Beware The Banks

As per quite a few posts yesterday I have grave concerns for the Almighty Powerfull runt he banks have had. Below is an excerpt from The New York Times. Note the rumours around Europe and the JP Morgan and Citibank falls.
"Skittish investors dashed for the relative safety of government securities, driving short-term yields to record lows. A slew of rumors was driving the move, including talk that a European financial institution was in trouble, traders said.

Talk of possible Federal Reserve rate cuts was in the air after Goldman Sachs cut its forecast for the U.S. federal funds rate to 1.0 percent by year-end. The key rate is now at a 40-year low of 1.75 percent.

Financial services stocks, like Citigroup Inc.slumped sharply. Citigroup fell $1.60 to $30.70 and the Philadelphia Stock Exchange bank index (.BKX) dropped more 2.75 percent."
Be very very carefull on the way down.