There's a lot of psychological factors in markets swinging up and down, and there are always people saying that there's going to be a recession. Also, if you think about HN specifically: if the market is doing well, great. If the market is doing poorly, then cash may be harder to come by, but there's way more upside for growth as the market recovers. Jumping on a fearmongering bandwagon doesn't fit with the entrepreneurial culture of the site.