Oh, wait...Armageddon's been used as well to describe real estate. I've also been guilty of using hackneyed phrases to describe what the market has been like. Last year's fave was "extend and pretend." So far in 2010, "train wreck" is in the lead. You've got Jamie Dimon, the New York Times, plenty of other news outlets, Time of course...it goes on and on and on, sort of like The Song That Goes Like This from Spamalot. (I love Sara Ramirez...she basically stole the show in Chicago.)
Here's another piece of good analysis from Kenneth Leonard. And here is a contrarian view posted recently.
My pledge? I will try to stay away from using cliches to describe the market. But I will probably fail. After all, it is practically a tradition.