major corporate
e-meltdowns of the year, perhaps the last few years. The worlds
5th largest financial institution just decided to go offline for
a day. Now, in the old days, this wouldn’t have been much of a
big deal. After all, back in the “good ole days” you used credit
cards mostly for large purchases and business dinners and went
to the bank to cash a check when you needed money. However in
today’s near cashless society, being without access to your bank
is somewhat more serous. No purchases of any kind are really
possible, unless you are like me and still carry that ugly green
stuff around with you. No gas for your car, no lunch or dinner,
no services of any kind for you, check card boy! And god forbid
you were trying to do something more serous like closing on a
house. Apparen