I don't remember which pundit said it first but I think he said it best about the recent stock market "adjustment". He said, "All you people out there who thought you had 401k plans--- they're now 301k plans."
I"m told we're still a ways away from the market crash in 1929 and 1930 when the market lost 80% of its value from the high in 1929 to the low in 1930. So far we've only lost 30% from the value we had in our 401k's. That was the 30% we were going to be able to pass to our children when we die. But if the market goes down any further, it will start affecting us. We'll need to reduce our quality of life a bit.
One of the biggest frustrations with this financial crisis is trying to determine who's to blame. As near as I can tell, President Jimmy Carter has been the only notable person willing to blame the present administration and that won't be around after January 20, 2009.
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