enough for you to buy stocks and REO houses slowly, and you can divide your purchase actions in a dozen small actions. Prices of all assets will be extremely low in 2009. If we can look back by 2015, we may recognize 2009 as the lowest pricing year of our life time. Usually, market bottom may be reached during the middle of a recession. 2009 will mark as the middle year for this recession (or depression, not sure).
We definitely don't want to let our psychological fear block our eyes.