I don't remember exactly, but I know you're at least as old as I am. How many "panics" like this have we seen in the past 20 years? Hell, there was a similar stock flop just this past year. Does anybody remember it?

As far as your 401Ks go, if you're getting near retirement age, stocks should no longer be a majority of your holdings. Equity is a young (or at least middle-aged) person's game. Hopefully, you have some control on this, but some plans don't. For God's sake don't panic and sell off now.

I re-financed my house a couple of times. I was careful to not take the maximums I was offered. My house could drop to half its present (probably inflated) list value and I'd still make money if I sold it. Well over 90 percent of mortgage holders are doing just fine, thanks.

My main mortgage is a 6 percent 20 year fixed. Right now, fixed rates are as low as 5.7 percent. My equity line is adjustable, but the interest on it has dropped by a full point just in the last year.

I suspect a lot of people are waiting for more drops in prices and interest before getting back into the housing market. This doesn't account for all of the slump, but I bet it accounts for some of it. Houses around here are going up everyplace somebody can find a spare chunk of land. Of course, I realize I live in an exceptional area, and this is certainly not true everywhere.

A lot of people will panic in the next few weeks. I don't plan to be among them.