I agree with your reasoning, but don’t think it would play out that way. If a big sector from the S&P sank it would drive an apparent large secular reduction i

I agree with your reasoning, but don’t think it would play out that way. If a big sector from the S&P sank it would drive an apparent large secular reduction in the overall market, and in particular in the index funds. And opponents would seize upon it and beat the drums. Most of the financial news is incoherent and lazy — this would be just another example.