The Crash of 2008

The financial markets have imploded, the stock market crashed, Obama is President - elect and all else is trash. Lehman Brothers is bankrupt, Merrill Lynch gone, bought by B of A and renamed Lynch America (joke hahahaha.) Wachovia sold to Wells Fargo, Bear Sterns bought by JP Morgan Chase, Washington Mutual bought by another large bank and National City by PNC. AIG 80% owned by the Federal Government, GM, Ford & Chrysler all in desperate need of a bailout. GE shored up by a $5B Warren Buffet investment that gets paid a 10% annual dividend with rights to invest another $5B at the same price. Thank God I had 25% in cash and only 25% in equities; although the 50% in real estate is showing some signs of stress - down 20%.

A lot of people's retirement dreams are in ashes, purchases postponed, retailers are hurting and futures look grim. This too shall pass as it always has. Just wait it out, don't panic, learn to be frugal and save all you can. Sure wish I had a job right about now.