Do "make config", then "make all" 

Forum: PCMCIA Installation and Configuration Issues
Re: Problems Compiling 3.1.14 on 2.3.99-pre5 (Gordon Ross)
Date: 2000, Apr 21
From: David Hinds <dhinds@pcmcia.sourceforge.org>

In this situation, if you do "make all" on a clean source tree, it confuses the Makefile and it ends up building the modules directory when it should not. -- Dave

to: "Do "make config", then "make all""