I think all this is a bunch of bear scare tactics. It's a load of shit. Everyone begins to doubt the strength of the US economy. They begin to doubt techs. They think the Internet is once again a fad.
Nothing has any value any more.
The world is falling apart. Really it's only their portfolios that are falling apart. So as contrarians like to say when the papers are filled with doom and gloom, it's just about time to buy. This requires some patience and discipline, of course, to avoid the big crunch when the markets periodically collapse. But all this seems to me to be summer selling, as I've said all along.