Don't Blame The Player, Blame The Game
from the article: "Whenever you come across a metaphor like wealth effect, I encourage you to ask what is actually happening. Obviously, the government can’t create wealth by decree. Something else has to be happening. Let’s look at that."
However, the end of a bull market doesn't signify the end of it. The end of the bull market is more likely to mean that the game makers have taken the short side after advising their clients to take the long side. The "wealth effect" is becoming more centralized and concentrated, just as the game makers designed.
Blame goes to the game designers who manipulate legislation to loot from the prey who play and to eliminate and competing "games" that might lure the prey by offering returns and ethical treatment.