Cramer has also noticed people losing interest in buying stocks directly. Instead, wary investors choose to fill their portfolios with index funds or other, more risk-averse assets, he said.
"New money just doesn't come in at the pace it did during the great advances of the past," Cramer said. "Without that firepower and with companies spending 17 percent less on buybacks than they did at this time last year, it is difficult to simply levitate."
Cramer argued that at this stage, it's possible that retiring baby boomers are responsible for most of the cash fleeing the market, as well as the aversion to individual stocks.
"I think I'm the only one anywhere who says, "You should buy some." In the '80s, so many people embraced stocks and made fortunes holding them," the "Mad Money" host said. "But these days, stocks feel like vestiges of an earlier era."