with the exception that the overall PE ratio of the Sp00z is down 50%. What this means is that earnigns have held steady, but prices have been cut in half which is what happend in 2001 during the last 'recession'. This means many stocks are trading at a huge discount. The fundamentals of the US economy are still strong. Colleges are still packed, and tution hitting record highs. Gas prices still rising. People still using facebook, myspace, twitter. Web 2.0 sites are still recporting record traffic & revenue. Silicon Valley hasn't been impacted at all. Neither has Texas and many areas of the south and mid west. People still maxing out credit cards andtaking out home loans. Amazon.com, google, appl, and rimm, for example are thriving in this mild recession. Certain sectors have been hurt; mainly: Financial, transport, brick & mortal retail, mortgage but other sectors are thriving: large cap tech, multinational, defense, commodity, and, green energy, internet, and The key is putting the economic 'doom and gloom' in perspective. Are things really that bad? no. Is this a deep recession? no.