Boomers not only spent like crazy, but they were the generation that fertilized the greedy Wall Street culture. After the Great Depression, it took a long time for middle class folks to look at the stock market as the place to be- but when the baby boomers got their money, they jumped in with both feet. The financial sector rose to dominance over the US economy because baby boomers couldn't get enough of Wall Street. They threw their money at every pump and dump hustle Wall Street laid out for them:
Asian stocks- and then that bubble popped.
Tech stocks- and then that bubble popped.
Housing fraud- boomer money flooded into that.
Why is Wall Street so overgrown and out of control today? Why is 'share price' what dominates the business news today? Why do we have CNBC and Bloomberg news around the clock market coverage? Why do we have all these 'trade at home' brokerages? The boomers. They dreamed of fictional wealth like fiends.
What else did they do with their money instead of saving for retirement? Mountains of drugs. About all they liked more than the NASDAQ was cocaine.
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