I wonder if another reason you are seeing a major collapse in equities is due to the fear of the government coming in and wiping out or diluting equity. Think about it, why would a long term investor buy something with the fear that if they get one cent from the government or any kind of aid that the common would get wiped or diluted massively. I think such fears are probably at the back of investors and this is why they are pulling out as well. There is so much uncertainty and the never ending message from the white house is scaring the shit out of your average investors. The biggest destroyer of equity value is total uncertainty and the continuing risk of a black swan event which seem to happen on a more common basis.