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The Great Bailout of 2008

Where’s my bailout-financial crisis-economic downward spiral articles? I’m not much of a panic person, so all this hoopla doesn’t really get me fired up. I’m a long term investor, sticking to a solid asset allocation plan. With that in mind, this too shall pass.

Although, I can tell you that I picked almost the worst week in history to start withdrawing from my retirement money. I’m trying NOT to look at the markets. Although, since today starts a new month, I will need to update my portfolio and see the damage! Stay tuned for that report.

Before we get to the markets, I thought I’d share a fun find this week. Have you checked out Wesabe? Every once in awhile I find a new forum that I find entertaining. I’ve been following the thread there on How Much Debt Do You Have And How Fast Are You Paying It Off? [1] It’s interesting to see just how much debt people have!

The Bailout

Since the whole financial market is really something you can’t ignore, here’s everything you wanted to know about the financial markets and the bailout this week.

In the last week, the proposed $700 billion bailout plan caused outrage [2] among some. After the house rejected the plan [3], the Dow Jones posted the largest point drop ever [4]. The Dow Jones dropped 777 points. On Tuesday, it bounced back 485 points as the senate will vote on a revised version today.

And don’t forget to add another bank to the growing list of acquisitions: Citi is buying Wachovia [5].

A great read covering what is going on with the markets is 10 links to walk you through today’s financial crisis — and make you smarter than 99% of other people [6].

Thoughts on the Financial Crisis

Friends Don’t Let Friends Bail Out of the Market [7]
I couldn’t have said it better. Stick to your plans. Keep with your asset allocation and keep investing. That’s what we’re doing to avoid the panic.

Financial Crisis In The Media: Is The Economic Crisis Overhyped? [8]
Is it really the gloom and doom that the media is portraying? Or is it something less?

The 2008 Financial Crisis – Causes and Effects [9]
Just how exactly did this whole mess happen?

What Does the Bailout Mean to You?

What Can You Do?

Hard Times Ahead: How To Survive When The Going Gets Tough [13]
Stay calm and don’t give up.

Where Do We Go From Here? How About Back To The Basics [14]
Save, diversity, plan, and budget. It’s that simple.

Don’t Worry About The Falling Markets [15]
If you need to divert your focus, consider putting your effort into your career instead of watching the markets.

More on the Bailout

On the Lighter Side

Looking for some lighter reading to take your mind off all the craziness? Here are some great reads this week: