Poof! There goes an American dream

[sweeps]

So much for the fairy tale about the little guy buying stocks for a sweet life and a safe retirement. Now the vision crumbles along with Wall Street's giants.

Poof! There goes an American dream- MSN Money

[Broken Arrow]

I'm sorry, but I can not agree with the author. He's focusing on specific ailments such as Bear Sterns and Lehman. If your entire nest egg comprises of only these stocks, then yes, say bye bye to your retirement.

However, well-diversifed funds and portfolios haven't taken on a huge hit in my opinion (anywhere from 2.5% to 5%). Well, it's pretty big for such funds to be sure, but I think it's more than recoverable.

Plus, it's worth noting that strong financial institutions still remain, and chances are good that when the dust settles, they'll be even stronger than ever (from both acquisitions and having fewer players in the field).

But yes, for now, the entire sector is in a heap of mess. Really, it's the long-awaited consequence from all this sub-prime debacle that we've known and talked about for years.

I know I'm sounding bullish, but this too will pass. The storm is finally upon us. We just need to ride it out.

[pfblueprint]

Heck of a storm... another -4% day... ugh. Think long term, think long term...

[kork13]

::sigh:: partly unrelated, but the entire idea of the "American dream" appears to me to have morphed into a sick sense of entitlement... "If one guy did it, therefore I deserve to be able to do it." or, "...therefore I must be just as able to do it."

Sorry ladies and gents, but get real. Case in point.... A major cause of the housing/credit debacle (IMO): Congress telling lenders "you must make it possible for low-income families to qualify for home mortgages... or else."

Closer to the point of this thread, I agree with everyone thus-far.... it's a phase of the market, and just like an impudent child, the market will outgrow it. No worries on my part, just a curiosity in how its throes will play out.