Here are some population pyramids:
Both of these show a crimp in the 35-49 age group. Right smack in the part of the life cycle where workers are hitting their productivity stride, they are still investing for risk and spending. And they are totally outnumbered by retiring workers, students, and kids.
Add to that an atmosphere of government overreach (Nixon and Johnson vs. Obama and Bush), and I wonder if we're just seeing a replay of the 1970's but with a low inflation biased Fed instead of a high inflation biased Fed. Heck, maybe we can blame the poor governance on the demographics, too, for all I know.
Compare those to this pyramid from 1995:
So, maybe we're really just still feeling aftershocks of the Great Depression. People stopped having babies for a decade 80 years ago, and we're still feeling the consequences in long slow waves.
Could this be the ultimate anti-EMH argument? Do we underestimate predictable trends 80 years in the making?