2008 is a very unique recession and severity in recent memory. I made a statement in one my posts and I said that we will not see another 2008 in our lifetime. The one recession more severity than 2008 was 1929. That said, recessions are part of our economic cycles. I am 100% sure that we will have one, but I don't know when. Based on recent history, nine of last ten recessions happened during Republican Presidency, so you can figure out yourself.
As for your 401(k) portfolio had 50% paper loss during 2008. I would think that everyone's investment portfolios with similar market allocations as yours lost 50% as well. The key here is age proper asset allocation. That is why you will need to have total stock index fund with 1,000 to 2,000+ stocks in the fund, the risk is more diversified. Stock is more risky than S&P 500 (500 stocks), S&P 500 is more risky than Total Stock Market Index. As you are getting closer to retirement, you need to allocate more money to bonds or bond funds. 10%-20% in your 40s, 30%-40% in your 50s, 50% in your 60s. Hope this helps. Good luck.