10,000 Baby Boomers a day retire now. This trend began last year and will continue for a decade. All those hard working hippies and yuppies won’t be investing in stocks any more.
Woe is me!
They’ll be withdrawing their money from stocks. This will put downward pressure on stock prices, one more headwind against a downtrodden stock market.
Meanwhile, the same traders huddle behind their multiple computer screens 24/7, tracking thousands of stocks simultaneously and trading hundreds of accounts each day, lopping the cream off any stock that shows even a tiny profit, like gophers in Caddyshack.
Ditto for derivatives, options, puts and trades on commodities and futures.
Truthfully, Wall Street works full times to come up with seemingly logical excuses for what goes on with the Big Board. Only 40% of Baby Boomers will retire on time, and most of those will keep working in some capacity or another. Even if it kills them (and they hope it will).
So, we have a vast portion of the population bound and determined to work until they drop dead. At the other end of the spectrum are black and Hispanics who are damned if they will work at all; who demand free health care as a civil right; who expect Uncle Sam to pay to birth their kids, feed them, babysit them, teach them, then pay them welfare until they can have six more utterly dependent kids of their own.
On the one hand, companies are using the hard working ethic and the vast experience of all those Baby Boomers, retiring from the upper echelons of every company in the land. Then there are the slackers, the MTV generation, the social networking fanatics who are replacing them – and their values – with laziness over industry, sloth over productivity, “me” over loyalty, and a vastly exaggerated sense of their own self worth.
Narcissistic zombies are taking over the world.
Look no further than Obama.
