Chapter 2
A Rich Opportunity for the Unluckiest Generation

Millennials, those born between 1981 and 1996, are often referred to as the “unluckiest generation”—for reasons we'll explore in this chapter—and yet they stand to inherit over $84 trillion from their baby boomer parents in the future.1 They are the first generation to come of age with digital technology, which is particularly noteworthy (especially after seeing how much technology impacts our concept of wealth, money, and the economy).2 But they are also the generation who came of (professional) age during the Great Recession. This is an interesting paradox. As with everyone's life experiences, the past and present tend to influence the future. The question then becomes, how so?

Past: Why Are Millennials Called the Unluckiest Generation?

Millennials—also known as Generation Y, Digital Natives, Generation Me, Generation Rent, and Echo Boomers—are the brunt of many jokes.3 These jokes characterize this generation as those who are self‐oriented and get offended by everything, or those having a misplaced sense of arrogance and entitlement. These characteristics particularly relate to money, aka how millennials make their money, and what they spend their money on—hashtag avocado toast and almond milk latte.

Jokes aside, this generation is the largest in the United States (as of 2019), clocking in at 72.1 million people.4 Pew Research Center projects that Generation Y will reach its peak in 2033, placing 74.9 million millennials in the United States as a result of immigration.5 This generation is also the most researched and studied generation to date, which is fortunate for us as we reference this group for purposes of reimagining and redefining wealth. Turning to a generational cohort of people is a helpful, analytic construct for this purpose, particularly for reasons we'll explore in this chapter. We’ll leverage the treasure trove of research available to understand why millennials are often referred to as the “unluckiest generation,” and why they have a rich opportunity to reimagine and redefine wealth going forward.

Lucky Tailwinds

Let's start with considering what (lucky) events occurred between 1981 and 1996, besides the birthing of Gen Y. Straight out of the gate, we have a strong start with IBM releasing the personal computer in 1981. IBM's personal computer supported Microsoft as its programming language.6 In 1984, Apple launched the Macintosh personal computer. Layering in what we learned in the previous chapter, the internet was created in 1983. The World Wide Web, which made the internet available to the public, was created in 1991.7 Within the blink of an eye we had both the hardware and the software necessary to open up the world and to open up our minds (by virtue of access to endless information) in ways previously unimaginable. Continuing on the theme of advancements in hardware, the first commercially available handheld cell phone came to market in 1983.8 These handheld cell phones were essentially the size of a brick. Other notable inventions of the 1980s include the Walkman, Nintendo, disposable cameras, disposable contact lenses, plus CDs and CD players.9

The 1980s was the decade were technology and culture started to blend together. The 1990s was the decade where this blending really advanced to a whole new level.10

While computers and cell phones were born in the 1980s, it wasn't until the 1990s that these inventions started to find their way into people's homes, hands, and hearts. In the early 1990s, we saw another avalanche of inventions and upgrades. For instance, in 1994, Nokia released the first mass‐produced cell phone (Nokia 1011) that was smaller than the size of a brick.11 In other words, it was more portable and therefore easier to transport. This was also the first cell phone that supported short message service (SMS) text messages.12 When was your first text message? Mine was in 2002, eight years after the technology became widely available. I was sitting at a restaurant having breakfast with my mom before starting my freshman year of college. I moved 1,300 miles away from home to attend college, leaving my then‐boyfriend behind. Distance made the heart grow fonder, so much so that he sent me a text message to say as much. I remember looking at my cell phone, perplexed as to what the text was. And even more perplexed as to how to functionally respond. Let's place a mental asterisk here and revisit the intersection between technology and relationships in Chapter 9. The point here is to illustrate that new technology and culture take time to blend, but the rate of this blending keeps accelerating as we become more and more receptive to technological advancements.

In 1998, the largest search engine in the world was born—Google. Google was created to provide a way for people to search and navigate the sea of information available across the World Wide Web.13 Many would agree that Google played, and will continue to play, a formative role in people's personal and professional lives. Think about how much of your productivity originates from a Google search; then scale that around the world. This mighty search engine handles more than 3.5 billion searches per day.14 Additionally, the internet brought financial activity online, scaling economies and profit to unprecedented proportions. The internet innovated the who, what, where, why, and how of production and consumption.

With so many incredible inventions coming to market in the 1980s and 1990s, why is it that millennials are considered so unlucky? They came into their teenage years with access to personal computers, cell phones, Walkmans, and disposable cameras. These items opened their world in ways their boomer parents could hardly dream of. Although, when you consider the years that millennials were finally coming into their own and into the workforce, other forces were at play—namely, economic collapse.

Unlucky Headwinds

Let's assume you were born in 1984 (speaking from experience here). This placed me as graduating high school in 2002. I started college in 2002 and graduated in 2006. Taking one year off in between undergrad and law school, I graduated law school in 2010. I, along with about 40% of other millennials,15 went to college and ended up on the other side with a diploma and debt. Six figures of debt. Let's take a look at what was going on during the years of 2006 through 2010—as (potential) years for entering the workforce as a millennial, following the high school, college, and graduate school path.

What occurred between 2006 and 2010 was historic and referred to as the Great Recession of 2008. And there was nothing great about it. This was the largest and most severe economic decline since the Great Depression of 1929.16 The economic landscape leading up to the recession was dynamic, and it's important to understand why. As Mark Twain said, “History never repeats itself, but it does often rhyme.” Here is a brief timeline of what led to the Great Recession.

  1. Low Interest Rates, from 2001 through 2004: The Federal Reserve lowered interest rates 11 times in 2001, in an effort to counteract a slowing economy. The slowing economy was a result of two historic events. One, the 2001 dot‐com bubble burst—sending tech stocks into a sharp, downward spiral, and bringing the entire equity market with it. Two, the absolutely tragic events of 9/11 (2001). During this time, our pockets were light, and our hearts were heavy.

    In 2001, the year started with a 5.75% interest rate and the year ended with a 1.25% interest rate.17 From there, the Fed kept interest rates low from 2001 through mid‐2004.18 Why?

    Because the Federal Reserve can influence economic activity by increasing or decreasing the interest rates, more specifically, the Fed Funds Rate (the rate banks use to lend to each other, overnight). The Fed Funds Rate then influences the Prime Rate (the rate banks use for their ideal, usually corporate, clients). Then the Prime Rate usually acts as the starting point for other interest rates—including consumer interest rates.19 Consumer interest rates is an umbrella term that includes the rates for mortgages, small business loans, and personal loans.20

    Typically, the lower the cost of borrowing money, the higher the odds of people borrowing money to start new businesses or buy new homes. In other words, low interest rates tend to activate financial activity. If people are starting new businesses, they are likely hiring workers, which is productive for the economy. Similarly, if people are buying new homes, they are creating earnings for all those involved in the process. Think real estate agent, loan officer, appraiser, title agent, and even the salesperson at Ikea.

    Plus, new homeowners were investing their hard earned money into hard assets—real estate. Investing in real estate allows a homeowner to build equity in their property, all the while having a secure roof over their head. Homeownership is generally considered a wise investment decision because it's a pathway toward wealth creation; you can live in your home while paying down your mortgage and building equity in the asset. Then when the time comes, you can (hopefully) sell your home for a profit, which further fuels economic activity. Or you can gift or pass the home (asset) along to the next generation. This all assumes that the homeowner can afford to pay the mortgage loan that was taken out to finance the home purchase to begin with.

    Based on the preceding information, we can see why people decided to invest in real estate, especially when mortgage interest rates are low. Then consider the timeframe between 2001 and 2004, when interest rates were low and so were the equity markets. Investing in bear markets is appealing to (some) investors, but we were in such a time of uncertainty (due to the dot‐com bubble bursting and the tragic events of 9/11); many people were hesitant to invest in the stock market during this time. It's also worth mentioning that the government enacted policies to encourage homeownership.

    This trifecta turned out to be the perfect combination for speculative buyers to come onto the scene, buying and selling (“flipping”) real estate for a profit. This ended up increasing mortgage debt levels and inflating prices. Supply and demand.

  2. From Dot‐com Bubble Burst to Real Estate Mega Boom: For reasons described earlier, the real estate market boomed—largely anchored in mortgage debt. For perspective, the outstanding mortgage debt more than doubled from the beginning of 2001 to the beginning of 2008.21 Bear in mind that many of the people who received mortgages at low rates were able to do so because of supportive government policies, which effectively relaxed the standards for borrowing and rewarded homeownership with tax deductions and capital gains exclusions. Herein enters subprime mortgages, adjustable‐rate mortgages, and mortgage‐backed securities.
  3. Financial Innovations: Subprime Mortgages, Adjustable‐Rate Mortgages, and Mortgage‐Backed Securities: These three financial innovations shaped the real estate mega boom. Here's a brief overview of each, and the role they played leading up to the Great Recession of 2008.

    Subprime mortgages are suboptimal, relative to prime conventional mortgages. Subprime mortgages are suboptimal to the borrower because they require the payment of a higher interest rate. The silver lining, though, is that a low‐credit borrower can secure financing in the form of a mortgage. Subprime mortgages are also suboptimal to the lender because they are taking on a higher risk, the risk that the low‐credit borrower may default on the loan. The silver lining to the lender is that they are compensated for this risk by virtue of receiving a higher interest rate payment. The subprime mortgage expanded the reach of mortgage debt acquisition to those with lower credit scores and/or blemishes on their credit report. By 2005, subprime mortgages made up almost one‐third of the mortgage debt.22 By 2006, subprime mortgages amounted to $600 billion.23

    Next up, let's double tap on conventional mortgages. The two primary types of conventional mortgages are: fixed rate mortgages and adjustable‐rate mortgages. Fixed rate mortgages are mortgages with a fixed interest rate. This means the interest rate does not change for the life of the loan; the interest rate is static. Adjustable‐rate mortgages are mortgages with an adjustable interest rate. This means the interest rate changes over the life of the loan; the interest rate is variable. Initially, the interest rate is set lower than that of a fixed rate mortgage, and is adjusted later based on market rates. So, a homeowner may pay a low interest rate initially, but pay a higher interest rate later, based upon the prearranged frequency and adjustment indexes.

    The availability of subprime mortgages and adjustable‐rate mortgages fueled the proliferation of mortgage‐backed securities. Here's why. Mortgage‐backed securities (“MBS”s) are securities, backed by mortgages. A MBS is a bundle of mortgages (bought from the bank that initially granted the loans), which are packaged up into a security. The interest and principal payments that the mortgage holder pays, “passes through” to the MBS owner.24 In effect, this freed the loan originators (the banks) from the risk of borrower default, because the banks sold the loans to the investment house and the investment house packaged the bundled mortgages (into an investment instrument). Essentially, the hot potato passed to the next person. This meant the originating bank didn't have a vested interest in the repayment of the mortgage. Human nature being what it is sometimes, this resulted in a more lax approach to lending because the risk of default passed on to someone else—the investor.

    Mortgage‐backed securities are derivatives, meaning they derive their value from the underlying bundle of mortgages. The strength of the mortgage‐backed security is derived from the strength of the underlying mortgages. The inverse is also true.

  4. Reversing Course: The Rise of Interest Rates from 2004 through 2006: Between 2004 and 2006, the Fed raised interest rates 17 times, increasing from 1 percent to 5.25%.25 Why would the Fed raise rates so much when the real estate market was booming? Well, that's exactly why. As it turns out, all the lending heated the economy into inflationary territory. When the economy heats up, it is the role of the Fed to help cool things down. The Fed helps cool things down by modifying interest rates. When interest rates rise, this tightens the money supply by making it less attractive for people to borrow money for new businesses or new homes, for example.

    Despite the aggressive monetary tightening from 2004 to 2006, economist Nouriel Roubini asserted that “The Fed should have tightened earlier to avoid a festering of the housing bubble early on.”26 Speaking of bubbles …

  5. Pop Goes the Weasel: The Burst of the Real Estate Bubble and Great Recession of 2008: Come 2007, there were contending views about whether the Fed should continue increasing interest rates. By this time, increased interest rates were leading to decreased home sales and valuations, while simultaneously leading to increased inventory, plus a vicious increase in subprime mortgage and adjustable‐rate mortgage defaults. As a result, lenders started pulling back the reins on originating mortgage loans, because of these shifts in the housing market. Credit crunch. The once lax lenders weren't so lax anymore. All of these factors culminated with the bursting of the real estate bubble; thereby, initiating the Great Recession of 2008.

The writing was on the wall …

Now let's look at some numbers, to ground this in statistics. Losses in the housing market, and therefore in mortgage‐related financial assets, had far‐reaching implications. Institutional and personal balance sheets were badly hit. In 2008, the S&P 500 dropped 38.49% from the year prior.27 In the same year, the Dow Industrial Average indices dropped 33.84%.28 The Case‐Shiller Index, which measures the change in the value of single‐family homes, went from 184 in 2006, to 146 in 2009.29 Unemployment rates went up from 4.6% in 2007, to 9.6% in 2009.30

In 2008, financial institutions were folding because of their overexposure to the subprime mortgage ecosystem. In the spring of 2008, JPMorgan, with the help of the Federal Reserve, acquired Bear Sterns. In the fall of 2008, Lehman Brothers filed for bankruptcy. The next day, the Federal Reserve supported AIG, sparing it from bankruptcy. Other financial institutions also sought support from the Federal Reserve.31 AIG is an example of “too big to fail,” meaning that the government bailed them out because AIG was deemed too important to the stability of the financial system and economy. This led to resentment from individuals who were left to deal with their own negative balance sheets without any help from the government. Markets were low, and tensions were high.

From Numbers to Stories

Shifting from numbers to stories, here's one for you, weaving in the millennial perspective again. Technically, the Great Recession ended in June 2009.32 That same month, I flew from Boston to London for a summer internship at 4 Stone Chambers, in Lincoln's Inn. I was over the moon to land such an exciting opportunity, especially at the height of unemployment. 4 Stone Chambers focuses on commercial and company law, including financial services and insolvency. As luck would have it, I had a front row seat to “one of the most complex, high‐stakes, and transformative situations in history” during my internship there.33 The situation I'm referring to is the insolvency administration proceedings of Lehman Brothers International—the international, UK‐based subsidiary of Lehman Brothers Holdings Inc. in the United States—that filed Chapter 11 bankruptcy in September 2008.34

I was assigned to the Lehman Brothers International insolvency proceedings and asked to take diligent notes. I showed up with a notebook and pen in hand, because, although laptop computers were invented during the millennial years, they just started becoming commonplace in 2008 (when laptops first outsold desktops).35 I wrote feverishly, words and concepts I knew, but particularly—and mostly—those I didn't. This was my first exposure to the concept of a hedge fund, prime brokerage, and rehypothecation—among other new concepts. After writing as much as my hands could physically handle, I’d go back to the office to organize the scribbles. I organized concepts in a different notebook, all the while researching relevant laws and directives from the books on the bookshelf. I vividly remember a classical Spanish guitar soundtrack playing in the background. If memory serves me right, it was Narcisco Yepes's Recuerdos album. While unscrambling words and constructing concepts, I always looked forward to 4:00 p.m. teatime, the time when everyone from the chamber came together for tea and biscuits. So charming.

My time in London, during the 4 Stone Building internship, highlighted the elegant juxtaposition between the tradition of the past, the financial innovations of the present, and the potential of the future. The past displayed by the tradition of British barristers wearing wigs to court, all the while advocating for or against innovative financial structures. The world opened up for me, literally and figuratively, and expanded my view of the future.

In August 2009, I flew back to Boston to finish my last academic year of law school. Once stateside, I started school and a new internship at Boston Consulting Group in their legal department. This internship provided (further) insight into the world of business, finance, and mergers and acquisitions. My scope of interest was expanding into the world of finance, albeit through the legal lens. In July 2010, I took the Massachusetts Bar Exam.

The Great Recession was technically over (June 2009) by the time I received the news (October 2010) that I passed the Massachusetts Bar Exam.36 However, the recession recovery was a slow and arduous one. This slow recovery meant employment prospects for new graduates were nil. The number of jobs lost from January 2008 onward weren't recovered until May 2014.37 Therefore, I entered the workforce with minimal, suitable employment opportunities, which felt very anticlimactic. And the jobs that were available, were paying peanuts. Despite graduating from law school and passing the bar, I was forced to cast a wide net when applying to jobs—which included both legal and nonlegal jobs. This, my friends, is where the moniker “unluckiest generation” starts to make a whole lot of sense.

Many agree that millennials faced the worst economic odds of any other generation, which is why they are often referred to as the “unluckiest generation.” Despite being the most educated and diverse generation, millennials have struggled to find their financial footing, largely due to their coming of age during the Great Recession. This meant lackluster employment opportunities, paired with staggering student loan debt, costly real estate, and difficulty securing home financing. Many millennials came into adulthood at a financial deficit—from every angle.

“Life is not always a matter of holding good cards, but sometimes, playing a poor hand well.”

—Jack London

Present: Are Millennials Still Unlucky?

Today, millennials are between the ages of 27 and 42. Their childhoods were filled with Care Bears, Teenage Mutant Ninja Turtles, Rubik's Cubes, and Game Boys.38 Their teenage years were filled with disposable cameras, the joy of call waiting, AOL chat rooms, plus buying CDs and magazines. Their 20s included Myspace, Facebook, flip phones, and Apple iPods. Millennials grew lock step with the digital transformation. Lucky. But they also experienced the Great Recession during (professionally) formative years. Not lucky. So where does this place this generation today?

Over time, the reputation of millennials shifted from self‐oriented and entitled, to optimistic and resilient. This diverse and well‐educated cohort faced unchartered territory and economic headwinds, which required them to navigate a dynamic landscape. And generally speaking, they've navigated this landscape with hopefulness and creative adaptability. Additionally, it turns out that their preference for avocado toast and almond milk lattes didn't come from a place of entitlement, but from consideration—for one's health and the health of the environment. As Albert Einstein said, “When you change the way you look at things, the things you look at change.”

Millennials faced structural changes, both personally and professionally, as a result of technological innovations and the Great Recession. Some optimal, some suboptimal. These changes required agile responses to external forces, while perhaps delaying or reorganizing the hallmarks of adulthood. For example, the delay of getting married, purchasing a home, and having children. More than half of millennials are not married, and the ones who got married, got married later in life (relative to prior generations).39 Fewer than half of millennials are homeowners.40 A little more than half of millennial women have given birth, and did so later on in life (relative to prior generations).41 These adulthood delays are largely a consequence of financial woes. Bloomberg Wealth even went on to say, “Millennials are running out of time to build wealth.”42 The clock is ticking, and time waits for no one.

The Deloitte Global 2022 Gen Z and Millennial Survey provides us with the top financial concerns and statistics for these generations. With a continued focus on our millennials friends: 47% live paycheck‐to‐paycheck; 31% aren't confident they'll be able to retire with financial comfort; 33% have taken on an additional job (either part‐time or full‐time), and 29% simply don't feel financially secure.43

Most recently, millennials experienced their second recession, within the first half of their lives, due to the pandemic. Fortunately, or unfortunately, this wasn't their first rodeo. The good news is millennials doubled their wealth since the start of the pandemic, from $4.55 trillion to $9.13 trillion.44 This is a staggering statistic. But when you take a peek behind the curtain, you'll see this statistic is somewhat theatrical. First, the ability to double wealth in such a short amount of time lends itself to the fact that there was not much wealth to begin with. For example, it's easier to double $10 to $20 than to double $100 to $200. Despite the doubling, baby boomer parents are still worth eight times as much as millennials. This older generation saw their wealth expand to $71 trillion since the pandemic began.45 Second, while wages are now higher for millennials, compared to previous generations, so is the cost of living. The cost of living looks even worse when you consider current inflationary pressures. That said, the net amount of income available for saving and investing is much lower, which is why millennial wealth remains hard hit. Third, the recent doubling of millen‐nial wealth is largely a result of the increasing value of real estate. This makes sense when you consider the fact that 35.6% of millennials' net worth is tied up in real estate.46

The landscape remains dynamic.

“Reject your sense of injury and the injury itself disappears.”

—Marcus Aurelius

Future: A Rich Opportunity for the Unluckiest Generation

Millennials have, and will continue to, shape the economy based on their unique circumstances and characteristics—as compared to times past. As they embark into their prime spending years, they'll inform the market as to what is valuable, or not; influencing the supply/demand dynamics of the economy. Milennials are reevaluating and reprioritizing value (quantitative) predicated on values (qualitative)—as most of us are. This is incredibly important when considering the upcoming Great Wealth Transfer. More on this in Chapter 3.

The Great Wealth Transfer refers to the transferring of $84 trillion of wealth, from the baby boomer generation to millennials (and younger generations, the grandkids). This will make millennials the richest generation in the United States.47 The wealth accumulated by generations past will be brought forward into the hands of millennials at present, to influence the economy of the future. There's a changing of the guards underway. Needless to say, there's extraordinary potential for millennials to influence the economy and the trajectory of the future.

For example, millennials are already shaping the (sharing) economy by placing dollars behind ride shares over car ownership. Of course, you don't need to inherit large sums of money to influence the financial and cultural activity of the economy. As the old adage goes, there is power in numbers. Many millennials are bringing their agile, adaptive, optimistic, resilient, creative, and well‐educated perspectives to the table, with digital wallet in hand. That said, they’re placing a premium on intangible assets, and spending with values in mind. As a result, corporations are pivoting, plus new businesses are coming online to accommodate these demands.48 The millennial generation is leading the way in reimaging and redefining wealth, through reimagining the value of values.

At this point, the genie is out of the bottle.

“Luck is what happens when preparation meets opportunity.”

—Seneca

Notes

  1. 1. Godbout, Ted. “Wealth Transfers to Hit $84 Trillion through 2045.” National Association of Plan Advisors, January 27, 2022. https://www.napa-net.org/news-info/daily-news/wealth-transfers-hit-84-trillion-through-2045.
  2. 2. “The Ultimate List of Millennial Characteristics.” Lucky Attitude, November 2, 2021. https://luckyattitude.co.uk/millennial-characteristics/.
  3. 3. Ibid.
  4. 4. Fry, Richard. “Millennials Overtake Baby Boomers as America's Largest Generation.” Pew Research Center, April 28, 2021. https://www.pewresearch.org/fact-tank/2020/04/28/millennials-overtake-baby-boomers-as-americas-largest-generation/.
  5. 5. Ibid.
  6. 6. Strickland, Jonathan, and Wesley Fenlon. “10 Cool Inventions from the 1980s.” HowStuffWorks, September 15, 2022. https://science.howstuffworks.com/innovation/inventions/5-cool-inventions-from-the-1980s.htm.
  7. 7. “Internet & World Wide Web.” Basu. Accessed October 3, 2022. https://basu.org.in/.
  8. 8. Wikipedia, s.v. “mobile phone.” Accessed October 3, 2022. https://en.wikipedia.org/wiki/Mobile_phone.
  9. 9. Joquita. “11 Things You Didn't Know That Were Invented in the 1980s.” 80s baby. Accessed October 3, 2022. https://www.80sbaby.org/blog-11-things-you-didnt-know-that-were-invented-in-the-1980s/.
  10. 10. Brown, Jen. “The 10 Most Influential '90s Technology Innovations.” Retropond, April 2, 2021. https://retropond.com/10-most-influential-90s-technology-innovations/.
  11. 11. Leadem, Rose. “10 Inventions That Prove the Best Things Were Born in the 90s.” Chron., May 10, 2021. https://www.chron.com/business/article/10-inventions-that-prove-the-best-things-were-16163596.php.
  12. 12. Ibid.
  13. 13. “How We Started and Where We Are Today.” Google. Accessed October 3, 2022. https://about.google/our-story/.
  14. 14. Wikipedia, s.v. “Google search.” Accessed October 3, 2022. https://en.wikipedia.org/wiki/Google_Search.
  15. 15. Graf, Nikki. “Today's Young Workers Are More Likely Than Ever to Have a Bachelor's Degree.” Pew Research Center, July 27, 2020. https://www.pewresearch.org/fact-tank/2017/05/16/todays-young-workers-are-more-likely-than-ever-to-have-a-bachelors-degree/.
  16. 16. The Investopedia Team. “2008 Recession: What the Great Recession Was and What Caused It.” Investopedia, May 26, 2022. https://www.investopedia.com/terms/g/great-recession.asp.
  17. 17. Wikipedia, s.v. “History of Federal Open Market Committee actions.” Accessed October 3, 2022. https://en.wikipedia.org/wiki/History_of_Federal_Open_Market_Committee_actions.
  18. 18. The Investopedia Team. “2008 Recession.”
  19. 19. Chen, James. “What Is the Prime Rate?” Investopedia, September 25, 2022. https://www.investopedia.com/terms/p/primerate.asp.
  20. 20. Ibid.
  21. 21. “Mortgage Debt Outstanding, All Holders (Discontinued).” FRED, December 12, 2019. https://fred.stlouisfed.org/series/MDOAH.
  22. 22. The Investopedia Team. “What Role Did Securitization Play in the Global Financial Crisis?” Investopedia, August 27, 2021. https://www.investopedia.com/ask/answers/041515/what-role-did-securitization-play-us-subprime-mortgage-crisis.asp.
  23. 23. Holmes, Steven A. “Fannie Mae Eases Credit to Aid Mortgage Lending.” New York Times, September 30, 1999. https://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html?sec=&spon=&pagewanted=all.
  24. 24. Kagan, Julia. “Mortgage‐Backed Securities (MBS) Definition: Types of Investment.” Investopedia, October 28, 2021. https://www.investopedia.com/terms/m/mbs.asp.
  25. 25. Wikipedia, s.v. “Causes of the 2000s United States Housing Bubble.” Accessed October 3, 2022. https://en.wikipedia.org/wiki/Causes_of_the_2000s_United_States_housing_bubble.
  26. 26. Timiraos, Nick. “Holding Rates Steady, Fed Plays down Worries on Low Inflation.” Wall Street Journal, May 1, 2019. https://www.wsj.com/articles/fed-holds-rates-steady-says-spending-inflation-have-slowed-11556733726.
  27. 27. “S&P 500 Index ‐ 90 Year Historical Chart.” MacroTrends. Accessed October 3, 2022. https://www.macrotrends.net/2324/sp-500-historical-chart-data.
  28. 28. “Dow Jones ‐ DJIA ‐ 100 Year Historical Chart.” MacroTrends. Accessed October 3, 2022. https://www.macrotrends.net/1319/dow-jones-100-year-historical-chart.
  29. 29. “S&P/Case‐Shiller U.S. National Home Price Index.” FRED, September 27, 2022. https://fred.stlouisfed.org/series/CSUSHPINSA.
  30. 30. “U.S. Unemployment Rate 1991–2022.” MacroTrends. Accessed October 3, 2022. https://www.macrotrends.net/countries/USA/united-states/unemployment-rate.
  31. 31. Weinberg, John. “The Great Recession and Its Aftermath.” Federal Reserve History, November 22, 2013. https://www.federalreservehistory.org/essays/great-recession-and-its-aftermath.
  32. 32. Ibid.
  33. 33. “10 Years Later: The Lehman Brothers Administration – Reflections and Ongoing Impact: Thought Leadership.” Linklaters. Accessed October 3, 2022. https://www.linklaters.com/en-us/insights/thought-leadership/lehman-10-years/10-years-later---the-lehman-brothers-administration.
  34. 34. Lioudis, Nick. “The Collapse of Lehman Brothers: A Case Study.” Investopedia, January 30, 2021. https://www.investopedia.com/articles/economics/09/lehman-brothers-collapse.asp.
  35. 35. “Timeline: Key Dates in the History of the Personal Computer.” Reuters, January 6, 2009. https://www.reuters.com/article/us-laptop-sb/timeline-key-dates-in-the-history-of-the-personal-computer-idUKTRE50601V20090107.
  36. 36. Rich, Robert. “The Great Recession.” Federal Reserve History, November 22, 2013. https://www.federalreservehistory.org/essays/great-recession-of-200709.
  37. 37. “All Employees, Total Nonfarm.” FRED, September 2, 2022. https://fred.stlouisfed.org/series/PAYEMS.
  38. 38. Underwood, Angela. “30 Toys That Defined the '80s.” Stacker, November 24, 2021. https://stacker.com/stories/3671/30-toys-defined-80s.
  39. 39. Barroso, Amanda, Kim Parker, and Jesse Bennett. “As Millennials Near 40, They're Approaching Family Life Differently Than Previous Generations.” Pew Research Center's Social & Demographic Trends Project, May 27, 2020. https://www.pewresearch.org/social-trends/2020/05/27/as-millennials-near-40-theyre-approaching-family-life-differently-than-previous-generations/.
  40. 40. Cachero, Paulina, and Ella Ceron. “Why Aren't Millennials Buying Home? 4 Charts Explain.” Bloomberg, March 23, 2022. https://www.bloomberg.com/news/articles/2022-03-23/why-aren-t-millennials-buying-home-4-charts-explain.
  41. 41. Barroso, Parker, and Bennett, “As Millennials Near 40.”.
  42. 42. Rockeman, Olivia, and Catarina Saraiva. “Millennials Age 40 with No Home, More Debt Run out of Time to Build Wealth.” Bloomberg, June 3, 2021.
  43. 43. “The Deloitte Global 2022 Gen Z and Millennial Survey.” Deloitte. Accessed October 4, 2022.
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