This is what a bear market looks like:
https://www.macrotrends.net/2593/nikkei-225-index-historical...
NB: The graph is log scale, uncheck that to see what the fun looks like on a day-to-day/month-to-month basis.
Until we prioritize dividends over capital gains in the tax code, we can expect these massive swings due to investor sentiment and liquidity. As I have said elsewhere: make dividends deductible to the company (akin to LLCs) and tax capital gains at a windfall rate. Watch how fast the financial world sobers up.
First decade millennials were screwed by the 2002 and 2008 recessions in find jobs after college.
This whole thing might stop the FIRE blogs from being as popular, but those who have truly internalized the teachings of those blogs will see this as an opportunity to buy capital cheaply and make good long-term(20+ year) returns.