Yet another asset crash would annihilate whatever assets millennials have happened to acquire. This would leave the millennial generation largely asset free as they enter their 40s except for inheritance.
If your a millennial who managed to get through the lottery and have assets, then you are likely heavy in housing and stocks. If assets crash, these individuals will lose out - but ultimately be at the same point as their peers who never accumulated assets.
It will add yet another economic catastrophe to the list, as people generally form businesses in their 40s and 50s we likely wont see much in the way of SMB formation.
That doesn't stop social media from flagging a "millennial crisis".
Anyone younger and buying now would be up against it. I think housing affordability is one of the biggest issues we have.