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The Boomer Perspective on HPC


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I was talking to a boomer about house prices.

They said the following statements:
- Nobody is entitled to a house or to be homeowner
- Everyone on HPC can financially buy a house but is choosing not to buy one
- People  have unrealistic housing expectations
- Everyone has to take personal responsibility for their own circumstances

Agree/ disagree?

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Three of the four points have an excessive black and white commentary (Everybody, Nobody) and no grey area which, if this is a word for word recounting of what that person said, shows their lack of sophistication and understanding of a complicated situation.

I am not going to buy a house at a price that exceeds the 2008 GFC (where people couldn't afford really expensive houses). That is too risky. Their opinion is also but one out of ('officially') 67 million in this country, and I will treat it as such.

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- Everyone has to take personal responsibility for their own circumstances

Wish that were true. The state takes responsibilty for the price of housing, the solvency of banks and the price of credit.  The rest of us have to make financial decisions by predicting whether or not state will continue to act in an insane way.

Do you buy a house when interest rates are at zero percent and house prices are in a massive bubble? Is that taking responsibilty? Or do you wait decades for the state to stop forcing interest rates down and house prices up? To me it seems like borrowing piles of money that could not be paid back if interest rates return to a sensible level is not taking responsibilty. But I always seem to get this wrong.

I have no idea how much longer the state is going to continue to meddle in the markets. If they decide they've lowered standards of living enough they may stop this year. Or they may continue for decades. I have no say and no way to predict the behaviour of the insane. So how do I take personal responsibility?

 

 

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Oh, I forgot to add as this will hopefully (definitely I'm sure!) get back to the person in question.

This person no doubt has the misguided opinion that they worked hard for their house. If you look at the benefits this person has received due solely to their age, and the amount of work someone in their 20s or 30s has to put in to get the same level of benefits, the boomer only worked about c20% as hard as they would have to now.

S/He's basically a lazy fecker with all of the entitled gimme gimme gimme expectations of lifelong benefits claimant 😂

Edited by Huggy
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Oh, I forgot S/He's basically a lazy fecker with all of the entitled gimme gimme gimme expectations of lifelong benefits claimant 

Always worth reminding them that they’re the ‘Me generation’ which came from Tom Wolfe’s ‘Me Decade.’ I know it’s a generalising insult boomers like to throw at GenX/Millennials. The world would be a much better place without them.

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I think you’ve perfectly summed up the entire point of this site and the predicament we’ve all faced over the last two decades. 

I find it so strange that house prices aren't on the national agenda. Most people I've come across acknowledge the issue but years go by with no change.

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Wish that were true. The state takes responsibilty for the price of housing, the solvency of banks and the price of credit.  The rest of us have to make financial decisions by predicting whether or not state will continue to act in an insane way.

Do you buy a house when interest rates are at zero percent and house prices are in a massive bubble? Is that taking responsibilty? Or do you wait decades for the state to stop forcing interest rates down and house prices up? To me it seems like borrowing piles of money that could not be paid back if interest rates return to a sensible level is not taking responsibilty. But I always seem to get this wrong.

I have no idea how much longer the state is going to continue to meddle in the markets. If they decide they've lowered standards of living enough they may stop this year. Or they may continue for decades. I have no say and no way to predict the behaviour of the insane. So how do I take personal responsibility?

 

 

Agreed. I think many things which were basic have become finacialised and/ or turned into an exercise of taking on large debt. University education/ housing/ payday loans etc.

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I find it so strange that house prices aren't on the national agenda. Most people I've come across acknowledge the issue but years go by with no change.

We have a corrupt, broken ponzi scheme as an economy; all subsidised by the taxpayer. If the ‘market’ crashes, then so does the economy. We are now paying to keep a zombie economy going that’s making life increasingly difficult for us, just so people can keep raking in their unearned wealth. If Coronavirus and Brexit don’t cause some kind of drop in prices, then nothing will until the priced-out become the majority demographic (15-20 years?)

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Always worth reminding them that they’re the ‘Me generation’ which came from Tom Wolfe’s ‘Me Decade.’ I know it’s a generalising insult boomers like to throw at GenX/Millennials. The world would be a much better place without them.

Sometimes I like to confuse them by telling them that not everything is all about them.

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Agreed. I think many things which were basic have become finacialised and/ or turned into an exercise of taking on large debt. University education/ housing/ payday loans etc.

And yet things which were financialised for boomers have become basics - public transport, winter heating, monthly pension

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We have a corrupt, broken ponzi scheme as an economy; all subsidised by the taxpayer. If the ‘market’ crashes, then so does the economy. We are now paying to keep a zombie economy going that’s making life increasingly difficult for us, just so people can keep raking in their unearned wealth. If Coronavirus and Brexit don’t cause some kind of drop in prices, then nothing will until the priced-out become the majority demographic (15-20 years?)

Agreed. Are people too passive, distracted or is it linked to a lack of understanding about the economy?

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I was talking to a boomer about house prices.

They said the following statements:
- Nobody is entitled to a house or to be homeowner
- Everyone on HPC can financially buy a house but is choosing not to buy one
- People  have unrealistic housing expectations
- Everyone has to take personal responsibility for their own circumstances

Agree/ disagree?

I'll have to say, I agree with the boomer, I'm a millennial, earn your right to buy a house. Otherwise rent...

People on here are unrealistic, house prices are correct, your mindset is the problem. The longer you take to adjust, the more time lost.

Anyone here can buy a house, but either is to lazy and using HPI as an excuse or won't climb the ladder. Expecting a premium house in London.

Edited by Speed1987
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I was talking to a boomer about house prices.

They said the following statements:
- Nobody is entitled to a house or to be homeowner
- Everyone on HPC can financially buy a house but is choosing not to buy one
- People  have unrealistic housing expectations
- Everyone has to take personal responsibility for their own circumstances

Agree/ disagree?

I think is is something else, large numbers of people on HPC think property prices will do down big time, and they should have if not for government intervention, also to stop a banking crisis in the opinion of the power that be

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I think is is something else, large numbers of people on HPC think property prices will do down big time, and they should have if not for government intervention, also to stop a banking crisis in the opinion of the power that be

With true free market capitalism, yes that's realistic. To expect a crash now, with new capitalism. Where equality is protected during financial stress. It's not going to happen.

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With true free market capitalism, yes that's realistic. To expect a crash now, with new capitalism. Where equality is protected during financial stress. It's not going to happen.

I shudder to think how this is going to pan out, Covid 19 has changed everything, flats are crashing and house prices are not

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Agreed. Are people too passive, distracted or is it linked to a lack of understanding about the economy?

Short answer: All of the above. To understand how the economy works, how politics works, etc. is just too much for people to get their heads around. Nobody wants to feel that they’ve been duped by the very people they elected (and funded) to look after their best interests. The ‘nudge effect’ has been in full swing for decades, and people seem to willingly accept less for more. 

I have been buoyed recently by the amount of flak the government have been getting of late. Coronavirus and Brexit have shone a very bright light on our politicians, and long may it continue. At the same time though, I’ve rolled my eyes at the introduction of another Help to Buy scheme due to be rolled out next year. These pigs will stop at nothing to keep filling up the trough. Next election will be very interesting.

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