It seems to me that the big (perhaps biggest) loser, could well be the small investor who cannot earn diddly on a safe investment (treasuries, for instance) which more or less means the investor is forced into equities... a market where they have no influence and can be or are manipulated by the hedge fund experts. It is a pretty unfair and unlevel playing field for a $2000 stock position to compete with a multimillion dollar hedge operated by nanosecond fast trading programs.
The worse position I would think would be someone who has to invest (say they have over $200,000 in a bank account) or have low return /no return cash sitting exposed should the bank fail. They put it in an investment that is completely dominated by traders with huge positions and without any protections whatsoever. For any big investment bank, anything less than $50 million in assets is managed by the newbies, not a savvy trader, to boot. you are small potatoes and your "service representative" is a joke. He is being used by his own fellow traders who bait them with "stock tips" that foist a bad investment off on the new guy while relieving them of a bad position they are in.