I love The Atlantic for articles like this. I've definitely considered liquidity & wealth inequality as reasons behind the resilience & height of the stock mar

I love The Atlantic for articles like this. I've definitely considered liquidity & wealth inequality as reasons behind the resilience & height of the stock market, but I would never have considered the effort of a switch from active to passive brokers. I guess short-term it means that the stock market just barrels upwards and shrugs off issues that would have resulted in market corrections. Long-term, my guess is that the first effect of this will be on politics. The stock market is used as an indicator by politicians of consumer confidence and the more resilient the stock market is, the more willing politicians will be to play fast & loose.