From yesterday's Investment News salvo (emphasis added in bold):
Compounding the problems of increased unemployment and slowing economic growth, investors yanked more than $225 billion from equity mutual funds last year--a record level of outflows.
"Many people have been forced to sell off some of the assets just to cover their day-to-day expenses," he said. "So this isn't money that will be reinvested in the markets--it's being tapped by many just to pay bills."
Cash on the sidelines? In a manner of speaking, yes.