After the financial crisis the limited savings millennials tucked away (after paying off student debt) has primarily gone into the homogeneous stock market slosh of ETFs — more specifically the S&P 500 Index. The feel good circular sales pitch goes something like this: 'everyone wins because the index always wins and we all own the index' — it's the we're all fucking winners kind of participation ribbon euphoria. As Macro Battleship rightly characterized, this is ETF-induced market socialism at its finest.
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