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If you haven’t been on some other planet in the last couple of weeks, you’re probably aware of the troubles that Wall Street is currently having. The problems with the stock market and higher gas prices at the pump have really brought the economy down lately. So how do we survive times like these? Instead of trying to find the best stock to invest in right now, you should really eliminate some debts you have. If you can consolidate debt right now and look for ways to lower interest rates, this could prove to be your best money maker of the year. You can earn money just by lowering interest rates or getting rid of the bills you have that charge an interest rate. This is a way of making money that most of us forget about sometimes. Debt consolidation is a good way to bring a few bills together and have one payment each month you could focus on more.

The money you start to earn from debt consolidation should go straight to your savings. Just find a modest rate in a savings account from a bank or a money market fund that pays interest each month and this will be a safe approach with the economy like it is today. Bills.com talks about getting a debt consolidation loan and this could save you a lot of extra money too. If you could take money from a loan to knock out some of your current debts that you have to pay interest on each month; you could focus on the loan and just pay it back as fast as possible. You might even find yourself paying a lower interest rate than what you are now paying on some of you bills. So save your money right now and work on paying off a few debts and this will be the best way to add extra money to your wealth!

The SEC has added new rules to the naked short selling that was being done to drive companies value down. They now have added new rules that will slow the process and allow companies to sell off shares to add more value to their companies. I like Jim Cramer’s idea of trying to add in the “up-tick” rule and this would be great to see what would happen on a trial run. The financial sector of the market has been hammered and I have always liked this sector for steady gains.

Is now a good time to invest in the financial sector? I’m not sure if now would be a good time or not. I think I would prefer to play it safe and stay away from the financial sector of the market and see how things play out. You could make a big gain right now if you could pick out the right companies to invest in. The whole market is a value right now and I believe you can find safer bargains on Wall Street and let the financial sector sort things out without your money. Your already paying your tax dollars for these bailouts and you could do better by investing in other sectors of the market.

The Dow Jones Industrial Average is going south and this comes from all the banking news being heard right now. Some bankruptcy talks have sent the markets in a tail spin and now the attention will be focused heavily on this current situation on Wall Street. As of right now the market is over 400 points down on the day and this could continue to go down over the next few days. I don’t like this as a buying opportunity right now and I believe the market will go much lower than this. I would wait until after the presidential election in November and try to move in after that. They are bargains available across the board and if you have a long term outlook on your investments now, you could slide in and take advantage of the latest declines. I would like to wait another week or two and see just how much lower the market will go before I put any new money into the Stock Market.

I have always been a fan of the financial and banking stocks, but things are going to get a bit worse for this sector of the market. I continue to like the big medical stocks and this is the best sector to take advantage of right now. The drug companies are in-line with some nice moves that will take place in 2009 and I would be searching out the big pharma stocks at this time. Retail stocks will see the usual end of the year boost, but not sure a lot after the new year rolls around. The drug makers will be a good place to add new money over the next 12 to 18 months and you should see positive gains in this area of the market. Wall Street is going bankrupt and these corrections are long over due and in the long run the Market will be stronger than ever. Hang in there and be patient with these huge losses we might see over the next couple of months. A presidential election and the ending of hurricane season will give the market a surge later on in the year.