The worst quarter for many equity markets in more than five years has left investors in safety-first mode. Continued problems in banking and tighter credit are expected to exact a heavy toll on the US economy and globally.

“The travails of Wall Street are infecting Main Street and the symptoms aren’t pretty,” says Jack Ablin, chief investment officer at Harris Private Bank. “Consumers’ two largest assets, real estate and equities, are weighing heavily on spending. “