Market Musings of Michael Creadon | DrawBridgeLending
Thinking today about the age-old concept of, well, age. Someone tossed me my first-ever “OK, Boomer” the other day; I had to Google the term. I’m not a Baby Boomer, and I got looped into that era. Honestly, I didn’t care for it. My guess is most people – regardless of age – don’t like to be singled out by age, whatever generation they’re from.
Look at the news this morning: Greta Thunberg is awarded TIME’s Person of the Year Award, and noticeably, it’s not for her views on climate change; the tagline on TIME’s cover says simply: “The Power of Youth”. On the other end of the spectrum, ZeroHedge reports this morning 77-year-old Joe Biden is privately telling aides he’d “only seek one term”.
In fact, I will tell you there is a very real tension between generations that goes beyond social media trolling, and it’s about something very, very real: money.
On one hand, you have the greatest wealth transfer by far in the history of mankind to take place over the next 10 years – some $15 trillion – while at the same time kids in diapers and even the unborn are facing a burden-carry that goes far beyond funding their own college tuitions.
The pension gap here and abroad is real. Money is changing; and you better believe young people will have a lot to say about this in coming decades.
Michael Creadon is Head of Institutional Sales at DrawBridge Lending