When Pres. Carter appointed Volcker to the Fed, interest rates skyrocketed as the Fed worked to squeeze inflation out of the system. It was painful to many who couldn't finance home purchases, cars, etc., but I think that policy had more to do with the economic boom in the '80s than raygun's tax cuts. As inflation diminished, the Fed lowered interest rates in the mid- to late 80s, and bond returns headed down, making stocks more attractive. That has pretty much been the case ever since. Bonds now are more for safety than for growth. Folks who have trepidations about stocks need to have more weight in fixed income investments, but they need some exposure to stocks to mitigate inflation risk. Like the old saw goes, if your investments keep you awake at night, you have too much risk.
As for annuities, I look at them as income insurance. People with high incomes but have a risk of losing that income should have annuities to fall back on. Big-time athletes, who could lose their earning potential with a career-ending injury, or entertainers who could fall out of favor, are good candidates for annuities. I don't necessarily recommend them for people who have steady jobs with some long-term security. If they have the money to spare for an annuity, fine, but otherwise I wouldn't be a fan of them.
My 2cts. YMMV 
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