Yeah I mean the professional class, which would include bankers, insurance company execs etc. But let's face it, the regular joes buy into it too. Look at all the lawn guys with 100% stock allocations in their retirement plan. Why would someone invest ALL their savings in something that has, in the past, fallen 89%? 1 hour with a competent financial planner would have most people having no more than half their savings in stocks, and less if they are older. Owning stocks when you still have a mortgage is also, for the most part, a bad idea.
This whole "democratisation" of the market has just created a huge swathe of investors who don't know the true risks of markets and investing. Warren Buffett and John Bogle have effectively encouraged the average American to impoverish themselves by taking insane levels of risk, and now Obama is telling then to double up on that appalling loser.
The leadership has let society down, and they *haven't yet realised this yet*. If Obama was smart, he would be telling people to only invest in stocks an amount they are willing to see fall at least 50% in the short-term i.e. make them cautious. Instead, he's telling them to average down a horrendous loser i.e. take *more* risk. It's crazy.