Should you panic?

This is a perfect time to panic.
The Fed is panicked. Banks all over the world are worried. But should you panic?

The answer is "Yes," if the alternative is being complacent.  I'm not a banker, not a financial advisor, not a lawyer.  But I'm checking to confirm my mortgage is a fixed rate, not adjustable.  I'm moving my organization's money into FDIC guaranteed accounts. I'm reducing debt. And  I'm making sure I can pay off debt instantly if I have to.  They are not using the terms "anxiety," "crisis" and "panic" in the media for nothing.  I'm devising a strategy to make my own finances more secure, any debt entirely manageable.

My favorite cartoon.  There's two characters and they are falling off a cliff, the bad guys are closing in, it looks bleak.  One says to the other, "This is no time to panic."  And the other responds, "This is the perfect time to panic."    What are you doing during the panic of 2007?

Comments

[Kassia]

I paid off my debt about 4 years ago and now carry a fixed mortgage - I am making double payments to pay off my house in 5 years. I would like to live "debt free" - only glitch is the property taxes.
Our credit union is offering 6% interest on the checking account so I moved all my cash in there....now if I could just find a million bucks...I could endow myself and live off the interest!