Current event: week 1

On Monday, two of the largest private banks commercialized. Goldman Sachs and Morgan Stanley decided to go commercial in hopes that the government will be able to give them a "safety net" if the economy continues to fall.
I believe that the move of these private banks along with others is a smart one. Not only will it help them protect themselves from the declining economy, but it will possibly help regular Americans make more money off of their bank investments. I do feel that some struggling banks might suffer from this change in banking strategy, only because now it might be as safe to put money in a market mutual fund as it would be to put in a regular savings account. But in the long run, the move was a good thing. I hate to see more people lose their jobs because of something they can't control. Hopefully the economy will react positively to this change.