[Darkman]

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!



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?

[porca misèria]

Darkman, on Jul 4 2009, 01:38 AM, said:

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.

[Executive Sadman]

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.

[out2lunch]

Holiday cruises = big business today. And they are building another big ship in anticipation for increased demand.

[Mikhail Liebenstein]

DrBubb, on Jul 4 2009, 03:17 AM, said:

<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.

[cashinmattress]

It's the whole war of speculators against savers meme which Max Keiser speaks of.

Those with the big holdings make the calls. It's all about collecting interest....you know, the moral hazard of usury.

[crouch]

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?
[/quote]


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!

[Si1]

DrBubb, on Jul 4 2009, 08:46 AM, said:

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'

[Si1]

crouch, on Jul 4 2009, 08:51 AM, said:

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

[Crashman Begins]

Steal from the young & give to the old.

But not any more


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

[Si1]

Crashman Begins, on Jul 4 2009, 09:02 AM, said:

Steal from the young & give to the old.

But not any more


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

[sleeping dog]

crouch, on Jul 4 2009, 08:51 AM, said:

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.

DrBubb, on Jul 4 2009, 03:17 AM, said:

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.

[Si1]

Khayl, on Jul 4 2009, 09:08 AM, said:

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.

This post has been edited by Si1: 04 July 2009 - 08:15 AM

[Mikhail Liebenstein]

Si1, on Jul 4 2009, 09:14 AM, said:

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.

[robbingXpat]

Darkman, on Jul 4 2009, 01:38 AM, said:

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!



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