Thursday, Oct 23, 2008
Shackles after the crash
London Evening Standard: The iPod generation has the most to lose in a global recession
"... I cannot overemphasise how much trouble responsible young people may be in. The property bubble was a transfer of wealth between the generations. Pensioners who took a windfall profit sold on to young or youngish couples who saddled themselves with enormous loans. The mortgages did not look extravagant when the property market was roaring ahead and they could dream of selling on, too. After the crash, their debts have turned from investments into shackles."
Posted by doomwatch @ 01:18 PM (454 views) Add Comment
6 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. mark said...
that reminds me i need to get a newer ipod as it looks nicer than my current ipod nano.
2. mrmickey said...
My grandparents lived through the first & second world wars & my parents lived through the second world war. The generations born since the second world war have had it pretty easy in comparison, maybe our luck has just run out.
3. malct said...
mrmickeypoint well made, but those of us born since the second world war have experienced a different kind of warfare.
Some regard the massive military industrial build up as an equivolent economic drain and called it World War three.
This is backed up by a text known as Silent Weapons for a Quiet War which has many similarities to previous fairy tales like the protoco - - -. Ouch!
There is also the social engineering covered by the BBC in 'Century of Self' Ouch!
4. hash browne said...
Damn right. The babyboomers have had the biggest party in history, got absolutely leathered, had truck loads of sex, drugs, rock n roll, got pregnant, had loads of babies then left the party in time for their kids to clean up the mess. All this and still managed to avoid a hangover.
As children tend to do, my generation have seen what a good time their parents have had and tried to copy them. Problem is we can't avoid the hangover. And there's no painkillers left in the cupboard because our parents used them all.
Fortunately for me, the club was full when I went so I couldn't get in.
5. sceneclub68 said...
"I cannot overemphasise how much trouble responsible young people may be in."
What's responsible about getting massively indebted?
Perhaps he doesn't mean 'prudent and sensible young people' but rather 'young people who will answer for their bad decisions and carry the can'. Which they will. Won't they? State-funded bail-out, anyone?
6. doomwatch said...
sceneclub68 : I tihnk he was been sarcastic using the term "responsible young"