Health care costs in the U.S. have indeed skyrocketed. However, President Obama’s health care proposal will be a tremendous burden on the middle class unless he is willing to take fiscally responsible steps to seriously trim the costs.

The President wants a plan that guarantees health coverage for “every American.” Does President Obama really intend to bar illegal migrants and other non-citizen foreign nationals from receiving health care under his plan? A study by Rand Corp. released in November 2006 estimated that health care provided to illegal adult migrants alone costs about $6.4 billion a year nationally. This figure does not include health care for illegal immigrant children, or children born in the U.S. of illegal immigrants, or legal immigrant families.

Furthermore, according to the 2007 Census data, about 1/3 of all foreign-born lack health insurance; immigrants and their U.S.-born children under 18 account for nearly 1/3 of all people in the U.S. without health insurance and more than 70% of the growth of the uninsured population in the U.S.! Meanwhile, every year one million legal immigrants, at least half a million illegal migrants, plus hundreds of thousands of “guest workers” continue to enter the U.S. Their U.S.-born children are American and would be eligible under the Obama plan.

American leaders should also be aware of the explosive fiscal burden if the “comprehensive immigration reform” -- amnesty and massive guest worker visas -- promoted by immigration advocates is enacted. That legislation could add over 120 million relatives of legalized aliens and “guest workers.” to the U.S. over the next 20 years. Not only will these newcomers need jobs, they will also require health care, education and other social services whose expenses could well exceed the tax dollars they will generate because of their low incomes.

The impact of 750,000 teen pregnancies annually nationwide should not be ignored. This January the Associated Press reported that "about 435,000 of the nation's 4.3 million births in 2006 were to mothers ages 15 through 19...” Should taxpayers who are struggling to make ends meet continue to pay for the health care of families whose parents obviously cannot self-support, including cases similar to the couplets’ mother whose story has outraged many Americans? Isn’t it wiser to take preventive steps better for all parties concerned to drastically reduce those births?

Other factors have increased health care costs and the numbers of uninsured Americans. However, adding annually over 3 million people to the U.S. -- jobseekers, students and energy users -- makes achievement of President Obama’s other goals improbable. Advocating green energy is commendable, but no “clean” energy is low-cost or pollution-free. Also, the President’s costly education reform will fail if our grade schools and colleges continue to be overwhelmed by immigration-related enrollments although some immigrants are excellent students.

On 3/25, even Czech Prime Minister Mirek reportedly called U.S. massive spending "a way to hell". Therefore, before pushing for costly proposals, President Obama should first drastically cut wastes and expenses. A 1/3/05 article in Barron’s indicated that the U.S. underground economy, estimated then to be $970 billions, was largely due to the “nation's swelling ranks of low-wage illegal immigrants.” Why not seriously enforce existing immigration laws and put welfare recipients, non-violent prison inmates and other unemployed Americans to work in jobs currently held by illegal migrants?

Furthermore, over 12 million Americans, including legal immigrants, have lost their jobs. Why not enact immediately some sort of immigration moratorium which requires only an act of Congress signed into law by the President? Such a move will also help save tens of billions of tax dollars a year in reduced welfare and unemployment benefits as well as the cost of educating new immigrants. A temporary reduction of legal immigration to some 350,000 a year, limited to spouses and children under 18 of U.S. citizens, is very generous considering that our labor markets and schools are overflowing.

No solution on Earth is perfect. Piling up trillions of dollars of debt on the backs of American children is simply irresponsible. An immigration moratorium, which will also benefit legal immigrants, is a necessary first step to solve our national problems. Are our elected officials in Washingtonn, D.C. listening?

Yeh Ling-Ling
Oakland, CA

twenty years ago I thought something like this would be coming. I recall the storys of the elders in my family, as to what they did over there life time after the 1930,s so they would not fall pray to another down fall. work hard an long. bought a farm, pick stocks that would weather any storm. an there our number of them out there today that can hold up well in trouble times. learn from the past how to live well on little. educated my self to the ways of the old timers. so I could do much with little set backs. the old ways of doing things our time tested an will help in good times as well as badtimes. there time tested! learn as much as you can for it will come in handy thru out your life time. an watch nbr there ok!! mostly stay a true coure in life to your self an to those you call friends for they will be of help to you as well as you to them. if we never cross paths again I wish you the best. respectfully your,s lnd.

I'm riding out the storm by NOT taking the advice of your guest market monitors and street critique guests. Their stock picks have cost me a fortune!

I was very nervous about our economy for a long time so I put my retirement and much of my savings into TIAA-CREFF guaranteed annuity, preferred stocks, and Prudent Bear Funds. For several years I made only a small amount of money, but I did not experience October 08 as others did. I cashed out most of my Bear holdings and began this winter to invest in high yeild stocks: FLY; BWP; NTE. I am nervous about these companies, especially NTE, but hope I have the where with all to know when to get out. Till that time, each delivers a hefty yield.

I was very nervous about our economy for a long time so I put my retirement and much of my savings into TIAA-CREFF guaranteed annuity, preferred stocks, and Prudent Bear Funds. For several years I made only a small amount of money, but I did not experience October 08 as others did. I cashed out most of my Bear holdings and began this winter to invest in high yeild stocks: FLY; BWP; NTE. I am nervous about these companies, especially NTE, but hope I have the where with all to know when to get out. Till that time, each delivers a hefty yield.

LULLABIES & BEDTIME STORIES

How do I survive? I stay tuned to NBR !

I watch Nightly Business Report at 11 pm. *
Your reports make good BEDTIME STORIES, and the tunes are
soothing LULLABIES.

Paul's deep, steady voice, Susie's melodic alto, always
seeking the silver lining, is calming. Helps me _not_ make
hasty decisions over our retirement mutual funds.

After Paul's signature goodbye, I say my prayers and get a
good night's sleep. Thank you NBR anchors, reporters, crew,
and staff !

Wayne, Burlington VT * MountainLake, NY PBS
_______________
PS: Okay to bid on one of Paul's ties? I bid $100 which
could be sent to the PBS station producing NBR. If viewers
bid on ties and earrings, the money could go toward a bonus
for NBR. Ya'll earned it in 2008 !

I am taking advantage of the situation and rebalancing my retirement money. Treasuries are expensive, stocks and bonds are cheap. I am also converting part of my IRA to a ROTH like suggested by Kevin McCormally on a Tax Tips segment. At current values the taxable income may well be less than what I originally contributed.

My wife, daughter and I have begun dehydrating fruits, vegetables, and meats. This provides us healthy snacks while we are on the go and we save money at the sime time by eating out less. The dehydrator keeps the room it is in warm and it smells great. Preparing the foods is something we can all do together so for now its cheap entertainment.

i am 48 and have all my money going to a stable fund in my 401k plan. I have a smallcap and large cap and some stock that i quite putting my money in right now.
My question is, should i keep contributing to these funds or keep it in the stable fund and transfer this money later this spring into these other funds after the market has stabalizes a little bit.

Basic recommendations work:

I live in the Houston area and since the recession started, I've incurred a sizable debt of medical bills for my dog, I've had to finance a new USED car and am in the process of repairing my home from Hurricane Ike. In response, I've had to reduce my 15% contribution into my 401(k) down to my company match, have started part-time work at a second job to generate an alternative stream of income, and have reassessed some of my spending habits.

As a friend of mine says, The major difference between Las Vegas and the stock market is that you get free drinks in Las Vegas!

"Chico" Marx to Groucho the day after the 1929 stock market crash:

"I only make SAFE investments [remember this!], but I know you like to gamble in the stock market, so here's a little something to hold you over until you can get your money back in the stock market." Whereupon he hands Groucho a roll of cash totaling $50,000!

Groucho looks at the wad of cash and says:

"Where did you get this money from?"

Chico replies:

"I won it shooting craps with Al Capone last night!"

[Yes, that IS SAFER than the stock market!!! :-)]

I think this financial storm (recession) we are going though will be quite humbling to many who have never had to do without before in their lives. Quite clearly most people embarked on a lifestyle they couldn’t maintain in all conditions. Like a house of cards it all came down. This lifestyle included homes that were larger and not energy efficient and automobiles that were gas guzzlers all a part of living a champagne lifestyle on a beer budget. Instead of paying for things as you go, people pulled out charge cards and continued a lifestyle their incomes couldn’t maintain. I think their priorities were all wrong and now that things have tumbled down they are having to do without for the first time in their lives. Now they don’t know what is a necessity and what they can do without.

I think the best thing people can do now is pay off their debt. Then STOP spending all their money and consider saving it instead. The best way to be “recession proof” is to be debt free, pay cash for everything you buy, and save a portion for emergencies and your future. Invest when the markets are down like they are today. Credit cards are for an emergency and should be paid off in full when the statement arrives. If you do that you don’t have interest expense, instead your receive interest income on your savings. Why people think it is smart to make the banks rich I cannot understand. I live below my means instead of above. I don’t have to have all the bells and whistles out there, that doesn’t make me happy. Being debt free and sleeping at night is more important. I don’t have cable TV or satellite or a large screen. Don’t have a fancy car or a big fancy house. Don’t even have a cell phone as I don’t wish to be at everyone’s beck and call nor do I want to disturb others when they are busy. I think people spend too much time talking and too little time thinking before they speak or text each other.

What I do have is a house and car that are paid for, a $20 phone bill, and energy efficient 1300 sq. foot house in a beautiful location along a river with a woods next to it that costs very little to heat and cool year round. I am 56 years old and retired with a union pension from a job I worked at for 33 years. I saved by maxing out an IRA every year since I was 32. Sure they have lost about half their value now, but they will come back and I am still saving money and investing in my future even in retirement. Why? Because that is what I am accustomed to doing. I never had to have everything that came along and I still don’t need all these things. I am happy and reasonably healthy for my age. I am focusing on taking care of myself and not competing with anyone else in this world.

I think if you do the right things before there is a recession you won’t have to weather the storm. There won’t be one. You will be prepared in case you lose your job because you will have six months of income saved to use in that emergency fund. You won’t be in big trouble if you live debt free. If this isn’t the case right now, maybe you could choose to change your priorities and way of thinking so that you can be ready for the next time around, because the economic cycle includes a recession every single time, sooner or later. This is what works for me, I hope you have a plan that will work for you.

Junk No, not bonds. Even bonds backed by sub-prime mortgages have some value, maybe more than people think I’m calling your attention to your junk, the kind that had no value from the day you acquired it. It’s the junk consumer goods you’ve bought over the years. Look around your house, from basement to attic and see the sheer mass of junk you’ve bought over the last 10, 20 or 30 years. Recall, painful though it is, how much you paid for stereo system after stereo system, Bose speakers, Sony Trinitron TV’s, Panasonic flat screen digital TV’s, kitchen gadgets from Williams Sonoma. Recall how you rationalized making all of these purchases as “investments” when at the time you bought them you knew better.

Think of the cars you’ve bought, the excise taxes you’ve paid to have them on the road, the insurance premiums and the frequent and costly repairs.

Thank of what you’ve spent in restaurants on inflated meal prices and on clothes you almost never wore.

Think of the so-called jewelry you’ve bought. The jewelry industry does a real number on you with this, setting up selling areas with lavish appointments and intense lighting. One of the great con jobs of all time was that pulled off by 19th century raconteur Cecil Rhoades (remember Rhodesia?). He acquired control of famed diamond mines in South Africa and created the myth, perpetuated to this day by DeBeers, that diamonds are scarce. What a joke, but think of the number who fall for it every day. If you think jewelry is somehow “different” and is an “investment”, just try selling a piece back to the jeweler who sold it to you or to any other. Just try it.

Think of all the money you’ve earned over your career and think of how much of it you have left. You’ve probably lost nearly all of it. Where did it do? It was spent on junk. The consequence is that, while you may have earned more than $1 million or even $2 million, you have little or nothing to show for it, other than a pile of AMEX receipts for junk. AMEX and its shareholders did well off of you. How well did you do?

Retailers now call upon you to corral your credit cards and start spending again. That’s good for them. How good it is it for you or your family? As Suze Orman has pointed out time and time again, we, in this country, are in deep trouble not because we spend too little but because we spend too much.

Now, for the real pain. The price to be paid for all the good times you’ve had and the junk you’ve purchased can be calculated. I’m sure you are familiar with AFLAC, the insurance company whose products are endorsed by a duck. Ho much do you think you’d have today had you invested $10,000 in AFLAC stock in October, 1980? The answer is over $2.3 million. That’s right, had you never saved another cent, never created an IRA, never participated in a 401(k), but had had the good sense to have skipped a car or two or maybe a few years’ purchases of clothes that went to the Salvation Army years ago, and instead had purchased AFLAC stock, you’d have over $2 million today, and that’s down from nearly $4 million due to Wall street’s recent slide. $10,000 was a fair amount of money in October 1980, but you know you have spent far, far more on junk. By the way, the AFLAC stock would be about 50,000 shares paying over $50,000 annually in cash dividends.

Think what you’d have if in addition to buying the AFLAC stock you had created and funded an IRA and had participated in your employer’s 401(k).

It’s never too late to break bad habits, habits that harm us. I don’t care what situation you face…you will always stand a better chance of obtaining a better outcome if you have money. We’re well into the liquidation of the bad debt of the early part of the 21st century. Mark my words, there will be more bad debt cycles to come. Resolve today that you will no longer be the pawn in a game calculated to keep you poor and in debt. Resolve to separate your wants from your needs and to stop buying things you don’t need. Do you really need premium cable channels for which you receive a massive cable bill each month? Do you really need all the clothes you buy? Do you really think that jewelry is an investment? If you buy it at an auction conducted by Christie’s, Skinner or Sotheby’s and its can be established as having belonged to James I, Catherine the Great, or Nicholas Romanov, maybe it’s an investment. If not, I submit it’s likely more junk. Expensive watches are in the same category. The watch makers dummy up “auctions” where they secretly bid on their own merchandise so as to create the impression that watches are an investment. For them they are. For you, they are junk. Just try selling one. Just try it.

When you buy so-called “designer” goods, you are simply signing to pay more for something you certainly didn’t need but were convinced you had to buy to seem “cool”. You end up ever further into credit card or other debt and the “so-called “designer” ends up even better ensconced in Palm Beach. Good deal for him; possibly fatal for you.

When you don’t have money, you don’t have power. What you want is nether here nor there. Someone with money will tell you what you can have, what you must do and what you can’t have and what you can’t do. If that state of affairs appeals to you, keep doing what you’re doing. When you reach age 67, you’ll have less net worth than a high school kid and you may be working for one.

If you want your son to be able to apply to Stanford or your granddaughter to Yale and to be able to do so on the basis that no financial aid is requested, then change your habits today. The colleges would deny it, but you know the chances of acceptance are better if the applicant is not raiding the school’s endowment.

Stop buying things you don’t need and stop using credit cards.

You have no patriotic duty to be broke. Let your neighbors be the ones to buy products from the companies whose stocks you own. With some modest effort, you can begin building a portfolio today that will include shares in a sufficiently broad range of companies so that there will be almost nothing that other people can do that won’t in one way or another make money for you.

Oh, you say, who’d head of AFLAC in 1980? Granted, it was a far less well known company then. OK, let’s vary the example. I’m sure you’ve heard of Johnson & Johnson and Medtronic. $10,000 invested in Johnson & Johnson stock in 1980 would be worth $500,000 today. Invested in Medtronic in 1985, the result would be $600,000, and that’s after the current sell-off. It’s not the AFLAC $2 million, but it’s more than your junk is worth and it’s liquid.

Eat at home, stay out of bar rooms and malls, make your own coffee, make do with the clothes you have, cancel premium cable subscriptions. You’d be surprised what you can do without, and so doing is a very small price to pay for possibly becoming a millionaire. You may be the first on your block to do so. Keep in mind that the people who live near you, the ones who keep a low prolife, have old clothes and an older car, may have beaten you to it. What if they heard of AFLAC in 1980 or bought Microsoft at an adjusted cost of 10 cents per share in 1986? You just never know, do you?

Resolve today to learn something from this crisis, something that will benefit you and your family for all time. $1 million is not misplaced; it is lost $50 at a time. I close by quoting Jonathan Pond, CPA and lecturer on many PBS programs dealing with building personal wealth. “Your best dollar is the one you don’t spend”.

Richard E. Savoy
Boston, MA

I work in a public library and can't think of a better way to satisfy cuts to an entertainment budget than to use your local library.

Can't afford the movies? We have an enormous collection of music CDs, classic, blockbuster, international and children's movies, not to mention multiple film series in-house that make date night better on a budget. We have an art gallery and permanent collection. We hold six exhibits a year. We offer book discussion groups, job and computer training, classes for knitting, community trivia night (our largest event--probably 400 people come for this), a teen space with Wiis, PlayStations, Guitar Hero and Garage Band, a performance stage, audio equipment for live music performances or open MIC nights, storytimes, guest speakers, a sunday afternoon music series--the list is almost endless.

We're not going anywhere. Use your library. You'll be pleasantly surprised. And if your library is suffering from the strain of budget cuts, there's ALWAYS inter-library loan. Some library somewhere has the movie / book / magazine / Beyonce CD you want.

PUBLIC LIBRARIES ROCK.

I am a biochemist who has recently found work again in biofuels and have spent the last three weeks settling in comfortably to my new green collar job, only to hear a company announcement yesterday that there would be "modest budget and job cuts". Even up and coming emerging industries are feeling the pinch. I've already started hitting the pavement again in case I need a plan B and will be grocery shopping this weekend using my old list for a low cost/high nutrition diet. When studying biochemistry, I learned a lot about metabolism and learned how food choices can have a profound impact on energy levels, mood, and overall health. I thought that I would share a few tips with you on how to maximize the health benefits of food at a minimal cost.

Protein sources: Lentils are packed with complete protein and tons of fiber, plus they're dirt cheap! After letting them soak overnight, boil them according to instructions, then add your favorite oil and vinegar salad dressing, and maybe some sauteed onions (another cheap food with health benefits). The most novice cooks can make this delicious meal, and it's one of the healthiest meals to eat! My own personal belief is that lentils are the best food deal in the market place when weighing the cost vs. nutritional value. It's a steal! Turkey is another protein source that I recommend. While turkey is not as cheap as lentils, turkey contains lots of tryptophan which is a scientifically proven building block for biochemical sleep signals (like melatonin) and biochemical mood elevators (like seratonin). I'm a single woman, so I'll pick up an organic turkey wing at Whole Foods for $2-3 and add it to soups for dinner that week. I sprinkle the wing with a little S&P (that's salt and pepper, not Standard's and Poor's) rub a little olive oil on it and bake at 350F for 30-45min. I sleep like a baby, and wake up optimistic about making today the best day that it can be.

Fruit: Oranges are a deal where I am in California, and I'm not sure about the rest of the nation. At my local farmer's market I can get about 25 oranges for $10. They fill you up and they're packed with vitamin C for fighting off colds in the upcoming winter months. My breakfast and cold fighting strategy for winter is eggs or nuts for a little protein, and lots of oranges!

Veggies: Lettuce and green leafies are not new to the list of healthy foods, but they're the most underated source of calcium and magnesium. While lettuce doesn't have as much overall calcium content as dairy products, the overall absorbtion and incorporation of calcium into the body is just as good for lettuce as it is for dairy, The key to enjoying lettuce and salads is getting it as fresh as possible. I usually stop on the way home from work to pick up lettuce right before I eat the top half with dinner and the bottom half with lunch or dinner the next night. Once you've found salad dressings that you like, I'm sure you'll be enjoying daily salads from home (that cost me about a dollar a day)

While healthy eating isn't always cheap, it can be. I see food choices not so much as a cost, but more of an investment in my health and well being (and a way to reduce future health bills).

But it can't be lentils and lettuce all the time. Going out for a tastebud tingling time is rejuvinating and important for your well-being also, (and a great way to bond with your significant other). A boyfriend in college, who was on a pretty tight budget, used to take me out on a date for dessert and I loved it! We had the experience of a night out together, usually with chocolate which keeps me pretty happy:)

Good luck everyone. I hope this helps you navigate safely through these stormy financial times.

Suggestions on how the economy could get jumpstarted--on what to focus. Health care and transportation. There are two facets of health care--primary and specialized. The primary, in my view, consists of internal med, pediatrics, psychiatry and family and preventive. The specialized involves the more critical and as the name states, specialized. Then, there is the division of care, primary, secondary, and tertiary care. Primary is when you go to the physician for back pain, common cold, hypertension, diabetes followup. Secondary is when you are hospitalized say because you are a diabetic and your glucose got over 350 mg/dl. Tertiary, is when you go out drinking and get involved in an automobile accident and suffer direct head injury and need neurosurgical services because you have brain swelling. The strategy is to fund public or city hospitals; they, in turn, purchase equipment and services (outsources), employs companies and people. Transportation is to improve rail service, perhaps starting with the local transit companies. Say, why construct highways for vehicles (to relieve congestion on the current roads) when people don't have money or credit to purchase cars; on the other hand, if you build heavy and light rail for cities and hire police to monitor the safety, people are able get to and from work, school or play.

The other aspect involves the automotive industry. I have noticed that Ford, which owns Volvo, has the best charter and passenger buses as well as tractor tractor trailers in the industry. As well, Ford has potential strength in the subcompact vehicle Fiesta as well as on the full-size van Econoline. GM has strength in Saturn and on the compact Cobalt. I was an owner of a Cavalier double overhead cam 140 horsepower and loved it!! The other strength GM has is on the Isuzu T series commercial trucks used for delivery (I could sure use one for my small business). Chrystler has strengths in the Ram pickup with the HEMI or available Cummins engine and the best in class Voyager/Caravan minivan as well as the Freightliner line of tractor trucks. Focus on the strengths. Inform the public about owning these vehicles and the advantage over the foreign competitors, which in my opinion are mere copy cats.

As someone who has been studying and investing in the market since 1984, this too shall pass... 1987 is just a blip on the long term chart of the Dow. The key is to invest in good quality stocks (companies whose sales and earnings are up over the long term, little or no debt, good return on equity ROE, and the best margins in their industry) at reasonable prices. Yep, sometimes things get outta whack. That is when the buying opportunities arise. The key is to always have available cash to take advantage when others are panicking. The key is to not have funds in the market when you might need them in the next 3-5 years. Look at a long term chart of the market: since 1929. It has over the long term ALWAYS been UP! Yes, when the bear comes knocking, it is not fun. Yes, the losses in your portfolio look bad. But, hang in there. This too shall pass. In the meantime, it is never a problem to cut back on discretionary spending to build up cash. It is alway amazing how when one looks at what they are spending their money on, cut back are always easy to find. Buy low: the time is now. But it is always easier to ride the roller coaster when a bit of cash is available for times like theses.

I've been frugal all of my life, and do not splurge on keeping up with technology. As a result, I have a land line phone with dial up internet for $50/month. My father was a television producer who believed that there was nothing on tv worth paying for. As such, I have an antenna on my roof, and I got a $40 dollar cupon from the Federal Govt to get a converter box. I don't have a cell phone either. People state that it is not safe to travel without one, but these phones were virtually non-existent 10-15 years ago and people survived. I save over $100/month by avoiding these modern day trappings, and I'm never bothered in the car or in meetings by the annoyance of a ringing phone.

I've now lost everything I've ever made in the market and more. Owning only "Blue Chips" doesn't mean crap! I'm jumpin' off this train. It's not any good for the "little guy."

Riding Out the Storm - It's just what it says! It is out of my control, there is nothing I can do about it, I can't sell low, so I went out and bought a horse and more stock. I like GE under $17.00.
If you really want to enjoy life, it's best to ignore the news and blogs including the reports on PBS Nightly Business Report. The dark drama of negative news reporting is just not good for the soul.

For years I've watched people on TV talk about money/investments/retirement etc. and never seen myself, or people like me, represented. I'm retired (with no debt) and live on social security of $760 a month. I have (or perhaps, had) $8,400 in an IRA and $6,000 in CDs. Just enough for a funeral. My house is worth $55,000 (but paid for) as is my little old car. I have friends my age, in situations similar to mine and worse. I'm not panicking, but I AM scared.

Here's how my husband and I are riding out the storm:

-We haven't yet turned on our oil heating system in our apartment yet, and won't do so until it really gets cold outside (when the snow flies). With home heating oil at $2.95/ga. we've decided to only heat our home office area (we both work from home) and our bedroom at night - using a silent portable electric heater. We'll turn on the main heating system to 50F when it get's really cold outside. We live in New England.

-We rarely go out to eat. We've been very frugal for the past several years. Our meals are home cooked and healthy - our goal is to save $ and to also prevent future doctor visits and hospital admission.

-We buy as much local produce from farmers are possible. It's fresher, tastes better, is more nutritious and less expensive than grocery store produce. This means eating in season. I also do some home canning, jelly/jam making and freezing of harvest bounty (buying in bulk when farm yields are high). This keeps money in the local economy. We need all the local farms we can get since we've lost so many to development. With the cost of transportation (and the hidden costs of green house gas emissions) it's ludicrous to buy lettuce that's produced in Calif. or AZ.

-We NEVER buy coffee at the chains - Starbucks, Dunkin' Donuts, instead we brew our own premium coffee (organic, free trade, shade grown) and take it to go when we meet with clients or head out to meetings/event off-site.

-We use mass transit whenever possible when traveling to Boston. Saves $ (still less due to gas, tolls and parking). Plus it saves on wear & tear on the car (thereby minimizing need for future repairs).

-Instead of spending $700 on holiday gifts this year, we've decided to instead donate to charity since those in needs are especially hard hit right now (Salvation Army, local food pantry, animal shelters) and non-profits are experiencing short falls in donations due to the economic downturn.

Riding out the storm: do what we(I) should've been doing all along:
1. pay off the credit cards - just do it, even if it takes awhile.
2. save electricity - I cut my equal pay plan electric bill by 50% by doing 3 things: turned the thermostat up this summer and used a fan, turned the thermostat down this winter and put on a sweater, use cfl bulbs, even if you switch over one bulb at a time. Turn off the lights if you don't need them. Unplug the computer at night or use a plug strip.
3. save water - I have an old house. Put two 500cc bottles filled with pebbles and water in the toilet reservoir/tank. This displaces a quart of water with each flush. Fix leaky faucets. Be more careful about watering the lawn. I cut my water bill by about 50% plus conserved water.
4. buy a bike if you don't have one - I live 14 miles from work and in warmer weather and 4.00/gallon gas, I bike to work 1-2x/month. This saved 8.00 each day I did it. If you live closer to work, bike more! Or walk! Gets you healthy too.
5. go back to clipping coupons and check the circulars - buy one instead of 2 when things are on sale at the grocery store. When you buy on sale, be careful not to buy just because you have a coupon. Buy only things you normally would. Buy fruits and vegetables and meat and COOK! Whether you cut back eating out a little or a lot, it will help. Probably a lot healthier too if you cook your own meals!
5. don't feel the need to buy every new thing - even 10 years ago we Americans weren't this way.

Everybody's situation is different, but this is what is working for me. Good luck!

Paulson is as stupid as Bernanke... useless and worthless as tits on a boer hog.... where did we find these incompetents and crooks????

I am living and working in Kansas, I am married and I have one child. I also have two mortgages,

My wife gave me an order to hand over my credit card. So there goes the American Express Credit card for me.She put it away far far away from me. I should only be using cah anyway

ugly, but no bottom yet... let the taxpayers fork over more... look at debt to gdp and look to ww2. we don't need a ww to spend at ww levels.

Well, socialism is here to stay... we have a bunch of stupid businessmen/women running companies and banks, proven by their dog like behavior. Dogs won't stop feeding until their stomachs burst open and kills them. We the stockholders hired dogs not people to run our businesses, dogs on the boards, dogs in executive positions that require superior judgment not the inability to inhibit the feeding instinct like dogs. And, now socialism greater than ever, politics in the economy greater than ever, power to governments greater than ever, taxes collected greater than ever, befalls us because we hired dogs and not people to run our stock companies....

Greed is a human attribute not a dog's and we hired dogs to run our stock companies, not people. Our punishment is going hat in hand to the government-- the taxpayers- begging for handouts to restart our economy. Yeap, socialism and regulation are here to stay and paid with higher taxes and a poorer life because we hired dogs to run our stock companies...

I have been involved in estate planning and wealth management for more than 30 years. I practiced law for half of my career and served as a senior trust officer and counsel at several well known and highly regarded private bank trust departments. I've been permitted to learn how significant amounts of wealth have been amassed and cared for by people who knew what they were doing. Here is what I have observed as the hallmarks of people who acquired and retained wealth in seven figures and well beyond. Keep in mind that for the most part the people of whom I speak are just as is any anyone else. They did not strike upon a new technology and profit from an IPO, they did not inherit staggering sums nor did they win lotteries (they are too smart even to play that loser's game). Here are the attributes of people of have and keep money:

1. They ignore advertising and wouldn't dream of going into debt to buy consumer products for which they could not pay cash. In fact, they care little for consumer goods and don’t care who knows they don’t have what everyone is supposed to go out and buy.

2. They realize, at some level of consciousness, that human beings' habits are, by and large, inimical to their best interests, so they refrain from any excess, including drinking, smoking, over-eating, and living in malls.

3. They are acutely aware of the time value of money and the degree to which the future value of any sum is a strong function of the rate of return. This is a concept others ignore ultimately to their great, great cost. Not realizing this concept keeps people poor.

4. They appreciate the concept of opportunity cost. Money spent on cars, vacations, clothes, eating out and lingering at bars in restaurants can mean the difference between being able, later in life, to go to Honolulu, to stay at the Royal Hawaiian Hotel and being able to afford it (paying the bill from income and not from principal), or, on the other hand, struggling to get a credit card override to be able to take a trip to someplace not so nice as Honolulu and staying at a low-end motel.

5. They know the difference between income and principal. Our economic system is based almost completely on our being induced to spend not only all that we earn but to go beyond and accrete debt. Every time a person buys consumer goods, he or she is making an election that will almost certainly be detrimental to his or her future well being. Every salesman is endeavoring to turn your principal into his or her income. If you allow this to take place, you are ensuring a dark future for yourself and making ever more certain the likelihood of working well beyond any date you might have set as a goal for your retirement. The well-off so not allow this to happen.

6. They are realistic in their understanding of the time anything worth having takes to be obtained. Our system is geared to nurturing our natural tendency to desire results as soon as can be, hence the very concept of time value of money. The wealthy appreciate this human weakness and use it to their advantage. They are willing to defer their own gratification, thus ensuring that when it arrives for them it will be not only significantly greater but sustainable, in exchange for selling immediate gratification to the rest of us, either directly or through the efforts and activities of the business arrangements in with they acquire and hold interests.

7. They do not panic in times of stress. They know that seemingly hopeless times will come and they arrange their affairs so that they will have cash to deploy at such times. They are happy to take your assets off of your hands at 50% or less of the value they will command years or maybe even months from the present time.

8. When it comes to matters involving money, they are not emotional. They do not pretend to have knowledge they do not have and in fact "know that they do not know". They do not let their ignorance allow them to come under the spell of someone trying to sell them something, i.e., a timeshare somewhere where there are palm trees, by painting images of "how proud they will be when the grandchildren see it." Instead, they invest the timeshare purchase money in things such as Medtronic, St. Jude Medical or AFLAC so that their grandchildren can go effortlessly to Harvard.

9. They realize the stunning effect of compounding. Even if they can't work the algebraic equations, they know how powerful is the result when money is invested and left untouched for long periods of time, gains being allowed to compound on themselves. An example or two will tell you all you need to know. $10,000 invested in Johnson & Johnson in December, 1980 is worth approximately $500,000 today. Nothing was required but to buy the stock and hold it. $10,000 invested in Medtronic stock in June 1985 is worth $1 million today. Each of JNJ and MDT was a well know company with strong earnings and bright prospects at the times mentioned.

10. The wealthy live beneath their means. They don’t have fancy electronic entertainment systems, they don’t have kitchens better equipped than those of high-end restaurants, they don’t have expensive memberships in clubs they don’t attend, they don’t fly first class and they don’t have “head turning” cars. What they do have is net worth and rather handsome balance sheets. They know that they can purchase whatever they might want; hence they do no desire to purchase it. For the last 16 years, as I have worked with wealthy people at trust department after trust department (bank mergers in the Northeast), I’ve been continually amazed by the fact, demonstrated over and over, that only people of inadequate means struggle to buy things, things they will ultimately pay to store or to have taken to a dump. People with money do not do that; hence they have money for things that are really worth buying.

11. There is no amount of money that can’t be spent. I’ve seen people in their 40’s go through $7 million, including the income and gains thereon, during the bull market of the 90’s, only to end up losing nearly everything. That happens to a few, but only a very few, again because the wealthy know what they don’t know and hire competent estate planners and private banks to make damned sure that neither they nor their descendants suffer any such fate.

I apologize for the length of this message. I thought that, were I to write anything to an institution so prestigious as NBR, I’d best share the details of my experience in their entirety. For those of you still in your 30’s or 40’s, I note that you have that precious element in wealth creation whose existence is beyond human manipulation: time. It is literally the mathematical product of time and rate of return that form the exponent in algebraic compounding equations. People who wait too long to begin investing sometimes panic and seek returns that are justified only by success.

For those of you who haven’t so much time, I say that it is never too late to change habits that are harmful to you. Stay out of malls, restaurants and bar rooms, don’t buy lottery tickets and pass on the consumer goods. Live beneath your means and religiously invest all that you can in low cost mutual funds. If you’ve the inclination, begin buying individual stocks through dividend reinvestment plans offered by Bank of New York Mellon, Wells Fargo (they have Medtronic’s) and Compushare. These plans allow you to build wealth while keeping your costs down.

Have your goal to pay for your retirement from income and not from principal. Accrete enough money so that you can live on the income it generates. No estate will ever be exhausted if its owner confines herself to living off the income it generates.

People will tell you that money is not important, but try achieving any result for yourself or your family without it. I think it was Oscar Wilde who made the following observation. A person with money will indeed tell you that money is not important. But, should that person lose his or her money, that person’s blind and consuming obsession will be to regain that money, at the cost of all else.

There are a million other things I’d like to share with you but enough is enough.

Please keep your blog entries and emails pouring in. We've gotten great responses via email (nbrmail@nbr.com) and the first blog entry I wrote.

Most of the responses that we've received can basically be put in to 3 groups.

The first group is "Riding Out the Storm" by pinching pennies, driving less and cutting back on extras. The people comprising this group are looking to pay down their debt or eliminate it all together. For the most part, they are no longer concerned with keeping up with the Joneses. These folks are trying to keep their homes and their jobs while sending their kids to college.

Another group is made up of mostly older people with money in the bank. They have a lot of assets but do not work or won't work for much longer. These folks are anxious for the economy to turn around so they can stop worrying about losing their principle. One thing many people in this group say in their entries or emails is "been there, done that." They know this crisis will eventually end and they have prepared for it.

The third group is fed up and angry. They're frustrated at politicians and Wall Street executives who took bonuses, incentives and lucrative severance packages while their customers were losing money. They disagree with the government's decision to rescue or bail out banks or other businesses.

Which group (s) do you belong to?

For more information about this feature and to review how personal finance experts have responded to what you are saying, check out our "Riding Out the Storm" series home.

I was struck by an analysis comment from Mr. Zweig. He spoke to the need to cut personal spending and save something as if savings accounts were a good thing. I submit there is little incentive to save. At the current interest rates one is almost as well off putting cash under the bed. While individuals cope with making ends meet, cutting spending is not the way to get the economy moving again. Nor is the accumulation of money in savings a way to stimulate the economy. Many banks are already awash with cash that they are afraid to lend. If it dosen't get loaned, then where is the income to pay any interest on those savings accounts? Besides, money is just paper that the government represents as having some value that changes globally and daily. Mr. Zweig's analysis concerned a woman who took to baking her own bread as a way to cut expenses. My wife and I tried that (my wife took 3rd at the state fair with her baked bread) but our analysis was that the cost of energy for a small scale baking of several loaves made mass produced bread cheaper. While we like homemade bread better, it just costs more. What we have found however is that our own chickens can actually save us money. Before the racoons killed our last two we were getting between 12 to 18 eggs a week. $5 worth of scrach feed lasts a long time and the chickens will eat almost anything. Rather than cutting expenses and putting the momey in savings, we plan on buying more chickens and selling the eggs to our neighbors. At the worst, we will have something to eat and at the best we will have something to eat and some money. In any case we will have something to eat.

My husband and I are 56 yrs. old. He is the wage-earner. He only started a 401K 7 yrs ago and a Roth IRA for me 2 years ago. He set up and manages these and has put the Roth in all stocks.
His 401K in about 90% stocks. We disagree strongly as to how the retirement funds should be allocated!!!!!!!!!!!!!! We have never had a financial planner. We have attended some classes on retirment planning some years back. Needless to say we have lost plenty already in the stock market in both plans. He believes in taking high risk because we started retirement planning so late. I would rather put much more of the money from both plans in a safer area so that the money will not be lost. I would rather be concerned about growth once we see what is going to happen with the finances in the country! A few of his friends who have some financial background suggest keeping our 401K and Roth IRA as they are. Needless to say there is not peace in our home because of this huge difference of opinions.

People here in eastern Idaho are trying to save money on gasoline and use less energy. My neighbor about half a mile away has a windmill to generate electricity. He says that his meter runs backwards when the wind blows, and he can generate electricity for others. Not to keep up with the Joneses, but I want to put one in next year too. But I want to pay real money for it, not buy it on credit, and my neighbor says his cost about $10,000. In our household economy we are trying to stop using credit cards and pay cash as much as possible at the grocery store.

The wonderful comedian, the late George Carlin said it best: "It's called the American DREAM because you have to be ASLEEP to realize it!"

Every heard of "keeping up with the Jones's?" We run a small business out of our fixer-upper home in a 20-year old neighborhood. Neighbors at first didn't understand why I would care for my own yard as well as my next door neighbor' yard for free. But he lives at the corner entrance of our neighborhood. Now that he pays me to care for his yard, I've put it all back into making it gorgeous. This has had an impact on the occupancy rate of the neighborhood. I used to yearn to have it all owner occupied, but now I'm settling for just occupied. And my neighbors have started to care for their yards again, even hiring me to do their yards. I think that if we all do more than our share to care for the appearance of our neighborhoods, people will move in. I'm amazed at how much a little curb appeal will do for upping the value of your home. It takes a couple of years to turn a neighborhood around like this, which is why I have put off everything else except my neighbor's yard. Give your neighbors a run for their money. Also, support the stores and gas stations closest to your house. Why stimulate the national economy when you can have a bigger impact right in your neighborhood? Right now your dollar is the biggest leveraging tool you have, next to a positive attitude.

I have a portfolio of preferred stocks and common stocks. I get about $9000 a year from dividends and Social Security. I'm sitting tight because the dividends on the preferred stocks still pay the same amount even though the capital is in bad shape. I'm pinching pennies big time. I find if I don't drive much, I not only save on gasoline, my car doesn't need service. If I wash my clothes in cold water and don't run the dryer so long, my gas bill is less.

Other sacrifices include buying generic Tylenol and toilet paper ugh.

But what has saved me is keeping my credit immaculate and leapfrogging 0% credit cards. If I can keep this up and not sell any stocks, I can "ride out the storm".

My company went out of business in January a year before I was going to retire and start collecting social security & my 401K. My investment guru was B. Brinker along with my IRA manager with Morgan Stanley.

Most if not all the "experts" were telling us we were not in a recession in early 2008 and pointing to all time highs in the market the second half of this year. Well if you have looked at your 401K this month your lucky if your only down 30% & if you thought you were safe in municipal bonds your down about the same! All the "experts" including Greenspan look like deer in the headlights.

What I did in January was only a result of my being scared of being only in equity and decided to make my model 70% cash and 30% equity. The CD rates became brutal after January but then they picked up this summer. I guess you can call me a CD chaser.............and if the DOW gets to 10,000 again that 30% equity holding is going to cash.

well, it's too late for me to dump but I think it will get better in the fullness of time. From now on, however, I will time the market and will buy and sell when opportunity strikes... I have learned that cash is alway king and I invest to make more cash. king cash....

Think Ford's stategy-Pay your Workers enough so they can afford to buy your products. Wages don't match the increase in prices. We can't continue supplementing wages with home equity, credit cards and now 401K's??? This system is not sustainable and won't last.

I sure hope the crysis will be over soon!

I feel that America is to dependant on credit. What is the American dream? To have the nicest SUV on the block, Wear the latest fashions, Live in a home that you may never pay off. Having a credit card with a 50 thousand dollar limit. I cannot see why I would ever need that kind of credit. It's just crazy! We need to live on what we make. This may not be good for the economy, But! we would not have had the problems that we are seeing now. Making a 20% down payment on a home shows that you have the ability to buy a home. Common sense is free! Use it. One last note. I think the goverment is sending a bad message. I you can't afford it. Look for a bail out. Makes me care less about my values.

My husband and I are a one income, middle income family. Our investments are diversified, and we have left them as they are. A few months ago, we began reviewing Dave Ramsey's "Financial Peace University." We decided to go to a cash basis, rather than using our credit card for purchases, even though we pay it off in full each month. It took us about three months of tightening our belts, but we now are on a cash basis, and have a fund set aside that we continue to build for emergencies. Using cash makes us think twice before buying something. Something else we did was put our Toyota Corolla up for sale, so that we can pay off our van. We want to avoid taking out loans in the future, so that a financial situation such as what has been happening will not affect us so much. We have started a fund for saving for big purchases in the future in order to avoid that. Thank you

My husband and I are a one income, middle income family. Our investments are diversified, and we have left them as they are. A few months ago, we began reviewing Dave Ramsey's "Financial Peace University." We decided to go to a cash basis, rather than using our credit card for purchases, even though we pay it off in full each month. It took us about three months of tightening our belts, but we now are on a cash basis, and have a fund set aside that we continue to build for emergencies. Using cash makes us think twice before buying something. Something else we did was put our Toyota Corolla up for sale, so that we can pay off our van. We want to avoid taking out loans in the future, so that a financial situation such as what has been happening will not affect us so much. We have started a fund for saving for big purchases in the future in order to avoid that. Thank you

Stocks are sold, not bought!

Currently, I'm buying stock hand over fist, My next step will be calling in loans to continue this.

Listen, this whole problem was concocted by Humongous Banks and Brokers in order to drive the stock market down so they could buy their positions at the bottom. Who was it screaming "buy" when we were at the top? It was Humongous Bank And Broker!!! While you were buying at the top, they were selling!!! Ha! Now that you are selling at the bottom, who do you think is buying??? Why it's Humongous Bank and Broker!!! Congress, the FED, the SEC are all involved. Hank Paulson isn't a leader of the banks, he's a leader for the banks. These guys are all Harvard classmates. The SEC instated a no-short rule in the market so buyers couldn't protect their investments buy buying a short position. Many stock holders like to purchase protection for their holdings by holding a short position which they can sell to re-coup any losses in case the stock price were to fall. This resulted in no buyers. Do you know what happens when there are no buyers in the market? Yep, prices fall. That's where Humongous Bank and Broker step in and buy!!! The SEC aided and abetted this fleecing under the guise of a financial crisis which was engineered for this very purpose.

Many professionals who trade stocks know these things but the facts are being supressed.

How many of you have received calls from your stockbroker with advice to buy stock, then tracked the price of that stock shortly afterward? The reason you're getting the call to buy stock is because your broker is going to dump his stock - On You. He is selling! The opposite is true, where a broker will contact a client advising him/her to sell their stock. This means the broker wants to buy your stock, usually because the price will be moving up in the near future.

Your broker is not advising you in your best interest it is accomplished in his best interest.

The whole process is wrought with non-disclosure and conflict of interest. It's the biggest scam going in the world.

Why doesn't Nightly Business report cover such things in their reporting? I'm beginning to believe the tentacles of conflict of interests extend even into PBS and Nightly Business Report.

How about it guys/gals, how about interviewing some professional folks directly in the trading industry who are willing to blow the whistle? I can tell you who they are if you're willing.

WAKE UP AMERICA!!!

My entire retirement is at my credit union (they are not involved in sub-prime mortgages, etc.) in money market IRA - not very exciting at 5% interest but I haven't lost a penny and my money continues to grow. I'm looking at retiring in 2 years or so - pulled out of the 401K a year or two ago. I'm also paying a lot more with cash and not using my credit card unless traveling.

I do pay cash -always-
I do ride my bike -daily
I do bake my bread
I don't go to restaurants,
I don't go to movies (wait for them on TV)
I don't buy books (use your library)
I don't take public transportation (prefer bike -by far!)
I don't buy cosmetics, use only some samples
I don't buy expensive clothing, rather visit some thrift shops
I don't buy unnecessary things, food, clothing, nothing which is not an essential, and that is very simple, because essentials are food and water to keep you healthy.
I buy produce which are really low price (bananas) and for veggies perhaps cole slaw, not the bagged thing, but I shred it the old fashion way, with love and a knife.
ANd, most important, I have been doing this for many many years, AND have never felt deprived! On the contrary, I feel that the best in life comes without labels/ price tags/brand names.
Cheers!

Credit cards are here to stay. I find it very convenient not to give change or receive change.
People should restrain themselves from spending unnecessarily. I do what I preach. I have never carried balance on my credit card after due date. Always pay full and on time. Just forgot once and card issuer (Citi) agreed to waive the charge.

I came to this great country in 1998 (from India) with only $95 bucks in my pocket. One way air ticket was paid from interest-free borrowed money (thanks to my relative). I managed to earn MS in Computer Sc. degree, MBA degree and have a job and have a fixed mortgage home and have a wonderful happy family. This country has so many opportunities. Its hard to be positive in these difficult times but thats the reality - this is one of the great countries.

One way I’m riding out the storm is getting together with a friend every couple of weeks and cooking together, then freezing. That way, coming home from work late, tired and hungry, there’s no need to order pizza or go out to a restaurant. Up to now, almost 50% of our food spending has been in restaurants. If we eat at home, we’re likely to save money maybe even afford to have guests.

On a longer term view:

Until my son was 9 years old, I read to him for an hour every evening. On page 1 of “A Tale of Two Cities”, he declared that he wanted to play his computer game at night instead of reading. I agreed that he could play on his computer for half an hour, but that we’d get up a half hour earlier and I would read the newspaper aloud. I read front page articles, as well as the business news I needed to know for my work. During that school year, he had a homework assignment of spending $1 billion. He came home from school declaring that it was going to be easy, he’d only have to buy Toys-R-Us. I said we’d have to see what the whole company was worth, so we looked up the number of shares outstanding and the closing price – and came up with over $3 billion. Next day, his teacher called me. Laughing hysterically, she said that someone else in the class claimed that he was going to buy Toys-R-Us and my son stood up and said, “You can’t do that, you can’t afford it.” Maybe we learn what we can afford by first learning what we can’t!!

I am in such good shape.
My car is 23 years old, paid for, in good shape and I have money for repairs.
I plan driving to get as much done as possible, car does 23 miles in town, and I walk and ride the bus.
I got rid of my house a couple of years ago and I now have a large amount of money in my checking and savings accounts.
I wear my clothes until they wear out.
I shop with reusable bags.
I unplug every thing I can in the house and keep the gas use down as much as I can too. The TV is in the garage I watch some TV on my computer but not much.
I have a stock account but I am not worried about it as I use some of the Dividends
for things like car insurance not for necessities. The stock is presently way done but I thought it was over priced to start with.
I use my credit card but I pay it off every few months, it is helping me keep within budget.

I keep out of the mall.

Ladies and Gentlemen:

This is by far the worst of several economic "storms" I've passed through, but, insofar as my approach is concerned, it is little different. A little of my history:

I began my first paying career when Hughes Aircraft hired me in December of 1965 as an apprentice electronics engineering technician. That job ended in 1970, about which time more is below.

I bought my house in 1973. It's the house that my parents built, the place where I grew up. When my father retired and they wished to move out, I had an income and enough cash to pay a 25% down payment and assume a mortgage. I'd already weathered the storm of 1970-1972 by assuming that, when out of work, I had a forty-hours-a-week job of finding paying work. Those who are out of work and take on that attitude don't stay long out of work.

I remember sitting in the living room with my parents, one evening during those hard times. When a sympathetic story was presented on TV, about an engineer who, as he put it, had put his résumé into three agencies and didn't know what else to do, I remarked, "If that's all he's done, he deserves to be out of work. What did he do after those one or two hours?" What about the other thirty-eight hours of his first week out of a job, and the forty hours of each succeeding week? What was he doing? Practicing whining?

I paid off my mortgage in 1986, and my last car payment came the next year. When the stock market crashed in 1987, I had just lost my main contract (I was then an independent consulting electronics engineer), and I ached over the lost opportunity to invest in a market that I felt sure would rise. It did.

Over the years, co-workers sometimes berated my salting away of money, but now who has the last laugh? I've been debt-free since 1987, I have investments protected in an IRA, and I'm able to live on Social Security alone.

I retired from electronics engineering at the end of 1994, not yet 51 years old, and I went full-time to my next career, the free-lance writing of fiction.

So, how am I weathering the current storm? Well, I bought a new HDTV, last month, paying off the credit card after the bill came, just as I always do. The Nightly Business Report looks even better in high-def. It's still the one television show I ensure that I never miss.

I never buy anything until after I have the money on hand to pay for it, and then I use a credit card. And, as I indicated above, I always pay it off, and I do so a week before the due-date on the statement.

Because I'm fully invested, I don't have, right now, any money to put into the market, but, should I come into a windfall, it goes into the stock market, starting, if in the next four months or so, with consumer staples, dollar-cost averaging.

How do I expect to weather the storm? Comfortably, if not sumptuously. Being debt-free is being free. What do I advise others? Hire a CFP (Certified Financial Planner). I did, over three decades ago, and I've benefited from doing that, as I describe above. Above all, get out of debt, and stay there.

Best wishes to everyone at NBR.

Thank you for the opportunity to comment and share. Unlike most of the contributors so far, I've not been so savvy with my finances. I am 37, single and have massive amounts of debts with zero assets. My credit card debt is $27K and I earn $52K. I have a good credit score and low interest rates (average is 9%), but I am cash poor. I live on the edge, and this panic deeply concerns me. So, how am I dealing? For the past year I've tried to develop secondary careers in consulting and voice overs -- both are progressing (though the investments needed have held me back more than I'd like). That notwithstanding, I am holding true to my vision of being debt free, and pursuing all avenues to make these careers come alive. A little quiet time and meditation helps me maintain my strength and confidence that I will be o.k. A few months ago I joined a local Debtors Anonymous group, and found that to be extremely therapeutic and helpful. Also, I have a 401K with TIAA-Cref. I contribute the max to receive matching funds from my organization, and made the fortunate mistake of investing 40% in equities and the rest in bonds. Yes, it's ultra conservative for my age, but thankfully I made an error in the past and never confirmed a switch for a 80/20 split. Sometimes ignorance can be a benefit. Each evening I struggle to make time to be thankful -- but I know in my heart that I should be truly grateful for my gifts and challenges -- everything will prosper me as a person and the people whom I can touch with my story.

If you have been prudent up until now, and 'kept your powder dry' (i.e. held a large cash position in your portfolio), now would be a good time to shoot your wad. Spend all your available cash on bargains (at minimum buy DIA, or anything in the DJIA).
Next, totally ignore the stock market and financial news until Jan. 1 2009: when you pop that champagne cork, pop open the monthly statements from your broker: then jump up and down in joy, and open another bottle of champagne, and do not forget to save the first glass for me.

I would like to know why there is not one word as to who won all the money in the mgt. melt down.
We know the money was lost to someone or some instution the but none have been named.

I would like to know why there is not one word as to who won all the money in the mgt. melt down.
We know the money was lost to someone or some instution the but none have been named.

While we are a country of debtors and learning to live within our means would have been a nice thought a few decades ago, I'm afraid many of you like the contributor and Ms Brackey that suggest we do a cash only day don't understand the gravity of the problem.

We talk of living in a sustainable world, yet our actions betray our true feelings. All we have to do is to look at the stock market to see what happens when growth declines even a little.

Even if a company yields stable earning, but does not grow its earnings it is looked down upon. Stability and balance is part of a sustainable footprint, yet we shun such balance.

With one breath we talk about cutting global warming and how we have to cut our dependence of fossil fuel.

Then with the next breath we demand no cut backs in our standard of living, we must spend and consume above all else...build more, build faster, build bigger.

The GDP must only go up, up and away...all the while this consumption just increases global warming and keeps depleting the fossil fuels faster and faster.

Sick...sick..sick mentality, buy more cars, build more houses and monstrosities of architecture, spend more but 'cut back' to save our dear fossil fuels. For all practical purpose we will be out of crude oil and natural gas in 2 or 3 decades and possible much sooner.

Consumption is ingrained in us and we know no other way. And even if we wished to amend our ways, how could all our retirement funds take the hit?

Our world population has grown to levels where it has passed the point of no return for supporting a sustainable human population as we know it today when it comes to their energy demands.

And what does all that consumerism lead to?

It leads to the mess we are in now and the bigger mess the world will be in once India and China pick up momentum to copycat the envious lifestyle that they have held in high esteem as the 'American Dream'

The problem is not with the earth having enough land for all its people - the problem is with earth providing ad infinitum for all the needs the people crave.

The more people born, the more heat is produced from their life and all their cravings, As such, the warmer and more polluted the earth gets and the more energy they all use and the earths resources are depleted.

Fueling the problem of consumption is the games the Federal and World banks play with interest rates. They manage the economies in ways to fuel consumption and mask the real trend.

Witness the recent cries for Federal bankers to lower interest rates...so the stock market can go up...fueled by spending of the consumer.

It is drug habit that Greenspan got us hooked on and we just can't get away from.

Our economy is not based on sustainable health - it is based low interest credit to encourage compulsive spending, debt and living a life of constant consumption with a 'disposable mentality' when it comes to durable goods.

All this consumption to artificially fuel our economy to make our retirement funds only go up contributes to more and more global warming and the depletion of our natural resources.

Then the governments juggle the numbers to make the inflation figures seem artificially low, so everyone's retirement portfolio will make them happy so they will continue to buy and consume more...and on it goes....IT IS ALL WE KNOW and the bill is coming due soon!

We can see we have created a time bomb. Even the highest level brainiac economists can't fix what ails us. Our whole system is based on an unsustainable model that will eventually collapse no matter how much money that is printed up by the Fed. (...they don't even need to print money nowadays, all that needs to be done to create billions is to magnetize a silicon chip!)

Now maybe if our energy supply was stable and affordable and global warming was not an issue, things would be different and we could keep on consuming and expanding as infinitum.

Sad thing is...IT'S NOT THAT SIMPLE TO DO A 180...Without compulsive spending and conspicuous consumption funded by unaffordable debt, we would fail as a country.

You ever hear the saying...'I got the tiger by the tail and can't let go?' That is how it has developed in the US of A.

Lets say everyone becomes voluntary simplicity and frugal squirrel devotees. We recycle, reuse, repair and just say no to buying more crap. If we stop buying all the stuff that America imports from China - who keeps the billion plus people in China from starving, so they do not go back to old ways of trying to take over the world?

And on a more local level, if the consumer stops consuming even US goods, the US companies go bust, everyone loses their jobs and his or her retirement funds will collapse.

What about growing a garden...nothing wrong with that? Lets say everyone starts growing 'victory gardens' in the backyard as food has become unaffordable. So some of the few farmers left in the US go bust cause their food just rots on the shelves unsold. Now there is less food being produced and at even a higher cost to those that can afford it the least.

What about more taxes? Tax the little guy so DC can pay for their compulsive spending disease. More taxes = less for us to compulsively spend 'trying' to buy happiness = lower earnings for the greedy corporations = raise hell with the DOW = less cap gains tax income for the gov to squander = everyone's retirement funds sink lower and lower = even less compulsive spending since everyone is poorer..."A debt-based society cannot prosper and is doomed to fail..." ~ Ron Paul

Back in the day, (prairie and turn of the century) citizens were more of a self sufficient nature. Most of us have lost that skill of self sufficiency and we have shifted gears to be dependent on gov and a few other such as farmers or oil producers or China to take care of the whole pop of the US. The problem is, it is very hard to go back without causing a lot of pain. (Actually a lot of deaths)

Hell, the impotent people of modern day and age can't even make pancakes or peanut butter sandwiches and have to buy them ready made in the store...it's really scary.

(My apologies for the rough spacing...can't figure it out.)

several of my friends and i have joined an organization called "FLINT CITY HANDMADE". you can access their web site and pledge to buy only "HANDMADE" as gifts. this is placing support in the grass root level of producers. personally i am able to trade hand-beadwork and jewelry for eggs,tomatoes, and fresh medicinal herbs at my local farmers market. this is also tax free!!

First of all, I am not panicking. My husband and I have been through tough money situations more than once. I trust that God will see us through because He always has. We work hard. We never give up. We don't live fancy. We bought our home in 1983 and while it isn't large we have held onto it through thick and thin. For over a year our grown daughter and her two sons have been living with us. It's tough but we take it all in stride the best we can.

I have some investments, bond fund and stocks. I was advised to leave the stocks where they are for the time being. That's what I am doing.

My husband is a self-employed truck driver and I work in a public library. We pretty much live from paycheck to paycheck. We will just keep doing the best we can and enjoy our grandsons.

Trusting our President and Congress to look after our best interests is unfortunately a joke. They are always more interested in getting re-elected than being willing to serve one term and really make a difference in the lives of their fellow Americans.

In tough times I also look around my home at things I haven't used for awhile. I can pull them out and enjoy them as though they were new.

We have a Goodwill Store and a store called the Allmost New Shop in our town. I get great deals on clothing, purses, coats, etc. The Allmost New Shop sells clothing for the whole family plus household stuff on consignment. I get great deals on clothing for work and I am helping others in my community to make a bit of money. I have also sold some things there.

Downturns in the economy are the opportunity to be creative and appreciate all that you already have.

Do you ever wonder where patriotism went to? I do. People got greedy in this country and quit caring about the good of the country as a whole. Maybe this is a wakeup call to the nation. The United States is supposed to a leader in the world. How are we doing these days?

Teresa

how can anyone have faith in a system that hires and promotes people like Fuld, Greenberg, Sullivan, Paulson, Bernanke, Franks, Waxman, Pilosi, Hoyer, Reid, Obama, Schumer, Biden, and other crooks. Until the system takes their assets, pauperizes them, and flushes all of them down the toilet along with their lackys and sycophants, no one will have faith in a corrupt system. I went to a school which everyone swore this oath,"a person shall NOT lie, cheat, or steal; nor tolerate those who do." Those people listed skipped that part of their education.....

the system is broke and needs new set of people to mend it, not taxes, not more crooked politicians now running for office. All involved in this disaster must be exposed and punished for laws they broke. Torts, let the torts begin.....

From nbrmail@nbr.com

My name is Lee. I'm 72 and have always had what could be called a decent job earning fair but ordinary income, and have been financially conservative all my life. As such I have a nice home, cars etc. and no debt. I have an IRA and several investment accounts.

All this is rather unremarkable, but you might find it surprising that I'm not "riding out" the storm. I have always been an aggressive investor and have paid painfully when wrong. However, in the long run being aggressive has paid off. When the market was at 14,000+ not too long ago I sold off a number of stocks that I felt were nearing their peak. Since then I've been laddering down on other good stocks as the market continues to slide.

Even now I am actively bidding excellent stocks that pay good dividends and that are going for bargain basement prices. Contrary to conventional wisdom I do not have a "balanced" portfolio-I'm about 80% in stocks and the rest in cash which I will continue to invest, leaving only enough to meet my mandatory IRA distribution for this year.

Unless you believe our economy is on the road to total collapse, in which case it won't matter much anyway, credit will soon flow again, followed shortly by a strong recovery, and I will be handsomely rewarded yet again. In this day of excellent research availability there's no reason that even the average person can't search out excellent companies being seriously oversold at the moment.

Inherent company values don't gyrate crazily on a daily basis as wild market price swings suggest; it's only the herd mentality of the big fund managers who fear being left out as they panic from one extreme to the other who are actually causing most of this market instability.

So ask me about this in another year and I'll either tell you I'm broke, or laughing all the way to one of the few banks remaining.

Lee

You asked, "How are you coping" with the financial crisis?

Well, I am retiring from the University of Michigan in February 2009. I have watched as my investment portfolio has decreased by 25%. The loss will not have a significant impact on my retirement in the short term. Should a live a long life, this financial fiasco, will have an effect on my quality of life in the latter years. We had planned on modest monthly income to go with our SS, but now the amount will need to be adjusted down.

While only 30% of my portfolio was in equities, the amount was significant and the 25% loss has been felt.

We are even more concerned in that after adjusting our portfolio, out of the equities market into a money market account, the security of the money market account at TIAA-CREF "could be in danger. Since two funds "broke the buck" the risk of loss in money market accounts has been emphasized.

We are upset with the government in that deregulation is partially to blame, and with the speculation and excesses by "all" of Wall Street that actually created this "crisis".

Thank you for the opportunity to express my opinion regarding this issue.

Richard Alan Griggs

Dollar Cost Averaging - Buying

During the "panic selling" I'm taking the opportunity to bargain hunt
and to practice dollar cost averaging investing. I'm buying strong
financial companies such as Citibank and Bank of America and related
ETFs, and Automotive firms such as GM and Ford to hold for the long term
(3 to 5 years). I'm dollar cost averaging, buying some shares every
time the market drops 500+ points. Let the masses sell. I am also
buying shares of total market index ETF funds. There's a great old
saying in the investment business, the crowd is usually wrong, nothing
good comes from panic. I do not watch any other business or financial
TV programs other than Nightly Business Report as most others are
noise. I have also joined a bowling league to keep my mind on other
things rather than the amount of money I'm loosing each day in my
portfolio. My job was eliminated in February of this year so investing
in a market that is falling is very difficult for me. Looking for a new
job also keeps my mind on higher priorities then a financial market in a
state of panic. Fortunes are made in the future.

Robert J. Pellegrini

I am 53 and have 13 and a half years until retirement.I have held stocks with Merrill Lynch for 30 years and hear my wise deceased fathers voice in my head you're in it for the long haul.I have diversified mutual and Select Portfolio funds with Fidelity in a Roth IRA.Despite my queasy stomach on a daily basis watching the Dows gyrations and plunges I refuse to behave like the rest of the lemmings and dive off the cliff into the icy waters of panic selling and later regret.I think consumer confidence would be greatly restored if these greedy piece of manure CEO's and mortgage sellers would be charged with crimes and made to PAY BACK ALL the billions of dollars they have made at the american publics expense.It angers me RED that we are being punished for their greed while they get a light rap on the knuckles.It is a form of sodomization!

I am stretching my dollar by earning more dollars. My cash crunch had come due to a kid in college. My wife and I have made a very conscious decision to not take out any school loans for him. He is in his 3rd year with no financial aid so far. This has been accomplished by simply paying as we go. I am a high school Business Education teacher by day 5 days a week. On Monday and Thursday nights, I write curriculum online for my school district. On Tuesdays and Wednesdays I am the media director for a local church in the evenings. I work a 13 hour day there on Sundays. On Fridays and Saturdays I write, produce,and direct shows at a local music theater. So it is possible to get through this crunch if you diversify your sources of income. I find that working 4 jobs is about right, ha. And I dearly treasure those very rare evenings I get to spend at home after just working 1 job in a day. As a result of what I am able to accomplish at the age of 54, I have very little patience for people who complain about their economic condition. It is possible to stretch your dollar by simply doing it the old fashioned way - work for it.

THIS SO CALLED STORM HAS COSTED ME A LOT OF MONEY YET I HAVE CUT COSTS BY KEEPING THE LIGHTS OFF AS NEEDED AND WASH CLOTHES AND DISHES ONCE A WEEK I STAY IN TOUCH WITH MY BROKER AND GET A SECTOR SUMMARY EVERY THREE MONTHS TO SEE WHERE I AM HEADING I STAY HOME WHEN I CAN TO CONSERVE GAS AS WELL AS OIL I BUY WHAT I NEED ONCE A WEEK TO SAVE TRIPS I ALSO BUNDLE UP SEVERAL CHORES SO WHILE OUT I CAN DO ALL OF THEM AT ONCE I AM A BULL FAN SO HOPEFULLY IF JOHN MCCAIN AND SARAH PALIN WINS THE ELECTION SARAH CAN KILL THAT BEAR IT WAS ALSO MENTIONED BEFORE TO LOOK AT THE PAST HISTORY OF THE MARKETS WHICH IN MY WAYS OF THINKING IS JUST THAT PAST KISTORY IT CAN NOT GUARANTEE A FUTURE MOVE ONE WAY OR ANOTHER WHAT THE INVESTORS NEEDS TO DO IS GET RID OF THE GREEDY CEO'S AND GET RID OF THE FEAR WE RE IN VOLATILE TIMES NOW SO WE NEED TO BUCKLE UP AND RIDE HIGH

THIS SO CALLED STORM HAS COSTED ME A LOT OF MONEY YET I HAVE CUT COSTS BY KEEPING THE LIGHTS OFF AS NEEDED AND WASH CLOTHES AND DISHES ONCE A WEEK I STAY IN TOUCH WITH MY BROKER AND GET A SECTOR SUMMARY EVERY THREE MONTHS TO SEE WHERE I AM HEADING I STAY HOME WHEN I CAN TO CONSERVE GAS AS WELL AS OIL I BUY WHAT I NEED ONCE A WEEK TO SAVE TRIPS I ALSO BUNDLE UP SEVERAL CHORES SO WHILE OUT I CAN DO ALL OF THEM AT ONCE I AM A BULL FAN SO HOPEFULLY IF JOHN MCCAIN AND SARAH PALIN WINS THE ELECTION SARAH CAN KILL THAT BEAR IT WAS ALSO MENTIONED BEFORE TO LOOK AT THE PAST HISTORY OF THE MARKETS WHICH IN MY WAYS OF THINKING IS JUST THAT PAST KISTORY IT CAN NOT GUARANTEE A FUTURE MOVE ONE WAY OR ANOTHER WHAT THE INVESTORS NEEDS TO DO IS GET RID OF THE GREEDY CEO'S AND GET RID OF THE FEAR WE RE IN VOLATILE TIMES NOW SO WE NEED TO BUCKLE UP AND RIDE HIGH

Ninjastrike says: 10. If all else fails, leave the country. Many people on these blog sites will tout you to just get the hell out. Leave the ignorant behind, and take your skilled labor elsewhere. When they cart America off to the auction block, you can come back and buy all that you lost.

Guess my book group picked a good time to read Atlas Shrugged!

I always tell people that in a market downturn, they should buy Smuckers (SJM), because you know in times of crisis, people will always turn to jelly. But, seriously, the best calming technique is to get out a 50 year trendline of the Dow Jones Industrial Average and really look at it. It always reminds me that it’s the nature of the market to go up and down. It helps put the current movement into a much larger context, and makes a downturn look more like an opportunity than a problem. I try to take the long-term perspective, because I know that investing is a lot like surfing and if I want to ride the big waves, I’ve got to paddle through a few troughs.

Here's what I recommend for middle-aged investors: have 80% in bonds or bond funds and 20% in stock or stock funds. Based on past returns, I specifically recommend:

1. the PIMCO Emerging Markets Bond Fund (PEMDX)

2. the Franklin-Templeton Global Bond Fund (TGBAX)

3. British Petroleum Prudhoe Bay (BPT)

4. Annaly Capital (NLY)

All of these pay hefty dividends (and/or capital gains) and thus they will pay you regardless of current share prices. All of the above are meant for long-term holding--not trading.

One other point: I run my life and my business completely debt free. I really wish the government would likewise be frugual; it should cut spending, cut taxes, balance the budget at much lower levels, and stop interfering in the market other than protecting us from initiation of force, theft, and fraud. A worldwide return to a gold/silver standard would be most helpful.

Rydex Managed Futures Fund - RYMFX
(YTD: +5.15% ~10/07/2008)
~diversifies away from stocks and bonds (escapes the volatile market), and receive steady returns

Rydex Strengthening Dollar 2X Fund -RYSBX
(YTD: +8.15% ~10/07/2008)
~because our dollar will be strengthening in the long-term

Rydex Inverse Nasdaq 100 2X Strategy Fund -RYVNX
(YTD: +104.84% -10/07/2008)

These funds have been working great in this volatile time.

I am angry at everyone who panic on fear and sold out of this market.Sounds like people have the tolerance to make money but don't have tolerance to lose money.It is called asset allocation,knowing your risk tolerance.Newsflash haven't you heard stocks beat inflation in the long run.My suggestion ignore the talking heads and buy into the market dollar cost average.The world is not ending tommorrow.

hallo
1-search what was financial storm you can invite and help from specialists
2-you can cut comes down pay ment of gov every where are problems
3- put on money in economy with enogh knowlege
thanks for your program poul and susie-Masoud

Retired Pediatrician with roughly 1 million in stocks and bonds. Living on SS, taking 2500 from savings (401), and 600 earnings each month.
Spending as much as ever, trying to do my share of keeping the consumerism going and giving more than ever to the poor. They really are hurting!
Hope the others who can are giving also. Still lots of hope for the future. I can always fish, garden and live. THAT IS THE BENIFIT OF LIVING WITH NO DEPT. Always lived within my means.
Jim

As it says on page 1 of "The Hitchhiker's Guide to the Galaxy", DON'T PANIC.
Keep clear the distinction between real money and "numbers on a piece of paper". If you bought 500 shares of a stock for $20 a share and a year later it is selling for $30 you haven't made a dime; And the IRS would agree. You had 500 shares. You still have 500 shares. Until you actually SELL the stock you have NO GAIN. Likewise, if you bought stock for $30 and it is now $15 you haven't LOST any money. All you have are "numbers on a piece of paper". The numbers go up. The numbers go down. Don't Panic! Unless you actually need the money to live on (In which case it shouldn't have been in the stock market.) just ride out the storm. And if you have more money, well, the time to go shopping is when things are on sale. Right now the whole market is "on sale". The banks are paying less than 3%. There are GREAT stocks that, because the prices have fallen, are yielding 5% to 15%.

I absolutely hate the bullshit that Congress is doing. Bailing out the airline pensions, then Fannie and Freddie, then Bear Stearns, finally AIG. I believe people should become violent, and simply terrorize the ones responsible. American patriots of old did this all the time. If this is not your cup of tea, do to a lack of cajones, then allow me to lend you some passive actions you can take.

Like David Letterman, here is my top ten list.

1. Convert your money to another currency. Owning U.S. money is like owning stock. If the U.S. is full of shit, then change toilet paper brands. The massive deflation of printing funny money to AIG is only going to weaken your dollar. A two dollar loaf of bread will become four or more. Change your money to buy bread in the future. Push to remove penalties and charges for changing U.S. dollars into other monies or standards like gold.

2. Write your congressman. Find their damn home number and call them at all hours of the night. Break apart the lobby system. Find out who is lobbying, and screwing up your life and never purchase from them again. Tell all of your friends to do the same.

3. Try to set up a system where the people's vote usurps Congressional power like in state governments. We the people can amend amendments all the time at the state level. How many signatures does it take to undo the Congressional approval of AIG. How about removing the requirment that we have to buy insurances like those for our cars.

4. Remember this day, and engrain it in your mind. Never, ever invest in the stockmarket or America again. Allow the stock market to truly crash so that even the government cannot bail out the bullshit. Last time I checked people learn best through pain and suffering. Nationalize and government control things like energy, health care, and above all insurances. Use your head. You do not need to go overboard, and all we need is cheap basic standardized policies. For example, if people want million dollar transplants that will prolong a short period of life, then let them buy the expensive insurance. You will always be covered for being mangled in a car accident. Trust me, this would be cheap, and not even equal funding like socialized countries like Canada.

5. Act quickly because the world is poised to screw over us American's, and they will soon be flooding us will all of our worthless dollars. Prepare for the Sith invasion.

6. Fix the Glass-Steagall act A.S.A.P. This repeal allowed banks to mix hedge funds with commercial or simply risk markets with solid investments. Banks never go under in any economy if their simply commercial. Of course they don't make great profits either. The great depressions taught us this lesson and set the Glass-Steagall act up. The republicans, and the democrats for that matter overturned this wise approach in 1999.

7. The entire republican party has to be destroyed politically because they are the worst, and you need to watch the democrats and any new formation of parties until you can transition to a truly independent party. Simply choose someone off of the street. These people could not do as much damage as party politics.

8. Do not forget to break apart the monopolistic system. 50 seperate entities should be a good number. Microsoft is the only operating system for P.C. break the sucker up. Boeing and a few other national security and airline groups need to be broken up as well. Auto industries should be cracked to pieces. Banks should really be broken up and not be able to centralize over state boundaries like we had before. The Time Warner media giant that went untouched in its merger needs to fall. Smaller companies like Dentsply that control most tooth implantation are wrong. Do your part and ask where your money is going and support the smaller businesses until we get a congress that breaks up monopolies.

9. Make every aspect of what we pay for in the government open to the public. Finances, time, etc. need to be available at the click of a mouse, and there is always someone bored enough to check their records.

10. If all else fails, leave the country. Many people on these blog sites will tout you to just get the hell out. Leave the ignorant behind, and take your skilled labor elsewhere. When they cart America off to the auction block, you can come back and buy all that you lost.

I sold everything, including my emerging market funds, out in Aug 2007. In Aug 2007, the fed injected $150 B into the money supply and did a rate cut. This action was caused by the initial sub prime issue coming to light. The Fed's actions were inflationary and irresponsible. I was surprised the Fed acted so aggressively at the time. I sold and invested in a laddered CD approach hoping to beat the inflationary downturn. I was three months early. Things quickly recovered and it looked like I had made the wrong decision.

Then 2008 happened and the Fed showed it would stop at nothing to protect the markets regardless of the everything Capitalism ONCE stood for in America. In March 2008, Bear Stearns, Billions of dollars added to the money supply, weekend Fed meetings, Sunday rate cuts, sweet heart deals for certain companies while others were allowed to fail, pleas for a bail out, and finally an $850B plus taxpayer funded FRAUD.

I held steady, knowing I was doing the right thing. I continued to agonize over the decision to stay out and continue with my CD's preserving my capital and making a meager 2-3% return. And as I predicted, the fall has come. I have been surprised it is going as deep as it is, but Jim Cramer is calling for DOW 8400. I see no reason to not think he is right.

Once the new president is elected, and the bottom is narrowed down and all the bad earnings are reported and the RECESSION is officially declared, that will be the time to buy back into value stocks and the emerging market funds, again.

Till then, it is a wait with everything I had at DOW 14300.

Benjamin S. Armen

I have about $400k(half the value of last year) in equities and bonds and at the end of August I've exchanged funds, bought four stocks, sold one, holding $40K in cash in 401k and $100K spread among 3 bank account. I'm holding until the money bags explode and the money rains down again. the government has/will push one and 1/2 trillion dollars and more will come. Money is being shoved down the throat of the system and the system is eating like a dog. As dogs only stop eating when the food is taken away or their stomach burst and considering the corruption of the system and government, I'm betting the money bags will burst high into the stratosphere. I'm holding since I still have lots of cash and can afford to hold for several years.......