Zero Hedge reports the Securities and Exchange Commission has voted to enable banks to prevent depositors from taking money out of money market accounts.
The story is at the link and is quite clear. If you have a money market account, the bank can refuse to give you your money. Just as banks did not have to allow customers to withdraw money back in 1932.
Click on the link, and look your own hand over. As for me, I intend to transfer funds from MM’s to regular accounts; and from those to regular accounts in several banks instead of one or two.
Mark Twain may have said to put all your eggs in one basket and watch that basket – but he was not talking about doing that during a financial panic.