Something in-between, I think.

Unless employment drops dramatically. Then yeah, the big one returns.

Right now, everybody from Joe Sixpack to Bank of America is cutting back on spending, which includes spending on investment (stock mkt plunges), until we see what Treasury is gonne do with the $700bn credit card we gave them, and come to either trust them and their decisions, or give up on them, convert to cash, and horde food and ammo.

In my opinion.