How bad can it be?

Pretty bad....could this be right? Could another financial crisis be unfolding? After the subprime loans and associated securities now loans in general?
See what Thomas Friedman thinks:

http://www.nytimes.com/2009/03/04/opinion/04friedman.html?_r=1

What would YOU invest in?

Some early reactions to the Warren Buffett letter posted below. Considering that I have a retirement account in cash, waiting to be invested, any advice is welcome:-)

http://uk.reuters.com/article/businessNews/idUKTRE51R1Q720090228?pageNumber=1&virtualBrandChannel=0