When they say a 'correction' do they really mean a 'crash'. Indeed, at what percentage level does a correction become a crash. I certainly don't see any of the mainstream media talking about a bubble yet the S&P500 has risen 300% since 2009 (A bubble in anyone's book). I can bet that should the market fall by anything more than 5% they would be talking about a crash. In reality it needs to fall by at least 50% to get to a more realistic value.