Has anyone considered that the stock market crash is helping to re-liquify banks and brokerages? Money on the sidelines is money they can use for their own ends (with 0% reserve requirements now).
Banks need *capital* to back the debt they already have, not more debt right now. People switching from equities to cash makes the problem even worse, as capital (equity) becomes too expensive to issue.
The crash is bad news for banks and brokerages on multiple fronts. It is killing the profit margins at banks and brokerages as margin loans are forcibly being paid off. Margin lending is a very profitable business. Brokerages have to take hits for those customers whose balances go below zero. Money management fees drop big time as they are a percentage of total assets.