Are American Small Investors shying away from Stock market?

Small Investors have played a large part in the American Stock Exchange unlike in the Indian Stock markets. Last week I read a article that few Small Indian Investors are also getting out of the markets by withdrawing from the Mutual Funds.

NYTimes is reporting that the phenomena is happening in America too, as more than 20 billion USD have been withdrawn from their Mutual Funds. It could be a long term drift in investment psychology and the attitudes Americans have about their money.. Are slowly large shifts happening?