The first one happened last fall and the second one bottomed out in February with the Dow around 7,500. Are we on the brink of the third and steepest decline of all? I think we are. Now I'm no guru but I also don't think there are any guru's when it comes to stocks. I'm basing my prediction on what I see happening over the next few years...namely, stagnating economic growth. I think we'll see a steady decline in the markets through the end of 2009 with the bottom ocurring in Jan/Feb 2010...Time will tell.