With the U.S. facing a budget crisis, debt ceiling crisis, and big tax increases and budget cuts come Jan 1, a 10% drop might be an understatement. I expect the broad market to have a strong correction after Labor Day.
I don't think Ben will do much. Buying back some more bonds won't stop the imminent deflation we are facing. He'll probably spend a lot of time criticizing the "do nothing" congress.
For you Perma-Bulls that believe gold will rally on deflation, take a look at 2008. The U.S. is facing it's own austerity program.