Save lots to retire guys, we're gonna need it.
With no social security, a huge national debt, enormous health care costs...
Ron Paul has talked about this for a while. The financial pains we're about to go through. The Federal Reserve created this problem. People say the Fed is great because they bailed out Bear Sterns, which kept them from going under, which would have lead to a crash of the entire financial system. BUT, they created this problem in the first place! They built the housing bubble, diluted the value of the dollar(which is a major reason why Oil has been rising in price), and are continuing to try to patch a broken system.
Has Lehman Brothers hit rock bottom yet? Lehman Brothers is twice as big as Bear Sterns and was able to weather the credit-storm longer, because they have more cash. Can the Fed bail out Lehman Brothers too? What about in a few more months, when the only 3 banks bigger than these two could be in trouble.
These financial pains run deep. Scary stuff.