They did. And if you can find a career that will let you work 45 years in the same company, retire with a nice little pension, qualify for Medicare (if it is still solvent), then die in 5 or 10 years, go for it.
I've said it before and I'll say it again. This sucks, but it too will pass. I remember how depressing it was going through some of the other sucky times in my lifetime. And I freely admit this one is worse seemeing so far. But I am betting (everything I've got) that things will turn around, and eventually you'll regain all your losses, and even surpass your previous levels. Depending of course on your time frame.
I'm not giving you a hard time by any stretch of the imagination. And truly, if you can find something better than the markets to invest in, I'm willing to listen. But unless you are planning to retire in the next year or two, I'd advise quitting listening/watching the news so much. Find a (cheap) hobby and get lost in it. Volunteer your time to help others less fortunate than you. Do something besides dwelling on the news if it makes you feel so bad. Good luck to you.