> 1) the average American is heavily dependent on equities in their 401k for retirement,

> 2) so the stock market has to go up

This is why I've come to despise 401k's replacing old-school pensions. Yes, pensions had their problems but with 401k's workers must fleece themselves to have any sort of retirement opportunity.

Want a shot at retirement? Now we all have to run ourselves into the ground to make number go up. It's insane.