So what do you do? Get out or stay in? The answer is stand pat for a couple months. Wait for the market to bottom then buy, buy, buy. One caution: Don't by any bad stock. Buy into solid companies that have a history of performing. Don't buy real estate until the bank's have reached fire sale prices on foreclosures. Until the banks get rid of those houses the value of homes will drop like a safe from The Empire State Building. Long, fast, and unrelentingly.
Get ready for a depression! If Congress says 2009 and the experts say 2009: add three years for yourself. Jobs are headed for China folks. The only people who don't have to worry about their job going to China are people who can't do their job from China. Those people shouldn't feel safe, because your jobs will go to the newest immigrants to arrive here. Need English to do your job? Your not safe either the Pakistanies and the Indians (people from India) are speaking it as a second language. Remember India used to be a British Colony. See Ya! My advice learn how to fix things. You need that, because no ones going to buy anything. They are going to fix it on the cheap. Of course you can always go into mental health. There should be a huge increase in people with Depression and suicidal tendencies.
Think I'm joking? Apply for a job at Chrysler. Oh Chrysler's for sale.