Thanks.
I tried following your instructions, to no avail. But when I was able to see all my folders, I found a message under Sync Issues, "Could not connect to the public folder server \ [8004011D-526-80040115-0] \ Microsoft Exchange is not available..."
The latest development is that I get a Disconnected icon in the status bar.

Just so you know, your solution could be shortened to Windows Key+R, then type in "outlook [arguments here]" on all versions with all OSes, for future reference.