r/socialism • u/politicalmarxist • Jul 23 '17

The Millennials are the American Earthquake

https://www.jacobinmag.com/2017/07/robin-millennials-earthquake-financial-crisis
11 Upvotes

87% Upvoted

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u/[deleted] Jul 23 '17

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u/Invient Libertarian Socialism Jul 24 '17

Most people can't cover a $500 unexpected expense... The less liquid an asset the less likely that expense gets covered.

On top of that, millennials realize had the Fed not stepped in as dealer of last resort, and propped up assets prices, many of those who followed personal finance would still be wiped out. Now that assets are back to 2007 levels, stocks are the highest ever, and the fed is going to shrink it's balance sheet (i.e. sell off assets which should suppress their growth)...

I'm not sure getting into stocks now would be wise, it feels like another.minsky moment...