I don't want to offend the members of the Boomer Generation, but that is where the problems started. If you are old enough to remember, in the 60s they were called the "Me Generation" with the attitude screw you - I'm OK.
Up to that point, the world economy was based on production. The man making shovels used his revenue to pay his workers and his suppliers. The profit went into the local bank and earned a nominal interest rate. When the shovel handle supplier wanted to increase production, he went to the bank and borrowed the money at a somewhat higher rate than was being paid to the the shovel man. Everybody was happy.
As the companies grew, they went public, selling shares to people who held them until death, spending the dividends and watching the value Of the stock increase.
The Boomers, better educated than any previous generation, looked for ways to become rich without all that work and time. Suddenly, introduced into the system were several new levels of profit taking without contributing anything to production. Investment banks, hedge funds, day traders ad nauseum were all taking billions of dollars out of the economy without adding to the GNP. Every dollar they earned increased the cost of goods without adding anything to them. Now nobody is happy.
Did you ever expect to see public companies, on bended knee, asking for government bailout and their union boss saying :We are willing to let you stop paying us for not working".
The only bright light in this story is that the majority of the boomers, nearing retirement, are watching their retirement go down the tubes with the stock market and housing price drop. They thought the good times would never end..