As expected, bloggers, pundits and media keep telling everyone not to panic which begs the question, when is it time to panic?

Dow down nearly 800 points in day, down 3700 points from peak,  multiple major bank failures, investment banks filing for bankruptcy, insurance companies filing for bankruptcy, international banks failing, government interventions,  banks cannibalizing banks,  Federal Reserve gimmicks, FDIC fears, US Mint suspending gold sales and on and on.

So when will the time come to panic?  Is it when the Dow drops down to 7000?  Is it when your credit card stops working? Is it when your bank cuts your credit lines?  Is it when the ATM runs out of cash?   Is it when you go to the bank for cash and they tell you they don’t have any?

Perhaps the pundits plan should be to calmly accept personal bankruptcy in a dignified non-panicked manner so as not to upset the Joneses. Be sure you have a plan before the panic sets in!