Look at the media quotes and market pattern. It's eerily similar now and in 1933 crash. I'm not saying that the past predicts the future 100%. But one should not choose to ignore the past and learn from it as well as be prepared for potential serious downside risk..especially those who are retiring soon and have lost alot of wealth already - house and market.
8) .. a serious depression seems improbable; [we expect] recovery of business next spring, with further improvement in the fall." - HES, November 10, 1929 "The end of the decline of the Stock Market will probably not be long, only a few more days at most." - Irving Fisher, Professor of Economics at Yale University, November 14, 1929
"In most of the cities and towns of this country, this Wall Street panic will have no effect." - Paul Block (President of the Block newspaper chain), editorial, November 15, 1929
"Financial storm definitely passed." - Bernard Baruch, cablegram to Winston Churchill, November 15, 1929
8) "I see nothing in the present situation that is either menacing or warrants pessimism... I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress." - Andrew W. Mellon, U.S. Secretary of the Treasury December 31, 1929 "I am convinced that through these measures we have reestablished confidence." - Herbert Hoover, December 1929
"[1930 will be] a splendid employment year." - U.S. Dept. of Labor, New Year's Forecast, December 1929
Check out this Chart eerily similar leading to 1933 crash. I believe we are only in the early innings of a melt down. As you can see with depression and recession it took years after the 1st major drop to play itself out.