Did you know that most of the glut of loans on China's banks' books are non-performing? That most if those of those loans are used for political purposes? That the banking system in China lacks even a basic centralized computer system?

Or that it was the Asia deals that brought down AIG? And it is the Asia deals that could bring Citigroup and another 25 blue chips to the brink of extinction in the next 90 days.

They all drank the China Kool-Aid, and they imported the resulting body count right back to your portfolio.

Toxic in 2009

The next 90 days will be momentous. Count on it. How you play it will determine your standard of living for the next decade. Don't let the headlines distract you. The real news will not be televised, and the politicians are clueless.

My new report, Toxic in 2009, strips the covers off the companies that are most poisoned. If you like to short, this is your shopping list, but that's not my thing. My thing is to get you the heck away from truly catastrophic losses. (Click here for details on how to get your free copy.)

You have 90 days. It isn't very much time, but it is enough.

Own the Survivors

You may be wondering what stocks will thrive in this brutal environment.

Bluntly, there won't be many — but they will do extremely well. They live within their means and never "enhance" their performances.

They have fat dividends, they have growing operating margins, their earnings are accelerating, and analysts are falling over themselves to revise their estimates upwards.

But above all — buy dividend champions that stick to the knitting. Stocks like…