My 401K has lost thousands in the last few month thanks to the Bush bunch.
<sigh>... why do folks place so much emphasis on the Executive Branch of the Federal government? the root cause here is (at least for U.S.-based business entities) the fault of the Legislative Branch, the selling of derivatives based on derivatives of bundled mortgage and consumer debt by commercial banks and other financial institutions, and human nature.. these over-valued instruments collapsed due to human greed and lack of sound business principles...
it would suck to be at retirement age right now (even though if one were at retirement age one should be in more conservative, liquid funds) ... fortunately my horizon is 15 years out, so i'm not worried one whit...
take a look at Google's 20-year timeline on the Dow for a little perspective and rest easy about your 401(k):
http://finance.google.com/finance?client=ig&cid=983582
(grab the slider at the bottom of the chart)... 20 years ago the Dow was at 2071!