Raw economic reality in our post-bubble world.
A lot of consumer spending was generated by home-equity loans. Most of that is gone now.
Unemployment and underemployment is rampant. Unemployed and underemployed persons consume far less luxuries and investment advice and medical care.
And the very notion of retirement is changing as we face the yawning gap in entitlement obligations.
Basically, there simply is a lot less discretionary income than there was just 4 years ago, and I don't see all that much of it coming back any time soon.