The stock market took more than 30 years to recover from the crash of '29. The nasdaq has not reached the height it reached in 2000. No one knows but probably not for a long time. It hasn't reached it's bottom yet and will probably take a decade at least before it gets back to it's previous levels.
EDIT: The stock market crash of 1929 and the Great Depression of the 1930's was essentially two depessions rolling in to one. It is unfair to compare the 2008 situation with 1929. After the crash of 1929, the economy recovered slightly but the events of 1931-the flight from the Gold Standard and increased protectionism throughout the World led to the collapse of the Austria in 1932 and the suspension of reparations.
So in effect the economy collapsed again in 1932. In 1933 Wall Street made a good recovery with +30 days of +5% growth-although it never recovered to 1929 highs. By 1936, Wall Street was recovering but the international situation was dire-war was looking likely in Europe. But even so the US was recovering nicely. Obviously, once war broke out in Europe in 1939 Wall Street was 'shocked' again and was in war time economy mode till 1945.
It is incorrect to say the NASDAQ never recovered its high of 2000, it did this in 2006! Nasdaq was hit first in 2000 and again with the rest of the Dow Jones on Sept 11 2001. From 2003-7 the Dow Jones was on a high. My opinion is that the Dow Jones index will recover slightly in 2009-probably around 9,500 and will break through 10,000 in 2010. Recovery to the all-time high of 2008 will take 3-6 years. Again, this advice is based upon one's analysis at this time, the stock market is a slave to events. All we can do is analyse previous crashes and recovery determine that it takes about 4-6 years for the market to recover.