The common person is the majority of Americans who live paycheck-to-paycheck and don't invest in the market.

Those who don't participate will be negatively impacted if this causes another recession, which is likely as investors get spooked by another bubble burst. Which means standard of living, job benefits, and salaries will continue to stagnate.

This also ignores the fact that we've moved from guaranteed pensions to 401ks, which are heavily dependent on hedge funds. If hedge funds lose their shirts, they'll get a bailout from the government because we didn't learn our lesson about too big to fail last time. Which will mean government austerity in other areas, typically starting in social welfare programs.