It is time to deleverage.

What is deleveraging?

From "Dogs of the Dow"

Deleveraging is the unwinding of debt. Companies use leveraging (i.e. borrowing) to accelerate their growth or return, however, but when a company is concerned about defaulting on its obligations or concerned about rampant losses, it can use deleveraging to lower its risk of default and mitigate its losses. By deleveraging its balance sheet, a company sells off debt to lower its overall risk profile. Deleveraging can have serious financial consequences when a company tries to unwind assets that are illiquid. In this case, deleveraging may mean selling assets at relatively steep discounts. As a result, deleveraging may lead to downward pressure on security and asset prices as more and more companies and/or individuals unwind their positions during the deleveraging process.


We have only started the deleveraging process. 
House prices are still dropping.
Small businesses are borrowing less.

Governments are borrowing more....but not for much longer.

As the Greeks have discovered, if you borrow to much, at some point, the market punishes you with extreme interest rates, like 13.5% yield on a 2 year bond.