Friday, May 04, 2007
Politics of Envy [part 2]
Telegraph: Over-50s hold 3/4 of nation's wealth
The widening economic gap between young people and their elders was highlighted by a report yesterday showing that the over-50s have three quarters of the nation's wealth.
Posted by nearly30 @ 09:03 AM (133 views) Add Comment
10 Comments
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1. nearly30 said...
Sorry - love posting these articles [see title].
2. Scott said...
Who cares?
3. dohousescrashinthewoods said...
We'll soon see that change in the crash, with pensioners out on the streets because they can't sell their houses for diddly squat and certainly not enough to pay for nursing omes, whose prices are rising with rampant inflation. Meanwhile, 13 year olds will be snapping up blocks of empty flats with their spare pocket money as an inflation hedge.
(maybe I should stop taking those funny pills..)
4. rich said...
I can imagine the headlines tomorrow...
"Land-owning demographic in asset price benefit shocker"
Come on guys. This isn't news.
5. confused76 said...
i am afraid the crash will not benefit us, the economy will sink. but it will hurt more those who are heavy indebited
i feel sorry about the average 50 year old joe who will suffer, but growing signs of the bubble are everywhere and stupidity and ignorance are not excuses
6. disciple said...
Back in 1975 the USA government changed the pension laws. Whereas before pensioners wouldnt have to worry about their pensions because it was the duty of their bosses to take care of them, they now had to do it them selves.
This means that they started to place their money into stocks and shares. Since this generationis by far the biggest group out of all others, afterall they are the baby boomers! So they put in the most amount of money in.
At that time, 1975, people started to predict that between 2010 - 2015 there would be a stock crash. This would happen because of the baby boomer generation selling their stocks at the same time. Afterall its their pension and they are retireing. This is the real pension crises! All because a law was changed.
So if its not HPC then theres always something around the corner the kick our heads in.
7. nearly30 said...
rich - you're right this isn't news but media coverage can be a barometer of trends. And it is a major issue.
8. sold 2 rent 1 said...
disciple,
Sadly, the market would have already tanked before these pensioners get to sell.
The "perfect storm" phrase is often over-used but this time the storm is beyond comprehension.
9. indiablue19 said...
What wealth? Not the pensioners I know friends. Perhaps more accurately it should say "a very few rich people in their middle years, including bankers, oil company presidents, and foreigners who benefit from low big-business tax in the UK, have pocketed ALL of the wealth. And they made it putting the rest of us -- including the rest of us in our middle years -- in the poor house." Did you get a load of the new billionaires and millionaires figures last week?
10. indiablue19 said...
Dear disciple said......
Oh, so true. The companies had 401(k) plans, much of it invested in shares on our behalf. Check out the Wall Street crash of 1987 to see what happened to a large proportion of the money contributed by employees. The largest one-day crash in stock market history. Evaporated overnight. Tough luck to those who trusted them.
Now enjoying a slightly rephrased re-run in this "why don't all you supposedly RICH PENSIONERS die?" nightmare in the UK on behalf of my English spouse. Can't say how instructive all of this has been.