Stocks plunge again - is it time to be greedy?

Things are looking pretty grim, and belt-tightening will be required by all. It's going to be particularly rough for the poor and those who have dug a big credit hole.

But that said, I do have a 401k and a rollover IRA. I don't plan on retiring any time soon. So maybe there's a silver lining here.

I recently read a quote from Warren Buffett

Occasional outbreaks of those two super-contagious diseases, fear and greed, will forever occur in the investment community. The timing of these epidemics is equally unpredictable, both as to duration and degree. Therefore we never try to anticipate the arrival or departure of either. We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.

Maybe it's time to look for some bargains?

http://www.nytimes.com/2008/10/10/business/10markets.html?hp