I think what Kin is saying before in 2008 and dot-com there were fundamental reasons for a bubble to burst which had an navigate reprecussions on the economy(recession/increased unemployment).

dotcom - shell companies, with no revenue or profits. 2008 - excessive/unsustainable leverage both by corporations and individuals.

This time around multiple QE cycles resulted in decreased treasury and bond yeilds. People\funds with captial went to invest other assets classes e.g. equity markets seeking high yeilds and as a result increased the price multiples/valuations while the intrinic businesses valuation and growth remained the same.

Now people are starting to realize that multiples(what you pay for a company and what its actually worth) are too high and started taking money out of equity markets. While the fundamentals of the business has stayed the same.

Hence this bubble bursting or "significant price correction" wont have the same impact on mainstreet as the other two bubbles because the business are still sustainable but the prices weren't.

Prices are not proxy for revenue/profits/growth or value. So unless someone can give actual facts that the fundamentals of the underlying businesses are/will be impacted on a systematic basis I agree with kin.