Assuming this is irrational and must come back to reality at some point, I'm not convinced this is connected to the common man economy as other bubbles in the past were. This round of investment is mostly being funded by exuberant cash flow accumulated over the years that was otherwise used as stock buybacks by a small number of stocks and some private credit deals that are not that accessible to the general public. This is looking more like a crypto crash kind of effect rather than a 2008 one.

However 'normal people' buying into the stock market via 401ks or otherwise likely (and arguably sensibly) will be in index funds, that of course are exposed to the bubble via (grossly?) inflated tech stocks. Effectively their current pension/savings contributions are being clipped by whatever the delta is between now and post bubble. Time in the market and all that, but still it might be a hefty haircut.