“The Big Lie At The Core Of Pete Peterson’s Attack On The Baby Boomers”

William Black has an interesting commentary on a seminar being offered by Bank of America in conjunction with Kahn Academy to educate Millennials. Millennials took a big hit in financial fraud, The Great Recession, and are still taking that hit with a lack of jobs. As a result of the economic hard times brought on by The Great Recession, there is no love lost for financial firms and banks which are being ranked among the least favorable brands as measured by Viacom.

”Not only did banks make up four of their top 10 most hated brands; but, Millennials increasingly viewed these financial institutions as irrelevant.

An in-house unit of Viacom, Scratch did a three-year study finding that a third of Millennials believed they’ll be able to live a bank-free existence in the future. In the age of Simple, Square, and Bitcoin; Millennials (defined as those born between 1981 and 2000) overwhelmingly believed that the way they access money and pay for things will be completely different in five years.”

– 33% of Millennials say they will not need a bank.
– 53% of Millennials do not believe their bank offers anything different than other banks.
– 68% of Millennials say in 5 years, the way we access money will be different.
– 70% of Millennials say in 5 years, the way we pay for things will be different.
– 71% of Millennials would rather go to the dentist than listen to what their banks are saying

“The Millennials cohort is larger than the Baby Boomers and when it comes to wealth transfer they are expected to inherit more than $30 Trillion in the future. One thing that makes banks, financial advisors and brokerage firms very nervous is money changing hands because it usually doesn’t stay. A disconnect with Millennials puts financial brands at a great disadvantage and potentially missing the boat.”

According to William Black, “most of the $30 Trillion is coming directly or indirectly from Baby Boomers. In his never ending quest to privatize Social Security and make Wall Street even wealthier, Pete Peterson is sending groups to campuses trying to convince college students that their parents are the enemy, that austerity and privatization are their only means of staving off poverty,” and also gain access to the Middle and Upper classes.