In effect we have not seen the "correction" in market values of western corporates, banks and property. So far it is floating on the brink bouyed up only by public money. In the EU and US capitalism is about to bite itself in it's own neck by demanding lower tax intake and they will try the faith in free-marketism to revive the economies by removing more of the safety net for banks and investors.
Western Capitalism as we know it, started to collapse sometime before the crisis came: the crisis is only a symptom of the sickdom: the sickdom is that western societies cannot create enough net value- greed and the need to have more growth found basically a morally bankrupt route in basically lying to itself and breaking not only laws, but the trust of investors and in their own system. They moved from freedom to anarchy.
This is the end of the faith: it holds to the alter, but basically this is a far more serious situation than we have experience over the last four years to date because the medicine from 1982 cannot work on the patient of 2012. The correction then is set to happen as a further crash in the global economy as public spending is strangled, and China slows down. Coupled to western city property prices remaining too high relative to the number of new buyers then the correction will be far harder than we have seen in the last four years.
The trouble for western economies is that outside the barrel-dollar-oil-economy, and the subsidised health care and defence economies, there is not enough fundamental value creation, there is too much reliance on property prices and capital markets. This is what lead to the sub prime fueled crisis.
Endlessly moving fundamental value creation jobs to low wage, weak governed countries does not lead to a net growth in the technocracy and intellectual value creation employment in the west outside the oil (OPEC non free market) economy and the defence economy. The private service economy has shown itself to be more dependent on public spending than believed.