I was in the last 2 years of working in 2008 and 2009 and kept on maximizing my and DW's 401k and IRA contributions.i read one of the links above and i read a ton of people bragging about their stockpiles of cash , so it seems that rebalancing was not done by many, at least during the crash, i havent done it yet as i just moved out of the accumulation (100% equities) stage, but as i said earlier i got my answer about the "i rebalanced and im now at 100 % equities statements. during 2007-2009 crash i kept dollar cost averaging, from my paycheck, pension excess, & lump sum distribution. the i now have 10 years of cash on hand, and the i just went to 100 % equities ill take with a grain of salt.
The vast majority of rebalancing was done by the computers of the brokerage companies because we were/are mostly in target date funds, plus Vanguard Wellesley and Wellington.