I have a lot of similar concerns. I'd like to buy a home of my own. However the market in Chicago is unforgiving and expensive. I understand interest rates are low. However my concern is what happens if I lose my job? Like you, the things I see are not incouraging. I see a long-term shift towards a global economy (read: a lot of jobs moving permanently overseas). I see this country being further divided. Either you're an uber executive or a Wal Mart Greeter.

At the same time, real estate is a good thing to have...if you can afford it.

Ok, so the above was not really what I wanted to talk about. You worked for EA?? Could you please bitch slap the folks in charge of The Sims Online? The took my favorite game and made it into something laborious, tedious, boring, and expensive to boot! >:(

I'd cash out of stocks and put the money into something less risky. That's what I did with my stock account earlier this year. It had rebounded to pre 9/11 levels and decided not to get greedy. The funds are now in a money market account. While I'm not getting that much interest on the account, I can sleep easier at night knowing that if I need the money, it will be there for such things as paying downpayment on a home. Or yes, moving to Europe. :)

One of my jobs as Domestic Goddess is managing our stock portfolio. I agree with everyone above: we are still in for some mighty rocky rides down the mighty Mississip and the country is so divided (can't shake that NWO feeling, either -- keeps creeping in speeches) I'm wondering if there isn't a sure bet. I'm thinking: real estate. But for you? Student? Seasonal worker? Think hard, plan, envision every possible scenario, plan ahead: Roommates help with mortgages. Grants for rent = mtg. payment, right? At least till you graduate, become an earner again. Paying ahead on monthly mtg. coupons is another option.)
Good luck. I'm pullin' for ya. For all of us.