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Gen X And Gen Y: The Boomers Stole your Wealth


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2014 Jun 22, 5:05pm   15,064 views  38 comments

by Indiana Jones   ➕follow (0)   💰tip   ignore  

"That’s right, the Boomers, in allegiance with the financial elite, engineered a transfer of all other generations’ income to themselves. This, plus being born in an expanding demographic, was the totality of their investing genius.

Why should anyone protest this observation? What do you think the decades-old phrase “the national debt has enslaved our children” means? It means that the Boomers, who were in power at that time, took all the wealth of the nation for themselves and left their children with the bill.

http://www.oftwominds.com/blogmay13/genX5-13.html

Article from 2013. Really gives a clear picture of the transfer of wealth from gen x and y to the boomers.

Comments 1 - 38 of 38        Search these comments

1   Ceffer   2014 Jun 22, 5:34pm  

Kill the Boomers! Kill them All!

2   carrieon   2014 Jun 22, 7:48pm  

Of two minds is a fantastic site! Thank you for sharing.

3   dublin hillz   2014 Jun 23, 1:51am  

MOB on them geezers, MOB wigga...

4   Indiana Jones   2014 Jun 23, 2:44am  

The Professor says

Indiana Jones says

"That’s right, the Boomers, in allegiance with the financial elite, engineered a transfer of all other generations’ income to themselves.

I, a boomer, never stole anyone's income.

Age war. The oligarchs love it when we fight amongst our selves while letting them get away with robbery, burglary, and murder.

It says "in allegiance with the financial elites". What did the Boomers do to stop the theft of wealth? Nothing. Along with the oligarchs, the Boomers are complicit due to their narcissism and greed. Take some responsibility!

The thing is, the boomers will continue this until they die or until there just isn't anyone left to fleece. They have no idea how unattractive it is to any non-boomers when they glory in their own selfishness and greed.

5   Ceffer   2014 Jun 23, 3:03am  

No gratitude at all for all the golfing cart mechanic jobs in the classified, and the assembly line jobs in the adult diaper factories.

6   Tenpoundbass   2014 Jun 23, 3:06am  

he he he, well go kick their asses, the youngsters are all of 71 you can take him.

In the old days, folks that bashed the elderly were Creeps, now it's just Cute.

7   Ceffer   2014 Jun 23, 3:11am  

We need gladiator pits, where Boomers can place bets as the Mill's and Gen XYer's fight to the death for the scraps from the Boomers' tables.

Since the US of A is going completely back to third world roiling, reproducing masses in scum buckets anyway, may as well have some fun.

8   Indiana Jones   2014 Jun 23, 3:12am  

CaptainShuddup says

he he he, well go kick their asses, the youngsters are all of 71 you can take him.

In the old days, folks that bashed the elderly were Creeps, now it's just Cute.

In the old days, the "elderly" didn't screw over their descendants first.

9   Tenpoundbass   2014 Jun 23, 3:20am  

Indiana Jones says

In the old days, the "elderly" didn't screw over their descendants first.

I'd like to see you tell my Mom not only that but your whole position on why you think all of YOUR Problems are HER fault.
You should be one of those Retirement home touring politicians, but instead of kissing their asses on poker night/Clark Stanley plays the oldies night, you can chastise and condemn them on Shabbat.

10   Indiana Jones   2014 Jun 23, 4:25am  

Hmmm...how many Boomers are actually going to read the article?

I say not very many, since they do not want to be confronted with the truth they can not, will not, see.

11   mmmarvel   2014 Jun 23, 5:09am  

Indiana Jones says

confronted with the truth

The truth!!!! You can't handle the truth Indiana Jones, you can't handle the truth!

12   Dan8267   2014 Jun 23, 6:16am  

APOCALYPSEFUCKisShostikovitch says

Boomers pillage until there's NO ONE LEFT TO RAPE!

There are always corpses.

13   Dan8267   2014 Jun 23, 6:19am  

Indiana Jones says

In the old days, the "elderly" didn't screw over their descendants first.

Of course, the Boomers don't want to screw their children and grandchildren. They want to screw everyone else's children and grandchildren. Of course, that's the Tragedy of the Commons, and the result is that everyone's kids and grandkids get screwed.

The Millennials will live with their Boomer parents (or their spouse's Boomer parents) until the parents die and leave the house and stock to the kids. In this way, nominal prices of houses and stocks will be maintained as real prices return to normal levels. Then everyone can pretend they had no loses even though everyone is poor. Meanwhile little real wealth will be generated as holding onto the nominal value of assets preoccupies everyone.

14   Shaman   2014 Jun 23, 6:42am  

I think with regard to housing prices (rent or buy), the boomers are collectively screwing over the next two or three generations. This is because they took advantage of low low real estate prices to buy up extra RE and are busy renting to "deadbeats"(other people's kids), protesting against new housing development that would "cause congestion and lower house prices," and trying to kick their own kids out of the house.
Yup, when it comes to housing, the boomers own that grinchy title. It's not illegal to hoard housing, but when you combine that with restriction of new supply, it sure does make for a high priced market!
The only sane thing to do is to be a capricious renter, doing your best to make the landlord business unprofitable.

15   marcus   2014 Jun 23, 7:53am  

Indiana Jones says

I say not very many, since they do not want to be confronted with the truth they can not, will not, see.

What truth ? You call your hateful imagination, that you couldn't back in the slightest, "the truth."

Indiana Jones says:

"DArrrrrrrrr me no think you deserve to have more than me. Daaassaaagherrr (drool), me no like that the economy was better for you during certain multi-year period, than it is for me so far, and me retarded, so me say it's you fault,...gaaahgh! IF you have better times than me, it means you stole from me. It not fair! And me mad!

All me know is, me hate my parents, and me like making stupid generalizing. Me say all people born between 1950 and 1964 are selfish evil people, unlike people near my age. WE all like angel and only think of giving to others. I know I sound VERY retarded. THat because I am."

16   marcus   2014 Jun 23, 8:03am  

Quigley says

protesting against new housing development

Probably over 90% of boomers that own their homes (note: many don't) don't have an opinion about limiting supply and never do anything to affect supply. Are they happy about the free equity they got for doing nothing ? Sure. But it's not their fault. IT's just what happened.

THere are many factors that contributed to this, mostly having to do with demographics (simply when you were born). There was no malice. No plan. No machiavellian conspiracy. Just chance.

Indiana Jones is like one of those guys in a poker game that yells at the dealer when he gets a bad beat. As if the dealer is an evil person to have done that to him.

17   Indiana Jones   2014 Jun 23, 8:20am  

I'm sorry, Marcus, I couldn't hear your screeching over the loud din of Boomers beating on their chest and shouting "Mine,... Mine,.. Mine!"

18   dublin hillz   2014 Jun 23, 9:18am  

I don't think we can blame any generation for the current circumstances but if I had to pick one person who set the gears in motion and implemented a culture that resulted in declining unions, off-shoring and many current americans college grads working as contractors with little job security and paltry benefits, it would be none others than Ronaldino. However, he is far away from a boomer as the subject was born on 2/6/1911 smack in the middle of the so called "greatest generation."

19   corntrollio   2014 Jun 23, 9:29am  

marcus says

Quigley says

protesting against new housing development

Probably over 90% of boomers that own their homes (note: many don't) don't have an opinion about limiting supply and never do anything to affect supply.

From observation, that doesn't seem to be true, at least in California. The most vocal NIMBYs in California are typically boomers and older, especially the rabid anti-development hippies. They're the types you'll see complaining about the potential increase in traffic caused by adding 40-50 more houses in a tiny development.

20   marcus   2014 Jun 23, 10:28am  

corntrollio says

marcus says

Quigley says

protesting against new housing development

Probably over 90% of boomers that own their homes (note: many don't) don't have an opinion about limiting supply and never do anything to affect supply.

From observation, that doesn't seem to be true, at least in California. The most vocal NIMBYs in California are typically boomers and older, especially the rabid anti-development hippies. They're the types you'll see complaining about the potential increase in traffic caused by adding 40-50 more houses in a tiny development.

That doesn't contradict me at all.

Even if all the people you here complaining about development are boomers, that doesnt make them anywhere near 10% of the boomers that own their home.

This isn't that complicated.

Look, it might also be true that most tea party idiot assholes are boomers. THat doesn't mean that most boomers are tea party assholes.

21   marcus   2014 Jun 23, 10:35am  

Indiana Jones says

I'm sorry, Marcus, I couldn't hear your screeching over the loud din of Boomers beating on their chest and shouting "Mine,... Mine,.. Mine!"

Compelling argument ? Or envy, you decide.

22   carrieon   2014 Jun 23, 11:26am  

GREAT WEEKEND:

A balding, white haired man walked into a jewelry store in a
local mall this past Friday evening with a beautiful much younger gal at his side.

He told the jeweler he was looking for a special ring for his girlfriend. The jeweler looked
through his stock and brought out a $5,000 ring. The man said, 'No, I'd like to see something more special.'

At that statement, the jeweler went to his special stock and brought another ring over.
'Here's a stunning ring at only $40,000' the jeweler said. The lady's eyes sparkled and
her whole body trembled with excitement.

The old man seeing this said, 'We'll take it.'

The jeweler asked how payment would be made and the man stated, 'By check.
I know you need to make sure my check is good, so I'll write it now and you can call the bank on Monday to verify the funds and I'll pick up the ring Monday afternoon.'

On Monday morning, the jeweler angrily phoned the old man and said, 'There was only $25 in your account.'

'I know', said the old man, 'But let me tell you about MY GREAT WEEKEND!'

REMEMBER... Not All Seniors Are Senile…

23   Indiana Jones   2014 Jun 23, 11:51am  

marcus says

Indiana Jones says

I'm sorry, Marcus, I couldn't hear your screeching over the loud din of Boomers beating on their chest and shouting "Mine,... Mine,.. Mine!"

Compelling argument ? Or envy, you decide.

Disappointment. Your generation was what us Gen Xers and Y's looked up to, in a way. The media followed your every move. What you did always seemed to matter! You almost never heard about any other generation-- before or after. You were free love, hippies, counter culture, yuppies, movers and shakers. The big Chill, 30 something; it was all about you! You were older, better, bigger-- you had the numbers to make a difference! And you were going to change the world!

Except you didn't. You didn't even come close. In fact, you took the "Me" generation way too far and went over the edge. Your self - centered ways have blinded your generation-- you can't even see what you've done to screw over upcoming generations!

This is a huge disappointment! Look at where the world is now! You went from 'trust no one over 30' to 'the one who dies with the most toys wins', on to 'greed is good', NIMBYism and now to blaming succeeding generations for the struggles they face in a whacked out system you helped create and sustain.

24   marcus   2014 Jun 23, 12:30pm  

Indiana Jones says

Except you didn't. You didn't even come close. In fact, you took the "Me" generation way too far and went over the edge. Your self - centered ways have blinded your generation-- you can't even see what you've done to screw over upcoming generations!

What I can't see is whether what we have done and not done, is attributable to human nature, or whether there is in fact something particularly bad about us, that is somehow connected to the time window in whcih we were born.

Is it that humans in certain given circumstances are narcissistic and self centered ?

Or it is that boomers are self centered and narcissistic ?

Is it that these particular humans, born into this time window seem to have not done right by the future world in so many ways ?

WOuld the same not have happened if your generation were in their place ? Arguably you would have done far worse, since you had selfish narcissistic boomers as parents. THey couldn't have done half as good a job of parenting as our parents did.

Is what bothers you human nature ?

OR is it boomer nature.

25   marcus   2014 Jun 23, 12:36pm  

Indiana Jones says

You went from 'trust no one over 30' to 'the one who dies with the most toys wins', on to 'greed is good

Just love the idiotic generalizations.

Should I generalize and assume everyone in your generalization is such a simpleton ? Don't worry, I won't. That's not how I roll.

Is it because I'm a boomer that I'm not that kind of simpleton ? I don't know the answer to that question. But I think not.

26   marcus   2014 Jun 23, 12:44pm  

Indiana Jones says

now to blaming succeeding generations for the struggles they face in a whacked out system you helped create and sustain.

You take being self absorbed to a whole new level. You assume things were so easy for boomers, because you look at a few and generalize.

If someone older tells you that your success is going to depend on you, and that you shouldn't blame others for how difficult life is, you get all "boohoo,.. boohoo, waaaaah."

THe degree to which you can not put yourself in the place of others in a realistic way, is truly amazing, considering that one of the things you want to claim is that boomers are so self involved.

It is true that you will have a very pathetic life if you can not change your world view.

MAybe you need to read this boomer classic:
http://www.amazon.com/Im-OK-Youre-OK-Thomas-Harris/dp/0060724277

Actually, I'm serious about that. You would benefit a lot from reading that book. I read it almost 40 years ago, and might read it again myself.

27   HEY YOU   2014 Jun 23, 2:16pm  

How many X&Ys vote & then,against their own interest?
All they have to do is text,post Selfies on social sites & buy the newest phone & they will become rich.

28   Indiana Jones   2014 Jun 23, 2:24pm  

You make a lot of personal assumptions about me, Marcus. Yet, what I notice is how you are taking this article quite personally. Think what you want of my so called "pathetic life". I don't actually care a hoot what you think you know about me. I post this so Gen Xers and Y's have an understanding of what happened, so they don't take all the blame onto themselves, which they tend to do.

I don't expect you to understand this.

29   mell   2014 Jun 23, 2:29pm  

HEY YOU says

All they have to do is text,post Selfies on social sites & buy the newest phone & they will become rich.

What an abomination, er, I mean obamanation!

30   futuresmc   2014 Jun 23, 4:17pm  

The Professor says

Age war. The oligarchs love it when we fight amongst our selves while letting them get away with robbery, burglary, and murder.

Precisely. This is what they want. They want the Xers and Millennials to demand reduction in Social Security and Medicare and other senior-targeted programs. Then, when those get passed, the Oligarchs can get new tax cuts for themselves. They want Boomers to see a zero sum game when it comes to education, healthcare subsidies and other spending that mostly benefits the younger generations, so that the money freed up from making society work for the majority of people can once again result in greater tax cuts for oligarchs. We've seen this before in the culture wars where the only winners were the oligarchs as they shifted to stingier formulas for calculating Social Security cost of living adjustments and making student loan debt non-dischargeable in bankruptcy. We can't fall for this BS again. There is no age war. There is only a class war and the oligarchs are winning.

31   lahossain   2014 Jun 23, 5:00pm  

I think that an admission of "luck" at living through a very expansionary period in the US would go a long way in paving the way to the resentment between the generations. Check out how Bill Gross of PIMCO acknowledges that he and his peers found fortune through circumstance and now should think of the larger good. While he talks mostly of the financial industry as the victors, I'd say that the benefits at least somewhat touched most of that generation, whether directly working in finance or not.

At least just try to understand what the younger generations might be up against. Railing against us all as whiners and sore losers is not flattering.

http://www.pimco.com/EN/Insights/Pages/Scrooge-McDucks.aspx

32   marcus   2014 Jun 23, 11:22pm  

Indiana Jones says

I post this so Gen Xers and Y's have an understanding of what happened, so they don't take all the blame onto themselves, which they tend to do.

Wow. Okay.

Still I HIGHLY recommend you consider reading this.

http://www.amazon.com/Im-OK-Youre-OK-Thomas-Harris/dp/0060724277

One other thing to consider. How do you reconcile your view of how fortunate boomers are and how they had it so easy, with the fact that 74% of boomers say they will have to rely heavily on social security in retirement, and many (37%) expect to work well beyond 66.

A lot of boomers have had a tough time. In fact, I guarantee you that a lot of boomers, including myself feel they will never live as well (housing wise) as their parents did.

But I'm not enough of a jackass to blame my parents or their generation for the fact that the 4 bdrm house they bought 1950 for 20K is worth about 850K now.

Indiana Jones says

what I notice is how you are taking this article quite personally

It seems that way because I and many people I know in my age cohort don't fit you stupid generalizations in the slightest.

33   marcus   2014 Jun 23, 11:27pm  

futuresmc says

There is no age war. There is only a class war and the oligarchs are winning.

I agree completely.

34   zzyzzx   2014 Jun 24, 12:15am  

Ceffer says

and the assembly line jobs in the adult diaper factories.

They make adult diapers in the USA???

35   corntrollio   2014 Jun 24, 3:42am  

marcus says

That doesn't contradict me at all.

Even if all the people you here complaining about development are boomers, that doesnt make them anywhere near 10% of the boomers that own their home.

This isn't that complicated.

Boomers are the people who disproportionately vote. If it was really the case that 90% of boomers didn't care, local governments would act differently. I suspect far more than 90% of boomers in large parts of Marin County absolutely are NIMBYs and are rabidly anti-development and are actively working to constrain supply. This is repeated other places in the Bay Area too, although not typically as rabidly.

36   Ceffer   2014 Jun 24, 3:44am  

zzyzzx says

Ceffer says

and the assembly line jobs in the adult diaper factories.

They make adult diapers in the USA???

They'll onshore it again just for the MillXYs.

37   Indiana Jones   2014 Jun 24, 4:28am  

"It seems that way because I and many people I know in my age cohort don't fit you stupid generalizations in the slightest."

Okay, Marcus, you are an exception. I know there are many more exceptions to the generalization, as always. But no way is sbh or call it crazy getting any free pass. ; )

38   Tenpoundbass   2014 Jun 24, 4:50am  

Call it Crazy says

I think it's YOU looking for a FREE pass.... We all worked hard for what we have!!

Of course we have, what Indy doesn't realize but we all know,
he very well may own 10 used car lots, and in legal troubles with the IRS and the FCC in 15 to 20 years. Wondering how in the hell did he ever post such stupid shit on the interwebs way back when.

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