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Baby Boomers - the Scourge of our Markets

Am I alone in believing that the Baby Boomers have been the best and worst things to happen to our investment landscape over the past few decades?

I'm a big believer in demographics and psychology driving the markets, especially in the short term and it seems as though even thought the Boomers are not the wealthiest generation (their parents retain that title so far) - they certainly have the most influence on fund flows and market psychology.

Having been in the retail advisory business (as a personal advisory as well as a manager of quite a large organization) for almost 20 years, the one thing I have noticed is that we have never had many Boomer clients. They have just never been savers. To go farther than that, they are tremendous consumers far in excess of their earnings and that is the biggest part of the housing bust that nobody seems to mention. They drove the demand for crazy loans on homes they didn't need - it was all about want & greed, as if their "me decade" of the 80's had returned. Now we are all paying the price for this excess as well as their malaise after having wiped out the fantasy fortune they felt had been amassed.

I'd love to hear thoughts on this now that I've stirred the pot a bit - I'll try to write more as the discussion develops.