Method should call itself via Timeout, but it doesn't...

[Silverwind]

I feel like I'm staring stupidity in the face here, but by golly I just can't figure it out. The timed method won't call itself. Anyone got a moment to correct me?

<script type="text/javascript">
	function fadeInOut(element) {
		setTimeout("fadeInOut(this)", 1000);
		if (element.style.opacity == 1) {element.style.opacity = 0.9;}
		else if (element.style.opacity == 0.9) {element.style.opacity = 0.8;}
		else if (element.style.opacity == 0.8) {element.style.opacity = 0.7;}
		else if (element.style.opacity == 0.7) {element.style.opacity = 0.6;}
		else if (element.style.opacity == 0.6) {element.style.opacity = 0.5;}
		else if (element.style.opacity == 0.5) {element.style.opacity = 0.4;}
		else if (element.style.opacity == 0.4) {element.style.opacity = 0.3;}
		else if (element.style.opacity == 0.3) {element.style.opacity = 0.2;}
		else if (element.style.opacity == 0.2) {element.style.opacity = 0.1;}
		else if (element.style.opacity == 0.1) {element.style.opacity = 0;}
	}
</script>