I have to agree with tradenmachine. I actually live in Michigan, and I know that people are really hurting, including myself. I'm also seeing the effect the credit crunch is having on companies. Not only is it hurting now, I think it will get worse. Companies are slowing down investment and cutting headcount. That said, it's possible that equities may now have priced in this pain. I certainly can't say for sure, but given the amount of decline we've seen, it's conceivable that we may stabilize even as the economy stays in recession for the next few months. I say "stays in recession" instead of "goes into recession" because I actually think we're already in a recession, regardless of what the economists say.