[vsareto]

I think the key disagreement here is that you don't agree that a stock market staying high during a pandemic due to government intervention would attract more active investors, and those active investors can make less mistakes because the stock market was staying irrationally high.

And if you're just a regular wage earner with some cash, seeing the labor market being dropped on its head, maybe this stock market thing might be a good idea to try. I mean, some people definitely bought stocks with the $1200 stimulus check. Getting into the stock market (which ended up doing unreasonably well) was a way to hedge against losing your job (which you had a higher likelihood of losing).