First, we need to hold CEO's of these demised financial institutions accountable for their greed. No golden parachutes allowed. Zero! Also, an apology would be nice. Has any one heard any apologies from these guys and their bush administration enablers?
Everyone with 401-K retirement funds are in an angst mode right now. That includes just about everyone in the middle class, federal government workers, state government workers, city government workers, the self employed, corporate workers and anyone who has thought ahead a few years to retirement.
Bobbi and I are no exception and we have been lucky so far because Bobbi has a good head for what funds she invests into and the timing for doing so. Even so, we have seen a 12% decline in our holdings over the last year. If things don't continue to meltdown we should be okay. (We were seeing annual 10% climbs in our funds during the good times.)
One would think that this situation on Wall Street would hurt McCain. I think it will depending on the efficiency of his lies on the campaign trail. If he thinks that the economy is fundamentally sound as he stated a few weeks ago then we are all screwed if he gets elected. Why? Because he doesn't believe in regulation and oversight. Just like bush/cheney. You can see where that got us.
I think one thing that could happen as a result of all of this is pressure on state and local governments as their revenues fall and their ability to sell bonds gets harder. Add to that the reduction in oil prices and New Mexico State government is especially vulnerable.