The signs were there back in Fall 09, DM. Way oversubscribed mutual funds, crazy housing market & financing. Before last fall, financial rags like the Economist were calling doom & gloom for a while. January was just a great time to buy in, if one had the cash to do so.
Still, the average person just stuffing a %age of their paycheck into mutual funds and not really keeping an eye on things have lost plenty, this is true. But in that sense, they are no better than gambling. Don't play if you can't pay, would apply.
This happened in the 80s, btw, when we were students & couldn't afford to take as much advantage. I'm surprised more people don't remember. For you young ones, watch carefully what happens & be prepared to take advantage in future. These things seem to run in cycles.
Second thoughts can generally be amended with judicious action; injudicious actions can seldom be recovered with second thoughts.
--Cyteen by C.J.Cherryh