* Exchange-traded funds
* The growth of venture capital and angel investing
* The democratization of access to financial information (e.g. Yahoo! finance)
* The democratization of participation in financial markets (e.g. the growth of internet and discount brokerages that offer easy access to a wide variety of stocks, bonds, and exchange-traded derivatives, both domestic and international).
[*] CDOs, and etc.
* 401-K plans with limited investment menus
* The conventional wisdom that long-term savings ought by default be placed in passive stock funds
* The conflation of ordinary saving and financial return seeking
* The tolerance, advocacy, and subsidy of financial leverage throughout the economy
* The move towards large-scale, delegated, and professionalized of money management
* The growth of investment vehicles accessible primarily or solely to professional and institutional investors
I'll come back to discuss it in more detail.