This is disheartening for Americans. We were talked into this bailout bill hoping that it would stop the bleeding in the markets. It doesn't appear that this is the case. I can understand if you've moved to cash with your investments. Its no time to take extra risk. But we have to do our best to think contrary to the crowd in these cases. A lot of stocks are cheap. I know its the same old argument, and I'm not buying into it yet. But sentiment is in the gutter, and the volatility index has reached levels where reversals in the market usually take place. So, if you want to buy, stick with companies that don't rely on borrowing money to finance operations. I'd also look at companies dealing globally. Every country's situation is different, and even though a global recession seems imminent, some countries are sitting better than others.
So, keep plenty of cash on hand, and if you're buying, take your time.