  We propose a new approach to the pseudogap problem in cuprates. Hole-doped
cuprates display a broad plateau in the susceptibility centered near
$(\pi,\pi)$. Competition between the softening of different $q$-modes on this
plateau leads to anomalously slow growth of magnetic correlations with reducing
temperature -- i.e., extended ranges of short-range correlations. The plateau
arises from competition between Fermi- surface nesting and a `hidden' Van Hove
singularity (VHS) nesting, associated with a bulk contribution to the
susceptibility. As such, the VHS contribution is not tied to the Fermi level
but rather turns on near $T_{VHS}=(E_F-E_{VHS})/k_B$ [where $E_F$ is the Fermi
energy and $E_{VHS}$ the energy of the VHS peak]. Identifying $T^*\simeq
T_{VHS}$ can explain many characteristic features of the pseudogap, including
the transport anomalies and the termination of the pseudogap when $E_{VHS}$
crosses the Fermi level.
