CLARKONOMICS: Washington Mutual has received a $7 billion bail out to keep the bank solvent. While this was not funded by taxpayers, it's just the latest in the parade of the nation's largest financial institutions getting into trouble and facing insolvency. Why should you care if a bank survives or fails? What difference does it make to your wallet?

Clark thinks back to the last wave of bank failures in late '80s/early '90s. At that time, people tragically lost their life savings because they didn't heed warnings about being above FDIC limits. Today, the problem is twice as bad. Barron's reports that 40% of the money in banks is uninsured. Much of it belongs to institutions like non-profits and small businesses. But some of it is also held by individuals. If that sounds like you, heed Clark's warning and dial back your savings to under the $100K FDIC limit. If you have retirement money in a bank, that will be covered up to $250K.

Get in touch with the FDIC if you have any questions about your specific account(s). Clark also wants you to beware that many banks are peddling non-insured financial products inside their branches. You may see commissioned salespeople who look like they're bank employees pushing such products. Be sure to read the small print for a simple English disclosure about how you could lose money in these kinds of savings options.