Asset prices are merely a function of discounted future cash flows. As interest rates are lower, the discount on future cash flows decreases. The world is also much more stable than it was in the 1950s-1980s - look at the state of Asia now and then. That means there is a lower risk discount on future cash flows.
If paper wealth takes a shit the people that will be impacted will be retirees and the wealthy, not your average joes.
If paper wealth takes a shit the people that will be impacted will be retirees and the wealthy, not your average joes.