In most recessions there is someplace relatively safe to stay invested while waiting out the slide. But just about everything has been crushed in this downturn, including recession-resistant stocks like the previously mentioned Campbell's — and real estate, which through 2007 had risen nationally every single year in the last half century. With no place to turn, investors seem fixated on keeping what they have — not trying to make more. "Since 1999, investors have seen asset bubbles burst with increasing regularity," says Gross. "Shaken by the experience they see only two alternatives — cash and Treasury bonds." Look out for that last one. Given all the current government spending and expectations for inflation down the road, some experts believe the massive flight to Treasury bonds has created yet another bubble that will burst in coming years.