So, after the last two day's love fest and AIG's near-insolvency, how much do you want to bet that mom and pop retiree are going to jump on the computer or call up their fund company, take a look at how their retirement accounts (mostly invested in equities, thanks) have taken a pounding, and go "oh my god, I won't be able to retire." Mom and pop will say: "Tell my broker - Move it all into bonds, treasuries, and cash. Get me out of these risky equities." And mutual funds, unlike CEF's, have to sell for NAV redemptions. We ain't even close to a puke point here. Those sorts of moves come late and take time. And every guy who says, "Well, I'm investing for the long term...." has his puke point too. Spiral. Very bad. Disclosure: Long SPY puts, SDS, ADX, PRPFX and multiple long US & international equity positions.