By Laura Janecka

There's a giant elephant on the stage that is our Federal election, and it seems Dumbo is trampling all over voter's stock portfolios.

In the last week I have watched my nest egg fall 60%, and I am not the only one sweating through this "recession". Last week the Toronto Stock Exchange (TSX) dropped 1,300 points, meaning hundreds of billions of dollars were lost. This kick to the investing balls has hurt everyone, from young savvy investors to pensioners relying on shares to see them through their retirement.

So while Layton battles Harper, the rest of us are wondering what we should do: cut our losses and move on or sweat it out? Canada's news broadcasters are here to help!

CBC and CTV News' went to the experts on what we should do "to weather the financial storm." CBC spoke to financial experts while CTV sat down with financial planners, including author of Professional Financial Advisor II, John De Goey. CBC and CTV had similar advice to give:

• CBC News gave five suggestions, which included: preparing for tougher credit rules; getting rid of high interest debt; reducing frivolous spending; and down selling investments.

• CTV News' advice reminds the investor that "it" has happened before and it will happen again. For investors, they suggest dividing investments between stocks, commodities, bonds and cash. For retired Canadians they recommend selling bonds and not stocks, and for the rest of us to hold off buying things we don't need right now -- including houses. They say: "this is time for caution not a time for extravagance."

And what CBC and CTV are both saying right now: Don't panic! Fat chance. It would be easier to actually move an elephant off a stage than to keep a calm head.