be careful...you just never know whom you’re speaking to. Lot’s of people in self directed IRA’s and 401k’s held bank lots of bank stocks...and if they are in their late 50’s or early 60’s they are very concerned that they may never recover. A number of large pension plans held bonds that are now uninsured. Same with housing; if you bought last year (at the top)....you could actually be under water the minute your neigbors start to sell (or default) at lower prices and pull down the “comps. There is a lot of very legitimate concern out here in the real world.
So don’t be so snotty
If they are that old then they should not have their 401Ks full of stocks. They should have been gradually moving them over to bonds.