TextEd Yardeni: The affordability crisis is really old versus young

The stock market has become the American retirement system. It absolutely has. Do you know that the baby boomers have $90 trillion, trillion not billions, trillion dollars of net worth. And by the way, there's still some people left from the so-called silent generation, older than the baby boomers, they have $20 trillion. So we're talking over $100 trillion of retirement net worth assets for the largest generation ever that is retiring. Are they going to use that or are they going to actualize that, or are they going to just pass it on to their heirs? Well, you know, the kids didn't listen, and we didn't like their friends and they were noisy, so why leave them anything? Just spend like crazy. But look, a lot of people have been talking about the K economy, that, you know, the rich are getting richer, the poor are getting poorer. I think that misses what's really going on, and that's the demography. We've got a very, very well off baby boom generation, and they're helping their younger children and grandchildren. The affordability crisis is really old versus young. Retiring people, they don't really care if the Fed tightens. Retiring people really don't care much about the labor market, because they're retired. All they really care about really is the stock market.