7% From the Bottom?

Goldman, the equity seller, says bottom. Some disagree , not only are we not at an historic P/E average but momentum will push below the averages (which creates averages). Why catch a falling knife or will government intervention in equity hold the averages this time around? Roubini is predicting another 20% by 2009. Not buying until the first default swaps get settled and at least 2009Q1 defaults are known.