By Andrew RobbinsCSMS Magazine Staff WriterDue to the economic crisis plaguing the country right now, our staff writer Andrew Robbins begins a miniseries on the issue. To day he presents the first installment.

 As bank stocks fall, the worst thing the public can do is rush to close accounts. Trust me on this one. In the last ninety days I have endured two bank failures that were the result of panic withdrawal. In both cases, the Federal Deposit Insurance Corporation (FDIC) quickly reimbursed account owners principal and interest.    Individual bank accounts are $100,000 FDIC insured, and bank retirement accounts are insured up to $250,000. A couple may have two individual accounts insured up to $100,000 each, and they may have a joint account insured to $200,000 at each banking institution. How accounts are titled determines insurance coverage. If you have deposits greater than $100,000, seek assistance and properly title accounts.    Throughout our communities, there exist thousands of small, well-managed financial institutions. They provide competition that monopolies prefer to regulate away.     One hawk echoing the call for bank consolidation suggested the US would better be served if only eight national banks were allowed to exist. The administration’s orchestrated fire sale of bank assets, brick and mortar, and consolidating has already begun. The unregulated vultures swoop in and gorging themselves while bank employees lose their retirement assets and bondholders and shareholders lose equity.    The hawks’ plan is counterproductive and ultimately leads to another financial crisis. Does deregulation make your life better or worse?Note: Neither the author nor CSMS Magazine is in the business of providing the public with financial services. Readers are advised to seek financial counseling prior to investing.Also see Telling us the truth: Bailing out Wall Street or bailing out the country? The financial crisis in the US and the mirage of an enlightened global capitalismGlobal stock markets stumbled in the aftermath of the Wall Street downslide on Monday