They don't care about boomers, it is the wealth of billionaires that they care about.

It kind of depends what we mean. If you're conservatively in the market, invested in the aggregate economy, diversified, and what not, yes, but if you're taking bets on a smaller number of companies you can just lose your money full on. Not every single company recovers from a recession.

That's why if you are a business, the risk of a recession is a real threat. Someone will recapture your market once the recession is over, but will you?

That also means people will lose their jobs, price of goods will rise, the pressure to need to dip into one's savings will increase, forcing many people into cashing out at the worse possible time. If you are someone with that risk, as an individual, a recession is a real threat as well, and you might want to reduce your market exposure beforehand.