As shown below, the Bottom 90% of the country (can you even believe we have to use the term the Bottom 90%) doesn’t own a large percentage of financial products, so gains on Wall Street do not directly benefit a giant majority of the country’s citizens.
They hold 10.6% of stocks and mutual funds, 1.5% of financial securities, and 6.7% of business equity. So you can color 90% of the country unimpressed and unaffected by financial gains while unemployment stays above 9% – because they don’t see it.
Some smart acquaintances of mine have argued that deregulation was good because it gave the middle class access to investments. This never happened, or if it did, has ceased to exist.
Fun fact: the Bottom 90% of Americans hold 73.4% of all debt, despite owning few financial assets.