But I don’t believe that the cause is the logical factors cited here.

I believe that the primary cause is the emotional hit that we took when we learned that Passive Investing does not work in the real world. We have let that in to some extent but are still living in denial to a large extent too. As we move through the Five Stages of Investing Grief, there will likely be another big drop in stock prices, which will cause middle-class workers to cut back on spending even more.

We’ll see.

Rob