I think this is connected to a greater issue, too. Pensions have disappeared, employees have greater access to their 401Ks, the reliance on investing to generate retirement wealth. We've encouraged our population to believe that taking risks is the only way to generate wealth.

and meanwhile, all our 401K money is a pool that, as best I can figure out, exists so that the financial sector's billionaires have something to skim

It ends up being a self-perpetuating cycle, too. Use your 401K to help through a crisis, then you feel extra pressure to recoup the time and investment you lost by taking riskier bets with the money you do have left.