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Sudden, sharp increase in global risk aversion by baby boomers

The scale of the recent stock market sell offs is indicative of a sudden, sharp increase in global risk aversion by baby boomers and retirees in the US and around the world seeking to move out of risky assets at the same time.

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The Global Financial Crisis
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Immediate triggers of the financial crisis?
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Sudden evaporation of market confidence/trust
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Sudden, sharp increase in global risk aversion by baby boomers
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Comparatively few buyers in next generation
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Economists advise people to reduce risk as they age
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Early baby boomers will be hit particularly hard
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Natural financial dynamics of the baby boom generation
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Commercial paper market froze up suddenly
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No one knows the scale of any player's existing liabilities
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Risk that no one will want to lend anyone else money
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Banks' borrow-short-lend-long strategy backfired
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Inverse characteristics of trust and fear
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