Inflation will clobber "entitled generation" of consumers, BlackRock president says

It's been at least 40 years since inflation was as high as it is today, and that means an entire generation of "entitled" consumers is about to learn some very rude lessons about life and money, according to BlackRock President Rob Kapito.

Kapito, who is also co-founder of BlackRock, the world's largest investor of other people's money, spoke this week at a conference of oil and gas producers in Austin, Texas.

"For the first time, this generation is going to go into a store and not be able to get what they want," Kapito said, according to Bloomberg News.