Yes, but let's be honest, most retirees today aren't living off dividends. Except for those who are indirectly living off them through pension plans. And those huge pensions and funds will be the first to receive a bailout.

The vast majority of the ownership of the stock market is owned by the very wealthy.

Most of main street's wealth is in their home, and while home values dropping can hurt them, these assets aren't usually income generating.