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"over 55's Lead Life Of The Young"..... And Enjoy A Nice Home!


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HOLA441

Article in todays Mirror. Have a read. I scanned it in so the least you could do is click. I even circled the pertinent point in red!

nicehome.jpg

The article pushes the idea that todays over 55's are having a far better time than the young, including the ownership of a nice home.

Need I say more?

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HOLA442
The article pushes the idea that todays over 55's are having a far better time than the young, including the ownership of a nice home.

Like any stereotype, it's true for some but not all.

It should just have said property-owners who bought EITHER not less than 10 years ago OR with big subsidies from family or taxpayer (right-to-buy or similar).

Or to put it even more simply and accurately, rich people. In an economy where hard work and earning has been marginalised and devalued.

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HOLA443

The two are not unconnected. The vampiric baby boomer generation has bled this country dry. Not content with that, they hence intend to bleed every future generation of oppurtunity too. Bear this in mind everytime you see one whinging about theyre second home in spain, or the cost of filling up the jag and so on.

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HOLA444
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HOLA445
<SNIP>

I'm sorry, but that is totally ridiculous!

They have BORROWED the money, not "sucked (the young) dry".

If you are intelligent, you can see what the game is.

It is a WAITING GAME. The boomers will have to sell the assets, to fund their retirements.

There are a smaller number of buyers.

What should you do. Need I say more?

Not the point. This is about the value of essential assets, ie housing and shelter. By creating a system that allowed reckless borrowing, everyone who didn't or doesn't already own a home is forced into in reckless borrowing. And without the type of inflation in the 1970s, those debts never shrink.

Again its the boomer generation that have rigged this. Past generations of retirees were robbed of their efforts by inflation, as the wages of workers shot past their pensions. This isn't happening now, and in fact the young are probably seeing lower wages than the pension of most boomers. Of course this isn't sustainable, but the boomers will squeeze the pips until power moves to the next generation.

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HOLA446
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HOLA447

The article pushes the idea that todays over 55's are having a far better time than the young, including the ownership of a nice home.

Need I say more?

Yes, another baby boomer bashing thread except what the article is actually about is not the favourable position of the elderly but deep rooted prejudice against them. With all the bile that is inevitable on this sort of thread I'm tempted to think that a lot of young people want it now, which is what I wanted when I was their age but, like them, was unable to have it. In thirty years time there will be forums like this in which the youngsters will be moaning about you!

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HOLA448
And so it will be again - Inflation isnt dead.

Cant you see where this is going?

Debt and borrowing temporarily accommodated the dreams of the boomers. But now that the time is coming where someone will have to pay a large cash deposit, and accept the cash flow burden of a big mortgage to cystalise those dreams in a nice fat sale to keep the pension going, the drema is going to go BUST.

Of course, some are foolish enough to pay up, and allow some early boomers to escape the trap. But I think many can see the game for what it is - A Game that is won through WAITING.

Grit your teeth, sooth your biological clock, and play the game to win !

well said that man.

boomers have a major psychological weakness - they can barely remember a time when wealth DIDN'T randomly fall into their lap - a former (boomer) boss of mine said, when I suggested hard times could be ahead 'no - there'll just be another scam to make money, BT privatisation, demutualised building societies, house prices, money will come from somewhere'

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HOLA449
The article pushes the idea that todays over 55's are having a far better time than the young, including the ownership of a nice home.

Need I say more?

Yes, another baby boomer bashing thread except what the article is actually about is not the favourable position of the elderly but deep rooted prejudice against them. With all the bile that is inevitable on this sort of thread I'm tempted to think that a lot of young people want it now, which is what I wanted when I was their age but, like them, was unable to have it. In thirty years time there will be forums like this in which the youngsters will be moaning about you!

this isn't about the elderly you nitwit

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HOLA4410
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HOLA4411
Steal from the young & give to the old.

But not any more :P

No bachelour pads for most under 30's... I always wanted one :(

incorrect - you can rent one at subsidised rates from a stupid boomer trying to invest for their retirement

I know I did

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HOLA4412
The article pushes the idea that todays over 55's are having a far better time than the young, including the ownership of a nice home.

Need I say more?

Yes, another baby boomer bashing thread except what the article is actually about is not the favourable position of the elderly but deep rooted prejudice against them. With all the bile that is inevitable on this sort of thread I'm tempted to think that a lot of young people want it now, which is what I wanted when I was their age but, like them, was unable to have it. In thirty years time there will be forums like this in which the youngsters will be moaning about you!

Rubbish!

The young "want it now"! I've been waiting for over ten years for this thing to break! And you're impying that we're impatient!

Also, there are many more boomers than any other generation. That's why they're called boom-ers! The younger ones are facing a much more extreme version of the older generation clinging on to all the wealth.

How long will it last, do you reckon?

They will have to sell their homes to the now-young at some stage.

What price do you think they will get?

I'm sorry, but that is totally ridiculous!

They have BORROWED the money, not "sucked (the young) dry".

If you are intelligent, you can see what the game is.

It is a WAITING GAME. The boomers will have to sell the assets, to fund their retirements.

There are a smaller number of buyers.

What should you do. Need I say more?

You're right, but, what if the money they borrowed is lent by banks that the taxpayers have to bailout? Gordon Brown has just written a massive blank cheque with future generations of taxpayer money.

So the bailouts aren't just bailing out the banks, they're bailing out the boomers, paid for by the younger generations.

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HOLA4413
Rubbish!

The young "want it now"! I've been waiting for over ten years for this thing to break! And you're impying that we're impatient!

Also, there are many more boomers than any other generation. That's why they're called boom-ers! The younger ones are facing a much more extreme version of the older generation clinging on to all the wealth.

You're right, but, what if the money they borrowed is lent by banks that the taxpayers have to bailout? Gordon Brown has just written a massive blank cheque with future generations of taxpayer money.

So the bailouts aren't just bailing out the banks, they're bailing out the boomers, paid for by the younger generations.

labour party does not understand economics

(1) majopr reductions in income (ie thru tax) result in the main on reduced asset values - this is hitting the boomers most directly since they have so much stuff, often leveraged (incredibly stupid), so they will bear the brunt anyway right now. Put it another way, I rent my home, and if everyone is poorer then rent falls across the board, so I have less income, but my liquid outgoings also fall by a similar degree. However, the underlying value of the house falls by the same degree - the owner takes a bath in capital terms, a big one. Short term pain of reposession etc is exchanged for a long drawn out financial death of the aforesaid leveraged property or business speculator. Ha ha.

(2) long term commitments to various boomers in the form of pensions etc will be watered down by excess inflation above the index over a decade or two.

(3) bad thing is, high inflation and taxes will make growth moribund for the next decade at least. This will hit us all, but beyond that we CAN useful plan for retirement and a decent future for our own children. Provoding you don't have a big mortgage, and manage to stay employed most of the time, you should do alright out of it.

Edited by Si1
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HOLA4414
labour party does not understand economics

(1) majopr reductions in income (ie thru tax) result in the main on reduced asset values - this is hitting the boomers most directly since they have so much stuff, often leveraged (incredibly stupid), so they will bear the brunt anyway right now. Put it another way, I rent my home, and if everyone is poorer then rent falls across the board, so I have less income, but my liquid outgoings also fall by a similar degree. However, the underlying value of the house falls by the same degree - the owner takes a bath in capital terms, a big one. Short term pain of reposession etc is exchanged for a long drawn out financial death of the aforesaid leveraged property or business speculator. Ha ha.

(2) long term commitments to various boomers in the form of pensions etc will be watered down by excess inflation above the index over a decade or two.

(3) bad thing is, high inflation and taxes will make growth moribund for the next decade at least. This will hit us all, but beyond that we CAN useful plan for retirement and a decent future for our own children. Provoding you don't have a big mortgage, and manage to stay employed most of the time, you should do alright out of it.

Well, fingers crossed for the stuff in bold.

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HOLA4415
Article in todays Mirror. Have a read. I scanned it in so the least you could do is click. I even circled the pertinent point in red!

nicehome.jpg

The article pushes the idea that todays over 55's are having a far better time than the young, including the ownership of a nice home.

Need I say more?

MORE BOOMER BASHING

how come the BBC news this morning saying that pensioner bankruptcies gone up 160% in 4 years.

So the young are full of envy, and the old are full of debt.

So the older generation who only ever earnt the average wage are to be blamed for our problems, what rubbish.

The blame lies with stupid bankers, building societies, estate agents etc. who benefited by rising house values.

Problem is we will all be in trouble for the next 10 years, due to the gread of young and old, believing they found a money tree.

Easy credit was a big problem to many with no willpower to refuse such tempting offers, fantasy world as it was.

We found it easy to refuse everything, live on an average income, and will continue to do so.

It's much to easy to generalise, good and bad in young and old, surely!!

RiG

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HOLA4416
well said that man.

boomers have a major psychological weakness - they can barely remember a time when wealth DIDN'T randomly fall into their lap - a former (boomer) boss of mine said, when I suggested hard times could be ahead 'no - there'll just be another scam to make money, BT privatisation, demutualised building societies, house prices, money will come from somewhere'

Whose fault is it if they are born into a generation that experiences above average growth or into one that struggles in the early years? I suppose that at 50 I am probably classed as one of the hated "boomer generation" but only ever had an average or less than average salary. From 1992 when I bought my first house in a cr"p area (rough in Slough) to 1997 I was always close to going under due to the mortgage and a car loan.

Agreed some boomers have had it easy from the start with large inheritances or gifts from rich parents but not all of us had it that way. There have been some good growth years along the way for equities and property and they maybe not around again for some years to come but eventually it will return.

I can say honestly that wealth never fell into my lap apart from the HP inflation, never had free shares from mutuals or privatisation shares off of BT etc. To make a change in my life I took a second job and invested the wages into risky shares and spread betting, really just a gamble that paid off.

Maybe a larger proportion of boomers than you think have had a hard time over at least some of their years, many of my friends around the same age are still renting a room in a shared house and will also be working till they drop. Some after getting made redundant in their later years are finding themselves locked out of any job.

But after all, whenever your struggles happen in life there will always be someone harder off than you with absolutely no hope of life getting better (parts of Asia and Africa come to mind) :unsure:

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HOLA4417

I cast my mind back when I purchased my first property, I had to buy it for 3 times what they had bought it for only a few years previously, during that time house price increases went up relative to income and inflation, a deposit was mandatory.

What has happened since 1997 onwards to create this unnatural and man made bubble and the debt created to do this has decimated a healthy thriving economy...we will all have to pay for it one way or another, there will be no winners. ;)

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HOLA4418
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HOLA4419

Not another of these pathetic "old people stole my home" threads.

House prices are cyclical. Just like business cycles. Like it or not - that's life. We've now got a bust, prices have fallen 1/4 and are still falling and so it is an opportunity in due course to buy and those with homes are now losing capital they thought they had - FAST.

So why would anyone think that someone who has WORKED for over 30 years shouldn't be able to have a nice home?

It's not rocket science - you save up a deposit and you buy at the bottom of the cycle. If you're unlucky enough to want to buy near the top of a cycle - YOU WAIT.

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HOLA4420
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HOLA4421
The two are not unconnected. The vampiric baby boomer generation has bled this country dry. Not content with that, they hence intend to bleed every future generation of oppurtunity too. Bear this in mind everytime you see one whinging about theyre second home in spain, or the cost of filling up the jag and so on.

Except that you are so far off track (like this thread and the newspaper article) The UK did not have the massive BBoom population explosion that the US did back in the late 40's through to the 60's due to the never ending poverty we suffered for a solid 20 years following WW2. We had a small blip at the end of WW2. The UK's actual boom in population is now aged around 42 years old and if you do your reasearch you will find out that this age group had in fact the best in everything, free education at all levels, the best jobs in history with the highest pay levels achieved at much younger age groups than previous generations etc etc. they also are much more heavily in BTL than the so called baby boomers were at a similar age and had the massive advantage of having the cheapest property since the war (re wages etc) during the .early 90's. You also have to take into account that older people have always held the lead with asset ownership, which is what happens if you save up for long enough or get lucky with inherritance.

Whose fault is it if they are born into a generation that experiences above average growth or into one that struggles in the early years? I suppose that at 50 I am probably classed as one of the hated "boomer generation" but only ever had an average or less than average salary. From 1992 when I bought my first house in a cr"p area (rough in Slough) to 1997 I was always close to going under due to the mortgage and a car loan.

Agreed some boomers have had it easy from the start with large inheritances or gifts from rich parents but not all of us had it that way. There have been some good growth years along the way for equities and property and they maybe not around again for some years to come but eventually it will return.

I can say honestly that wealth never fell into my lap apart from the HP inflation, never had free shares from mutuals or privatisation shares off of BT etc. To make a change in my life I took a second job and invested the wages into risky shares and spread betting, really just a gamble that paid off.

Maybe a larger proportion of boomers than you think have had a hard time over at least some of their years, many of my friends around the same age are still renting a room in a shared house and will also be working till they drop. Some after getting made redundant in their later years are finding themselves locked out of any job.

But after all, whenever your struggles happen in life there will always be someone harder off than you with absolutely no hope of life getting better (parts of Asia and Africa come to mind) :unsure:

I agree, what goes on show for the rest to see as usual is the well picked examples which like a show-trial is to make a point without regard to the many other factors that should be bought into play. Little is mentioned of the rolling recessions that affected many of us from the mid 70's right through to the mid 90's, all of which affected myself, family and many friends directly with redundancy and repossession of property etc etc.

The comming recession may well set up todays 25- 35 year olds with the opportunities of a lifetime just like previous recessions gave a lucky few the opportunity to hoover up assets after others lost out.

I say 'comming recession' on account of the fact that we have nowhere near aproached the depth of any of the previous recessions that I can remember (yet, that is)

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HOLA4422
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HOLA4423
Except that you are so far off track (like this thread and the newspaper article) The UK did not have the massive BBoom population explosion that the US did back in the late 40's through to the 60's due to the never ending poverty we suffered for a solid 20 years following WW2. We had a small blip at the end of WW2. The UK's actual boom in population is now aged around 42 years old and if you do your reasearch you will find out that this age group had in fact the best in everything, free education at all levels, the best jobs in history with the highest pay levels achieved at much younger age groups than previous generations etc etc. they also are much more heavily in BTL than the so called baby boomers were at a similar age and had the massive advantage of having the cheapest property since the war (re wages etc) during the .early 90's. You also have to take into account that older people have always held the lead with asset ownership, which is what happens if you save up for long enough or get lucky with inherritance.

indeed, the age pyramid for uk shows a medium boom currently in their late 50s and a much bigger one currently in their mid 40s

UK.gif

(2001 census diagram)

Edited by Si1
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HOLA4424
Maybe a larger proportion of boomers than you think have had a hard time over at least some of their years, many of my friends around the same age are still renting a room in a shared house and will also be working till they drop. Some after getting made redundant in their later years are finding themselves locked out of any job.

true, it's not so black and white. I suspect some of this relates to the LAST house price crash...?

But after all, whenever your struggles happen in life there will always be someone harder off than you with absolutely no hope of life getting better (parts of Asia and Africa come to mind) :unsure:

broadly incorrect, living standards in Africa and especially Asia are taking leaps and bounds as their economies gradually improve, and they still have a culture of physically helping their elderly within the family, instead of expensive state borrowing to sustain them. having said that, yes we are wealthier than them so should be reasonably grateful. no excuse for squandering so much of it the way the powers that be have tho.

Edited by Si1
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HOLA4425
How long will it last, do you reckon?

They will have to sell their homes to the now-young at some stage.

What price do you think they will get?

I'm sorry, but that is totally ridiculous!

They have BORROWED the money, not "sucked (the young) dry".

If you are intelligent, you can see what the game is.

It is a WAITING GAME. The boomers will have to sell the assets, to fund their retirements.

There are a smaller number of buyers.

What should you do. Need I say more?

there may end up being a glut of family 3/4 bed homes on the market as the boomers try to downsize and live from the proceeds. Will that cause a spike in prices for smaller homes as not only ftb's but boomers will be competing? will ftb's lose out again to boomers who have the cash to buy?

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