Maybe I'm too wishful, but I think Zogby's 401K factor is too simplistic. I think most Americans with 401Ks realize that they got caught up in the "hype", "spin", and "con" of the late 90's with regards to stocks. They realize that they willingly bought into companies without doing their homework. These same folks now realize that nothing is for free and that their losses will be made up for in years and not in weeks. Furthermore, people recognize that there is very little that government can do to influence the economy outside of Greenspan and the fed rate.
Thanks for stating the obvious though.