Most pundits compare the 2008-2009 market collapse to the 1980s or the 1970s or even the 1960s and come up with anachronisms such as "if history can be a guide, the current market will go up" or "if history can be a guide, whatever silly conclusion..."
Unfortunately, they forget that their history didn't start after the WWII.
On the cart below, you can see if one must take history as a comparison guide, the only time that is relevant to compare with is the 1930, which had seen an massive credit bubble, followed by a massive bust.
As you can see on the cart above, we have had a once in a generation/lifetime credit bubble that dwarfs even the 1920s one. Note that in the 1920s, the gold standard didn't prevent the massive inflation, because even though printing dollars was not allowed, partial reserve banking was, which so it allowed for a gigantic credit bubble.
Today, we are headed for a deflationary collapse of a far much grander scale than the 1920s and on top of that, governments are insolvent, while they were barely carrying any debt in during the roaring 20s.
We have not seen anything yet. The Greater Deflation is here for good, and will be with us for probably a couple of decades.