3-4 More Quarters?!

This morning I heard a market expert on CNBC. He believes that the recession and economic crisis is going to last "3 or 4 more quarters". This makes me wonder how much of an effect the election really has on the markets. Wouldn't the length of the crisis depend on who's elected? Or does that mean that in his eyes, the only real difference in the length of the recession between McCain's win and Obama's win would be one quarter?