My answers:

1. You should study market history more thoroughly. Sure the unemployment reached 7.8% in 1992, but the bull market returned in Jan 1991, and Nasdaq was 39% higher in 1992 than the high in 1990.

2. I said very clearly that S&P 500 dropped 20% from peak to bottom in 1990. By the time the market drops 15% from current level, the S&P will be cheap and bears plenty.

3. It seems you are using Hussman the Perma-bear as your reference. I expect something better.