I'm concerned but also looking at it in the eyes of someone who has the potential to capitalize on it. The past few years have been a very upward trend for us in income, career market value, and net worth. We spent many years being very frugal and penny-pinching that every new boon has just been another exercise in finding places for it to grow, not spend. I have solid and diversified investments and a decent amount of readily available cash. If the housing bubble ever drops, we're ready to purchase a few properties. This is the first time I have been able to view market uncertainty without worrying too terribly about it.
Most of it is all speculation, of course. The only thing I can bank on reliably is if the recession is on the extremely long end (10+ years), I probably won't survive it, but my family will.