May the coming year be healthy, happy, and prosperous for you!
In case it isn't all of that, do resolve to remain prepared for challenges.
In terms of your financial situation, Paul B. Farrell offers a fair advisory on how you might keep your head above water and dog-paddling in the right direction ...
PAUL B. FARRELL
Ten resolutions that will help you survive the coming bear market
By Paul B. Farrell, MarketWatch
Last update: 5:01 p.m. EST Dec. 31, 2007
ARROYO GRANDE, Calif. (MarketWatch) -- In a rare Fortune interview several years ago Warren Buffett warned that America was "selling the farm" to live "high on the hog." Forget the hog: that dream's gone, and the farm may not be far behind.
"Selling the farm" was a perfect metaphor for the coming downturn. During the recent bull, Wall Street became totally addicted to easy credit, junk mortgages and snake-oil derivatives. The Fed and Treasury loved it, too, denying the massive bubble buildup, adding fuel to Wall Street's greed. Deja vu the 90's "irrational exuberance."
Now the crisis is metastasizing: Hundred of billions of dollars in write-offs reducing shareholder equity, hundreds of millions of dollars in severance pay to CEO losers. Worse yet, Wall Street's insiders rubbed salt in their shareholders wounds by passing out $38 billion of the shareholders' profits in bonuses, averaging more than $600,000. [snip]
To read the whole article, including Paul's 10 suggested resolutions, click here.
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