For some (a shrinking number) the very idea of betting against the market is blasphemy. Whether they come by that idea from a nostalgia for the days when the primary purpose of investing was to support quality companies (and earn dividends) or whether they are simply following what they've always been taught, in my opinion their view is outdated.
First of all, the market today is nothing like the 1940's. Even the strongest companies can become irrelevant overnight because of rapid market shifts (read: technology) and the index-ified nature of today's markets means most stocks rise and sink together regardless of its fundamentals.
Second, I'm in this to make money. Just like you. Just like everyone else. I make money by accepting risk and neither money nor risk is directional. If I gain from economic turmoil then I will be in a better position to help create the next recovery, by spending the gains of riding the market down. If everyone loses all at the same time, who will be there to pull the economy back up?
Finally, it just doesn't make sense to hold an asset that is depreciating. Finance 101: Depreciating assets lose value. I want to gain value so I buy assets that are going up. Index puts go up in a bear market, so I buy them. Just business, OK?
Everyone has an opinion, and nobody is right all the time - but if I buy (or hold) a sinking ship, I will sink too. That wouldn't sit too well with me or my family (read: kid's education, retirement with wifey). I want the best for our economy and I love this great nation of ours, but a man who burns his own house down is a fool. I may be stupid, but I ain't no fool.
Disclosure: I am long SPXU.