there was a time not too long ago when nobody had 401k’s. Only very rich people were able to own a diversified portfolio and they did it with several dozen individual stocks through a high priced, full service broker.
We’ll have to live with a lot less but we won’t be going back to the stone age.
There was also a time when making $25,000 was a very good income ... that was then this is now. Again, very little comfort to those possibly losing their investments.