Did I Hear That Right?

Yesterday on Marketplace, David Frum suggested that as the middle class realizes that their home values and stock portfolios don't "grow automatically", they may start saving more money. You know, because investments in stocks (is he talking about retirement savings accounts here?) aren't actually savings. They're... investments. Yeah. And because everybody owns stocks. And because the interest rates on savings accounts are so high.... And because there's nothing that drives savings like having less money to spend. And because it's not like people have to, you know, pay their bills or anything.