How Far Willl Asset Prices Fall?

If there is no liquidity in the economy how do you find a bottom in asset prices. I am not talking about shares necessarily but companies, houses, cars, etc.. People with liquidity continue to sit on the sideline and watch....waiting for a fire sale....but how many people have the liquidity required to build a bottom in all these markets.....and at what price will this occur? M and A activity is non existent, leverage buyouts seem to be a thing of the past and the consumer has lost his/her job and the banks won't lend. The next shoe to fall will be the supply chain that leads to all these assets. Hold on it is going to be a wild ride!!!