Are Stocks Signalling a 2nd Wave of Economic Collapse?

It seems as though the bear market rally, which saw the Nasdaq make new all time highs (during a recession!) is now over. If this spirals into another deep plunge which the Fed is unable to stop, high income Americans who have been largely shielded from the economic collapse thus far will suddenly feel the pain as their assets are erased. This will trigger phase 2 of America's new depression.