waiting for the all clear?

Paul Krugman goes to the trouble to point out that a rally does not mean the end of the losses. No, it's still not 2006 yet/again.

When asked why I don't hold out a tremendous amount of faith that the American people as a whole are ready and willing to tough out the coming times, I don't usually have trouble coming up with reasonable answers. When many Americans are on the edge of financial ruin while still sliding down the tail of boom times, I then question what happens next when things actually get bad.