I feel like we're within 8% (at worst) of the bottom here guys and its a great time to cut back personal spending and contribute to your IRA's, mutual funds and/or allocate a greater % of your savings to aggressive trading.
Although the public and my favorite fade-site in the world (yahoo finance)

apparently think that the world is in it's final days, signs point to a recovery. Aided by the holliday season and the election of a president who has full congressional support, I believe that by the switch in the oval office we will be back up 20% from where we are now in the major indexes.
Remember, even though Obama policy may not be the best for economic growth, presidents accomplish the most in their first year, and priority number one will be fixing the economy (apparently right after he shuts down GITMO).
Also remember that the majority of the return at the end of a bear market comes in the first few months, so its crucical to get in before everyone feels safe--investors who fail to do this line the pockets of those who don't.
Additionally, compare this bear market to others and you will see that % wise we are sitting in the middle of where the plummet usually tapers off.
All in all its a great time to invest--remember that you are 40% smarter then anyone who bought at the high.
Good luck and lets get this economy back on track