MSGI:
I don't know that I totally agree with what you are saying, but about 7 years ago, I heard a guy on CNBC say that the bull market would be over by 2010, when the first of the babyboomers start to retire.
I tend to think the party would start to end 5 years later when boomer retirees are forced to begin making withdrawls from their IRA's (age 70). By 2020, there is going to be a lot of money being withdrawn from IRAs.
The bottom line is that the move away from privately funded pensions is a very bad thing. (Oops, am I talking like a Democrat?)
401Ks stink for a lot of reasons. The number one reason is the lack of flexibility--your investment options are very defined.
I think the U.S. economy took a wrong turn when it moved away from private pensions. I am a boomer. A far greater percentage of us will be living in poverty than in my parent's generation. The days of massive numbers of retirees living well is coming to a close, I'm afraid to say.
The U.S. is headed toward either a lot of socialism or a much lower standard of living, especially for the elderly.
It ain't a pretty picture.