patrick.net

Syphilis says

Tude says

My FIL is right on the cusp of being a baby boomer (he is in his early 70s now). He never misses an opportunity to rub it in our faces just how smart he was through the years to have so much money. He doesn’t understand how we could be struggling, even though he was able to buy a house in Orinda in 1975 for 2x his ONE middle class salary, then sell it 30 years later for a million dollars, and the same house would right now cost us 5x our 2 upper middle class salaries!!

he thinks $1M is a lot of money?
when he spends it all in retirement and has to eat cat food, you can remind him what a prick he was

No, he has several million, and a paid off condo in Danville with nearly zero property taxes due to Prop 13. He also collects enough SS, Pension and even SS from another Country to cover his daily expenses. The one million was just what he got from the one primary home.

And BTW, most of his money was because he was in his 30s in the 70s when he bought property for cheap, he was in his 40s during the great bull market of the 1980s while he was socking away money in his retirement accounts, and he retired and sold his properties right at the very top of one of the biggest property bubble that ever existed.

Funny enough if I look at the timeline of someone my age (around 40 now), we basically lived through the exact opposite - in our 30s when we would buy a home they were more unaffordable than ever, and now going into our 40s we are in the middle of a huge financial crisis. All I can do is try to figure out how on earth I will figure out what to do economically to be financially secure into my 50s and 60s.

@klarek

>Boomers who by the luck of the years they were born got to ride the easy wave of ridiculously-inflating home prices, condescendingly telling younger generations how easy it is.

Yes, this does happen. I don't begrudge people for making the best of their situation/opportunity, but I think many (not all) Boomers can annoyingly do this. Surfer-x used to put it so much more...colorfully!

I should add one more point which "permanently" seems to have to bumped up US housing prices, and that is the shift of one income to two come homes (and perhaps even more importantly-- the qualifying of the second salary for household income with banks and other lending institutions.)

Is it just me, or are the housing bulls looking more and more like the band on the Titanic?

At least the band on the Titanic knew it was going down and made the best of it doing what they loved.

Yep housing interest deduction just encourage higher interest rates and higher profits for banks .Billions wasted for taxpayer instead banks charging less.

dodgerfanjohn says

Is it just me, or are the housing bulls looking more and more like the band on the Titanic?

More like this guy.

But this ship can't sink!

Look at the title, that is why i adpated and decide that -> "Don't hate, participate"

no hate here there is a SILVER lining for all this

Tude says

And BTW, most of his money was because he was in his 30s in the 70s when he bought property for cheap, he was in his 40s during the great bull market of the 1980s while he was socking away money in his retirement accounts, and he retired and sold his properties right at the very top of one of the biggest property bubble that ever existed.

Funny enough if I look at the timeline of someone my age (around 40 now), we basically lived through the exact opposite - in our 30s when we would buy a home they were more unaffordable than ever, and now going into our 40s we are in the middle of a huge financial crisis. All I can do is try to figure out how on earth I will figure out what to do economically to be financially secure into my 50s and 60s.

Funny that. And now us kids pay the price.

Syphilis says

he thinks $1M is a lot of money?

when he spends it all in retirement and has to eat cat food, you can remind him what a prick he was

I do wonder about this. I just assume the greedy old ****ers will continue to demand government policies that favor them until the majority of their population passes into the grave. Then those on the younger side will get horribly fucked by the voting power of their children. If their children actually vote, that is.

klarek says

notice any effort to “make home ownership more affordable” is in fact a way to make it easier to take on debt,

I'd add borrowing for tuition to that list of scams. Makes it too easy for college professors to exempt themselves out of sharing the pain of our erosion in standard of living.

sybrib says

klarek says

notice any effort to “make home ownership more affordable” is in fact a way to make it easier to take on debt,

I’d add borrowing for tuition to that list of scams. Makes it too easy for college professors to exempt themselves out of sharing the pain of our erosion in standard of living.

College professors? More like the vast administrative staff that have grown up around them. Not to mention the for profit diploma mills that have sprung up, that are little more than a financial corporation with a college subsidiary.

A few weeks ago I picked up a copy of "The Student Loan Scam", and read the authors introduction. What I read stunned me. It is predatory lending at it's worst, and it's got government backing.

There was the Greatest Generation, and then there was the boomers.

Looking at their stewardship of the nation, and their incredible laying of debt upon their kids and grandkids for no urgent need other than their own selfishness, while simultaneously giving themselves preferential tax treatment through Prop 13, I don't think it's a stretch to call them the Worst Generation.

MarkInSF says

I don’t think it’s a stretch to call them the Worst Generation.

But how long will it be until that label STICKS? They're not going to just fu-fu-fade away that easily...

There are people on this planet who actually do control the world. (Google: 13 families, )
(google: lindsey williams). The goal has always been total control of the planet. One step in that direction is to get everyone into as much debt as possible. The government will ultimately own all the mortgages, and then
we are debt slaves to houses that will be decreasing in value.

This is a SPIRITUAL crisis of immense proportions. Most important is to get your spiritual house in order and then the best economic investment is holding physical gold and silver.

"their sliver and gold shall not be able to deliver them in the day of the wrath of the Lord"- Ezekiel 7:19.

NOT all boomers like passing on the govt. debt onto future generations, have you heard some boomers at Tea Party rallies? Not all boomers believe that the mortgage interest deduction is a good idea. Want my opinion on the constant push for home ownership among those who really could not afford it? POLITICIANS buying votes from the "poor downtrodden" people. Barney Frank is an example. Some people also were just ignorant and didn't see the consequences of easy lending standards. Many people believed that this asset bubble would behave differently and never pop. I know some boomers who are very pissed off and are not rolling in dough, they actually are struggling and some are underwater, others laid off, etc. I know many boomers who entered the job market in the 70's when there was a similar recession and they ended up having to do jobs they now say "Americans won't do" to support themselves. Few if any have company pensions, except those who worked in government.

Tude says

And BTW, most of his money was because he was in his 30s in the 70s when he bought property for cheap, he was in his 40s during the great bull market of the 1980s while he was socking away money in his retirement accounts, and he retired and sold his properties right at the very top of one of the biggest property bubble that ever existed.
Funny enough if I look at the timeline of someone my age (around 40 now), we basically lived through the exact opposite - in our 30s when we would buy a home they were more unaffordable than ever, and now going into our 40s we are in the middle of a huge financial crisis. All I can do is try to figure out how on earth I will figure out what to do economically to be financially secure into my 50s and 60s.

the government has screwed entire generation of people in order to subsidize their bubble.

Cause:

kimboslice says

Some people also were just ignorant and didn’t see the consequences of easy lending standards. Many people believed that this asset bubble would behave differently and never pop.

Effect:

kimboslice says

I know some boomers who are very pissed off and are not rolling in dough, they actually are struggling and some are underwater, others laid off, etc.

The problem here is lack of foresight, not hindsight.

When HP bought Compaq and laid off engineers, it was completely unexpected to some and no amount of foresight prepared them. When San Diego was going bankrupt and laid off another guy I know, he always had assumed he was safe since he worked for "the government". My point is that blaming greedy "boomers" misses the point since many are also struggling and never took money for granted and never took handouts.

Millions and millions of illegal aliens and other legal foreign workers both depress wages and contributed to the housing bubble. The bubble popped so houses will be cheaper, but wages will not go up.

kimboslice says

My point is that blaming greedy “boomers” misses the point since many are also struggling and never took money for granted and never took handouts.

Among other things, thanks to decades of short-sighted, boomer-favoring governmental policies we ALL struggle now. How hard was it to get a job when you graduated high school? College?

kimboslice says

Millions and millions of illegal aliens and other legal foreign workers both depress wages and contributed to the housing bubble. The bubble popped so houses will be cheaper, but wages will not go up.

What the fuck does this have to do with this the topic? Nothing. A poor dodge at best.

Greed and and short-sighted stupidity caused the housing bubble, plain and simple.

And on the topic of wages, think about how the decades long history of outsourcing US jobs (you know, the ones we used to have here for YOUR generation) has enriched the corporations that are NOW run by... you guessed it... the boomers!

>Millions and millions of illegal aliens and other legal foreign workers both depress wages and contributed to the housing bubble. The bubble popped so houses will be cheaper, but wages will not go up.

This comment doesn't do much for me either, but it is freedom is speech.

APOCALYPSEFUCK says

Fat, stupid and slow, when cannibal anarchy reigns, the boomers will be fucking delicious!

Hey thanks for putting a positive spin on all of this AF. I was really starting to feel like my commentary was getting a bit too negative.

American in Japan says

>Millions and millions of illegal aliens and other legal foreign workers both depress wages and contributed to the housing bubble. The bubble popped so houses will be cheaper, but wages will not go up.

This comment doesn’t do much for me either, but it is freedom is speech.

As some would say to be political correct .."Cultural Diversity".

Just cant have too many white folks working and you must "spreading the wealth" to others.

As I previously mentioned, not ALL boomers are so in love with outsourcing, many of those outsourced WERE boomers, and who did those places like HP import to replace them? Foreigners with H1-B visas. I know boomers who were negative affected by outsourcing, I don't know those who benefitted. I do not support outsourcing and screwing the taxpayer nor the American worker either. I know some boomers who do NOT support the mortgage interest tax deduction either, since we know it leads to higher house prices. Higher prices for anything we must buy per se are not good. When many boomers graduated from college, the same shitty economy existed as today, maybe worse (remember the 70's?) Many boomers could not find work although they were college graduates. They became firemen, cops, plumbers, construction workers, restaurant workers. I know a guy who went to Stanford and became a contractor, another guy who went to Harvard and wound up going back to college (no job, so get an MBA). I know guys who became lawyers because they had no place to look for work after college, solution: go back and study law. Not all boomers believe in tax/spend, outsourcing and all the rest that is messing things up. If you guys want to blame those older than you are for the bad policies then you are missing the point I think.

kimboslice says

If you guys want to blame those older than you are for the bad policies then you are missing the point I think.

For the record, not ALL boomers are greedy, evil fucks. That much is true.

And sure, your future generation fuckfest was initiated and enabled by relatively few influential and empowered members of your generation. But most of the rest of you sat idly by as their destructive governmental and corportate policies made you more financially secure at the expense of your children. So directly or indirectly, MANY of you helped steer this country directly into the shitter for your own greedy, short-sighted purposes.

kimboslice says

(remember the 70’s?)

I do. Do you really think things are BETTER now?

It's absurd to blame any generation for politics. The 70's were bad, from my personal perspective was it was worse because of high inflation and high interest rates and the oil embargo. At any time, there are two sides to the political view, and sometimes one side won. There are always about half as many on either side. "Tax the rich!" "Cut off welfare!" It is always this way, and it's got little to do with age. Actually, as far as age groups go, young voters tend to be more liberal or left in their voting pattern.

MarkInSF says

College professors? More like the vast administrative staff that have grown up around them. Not to mention the for profit diploma mills that have sprung up, that are little more than a financial corporation with a college subsidiary.
A few weeks ago I picked up a copy of “The Student Loan Scam”, and read the authors introduction. What I read stunned me. It is predatory lending at it’s worst, and it’s got government backing.

This entire system is outrageously corrupt. And there is so much money in it that it won't be fixed for a long time.

Teachers union constantly cries for more money, under excuse that it is for the children, when in reality it is for the unions bloated pensions and perks. Entire system is full of crap.

I think it was last year, when they passed another tax. If you own a home you get to pay $100 in taxes toward the schools. Schools sure didn't get better, pensions though got more bloated. Our neighbor who is a teacher got another raise, now she makes $50/hour while still barely able to speak English.

I'm very very bitter about our education system, which provides below subpar education, and has insane costs.

kimboslice says

At any time, there are two sides to the political view, and sometimes one side won.

Wow, it's weird that you didn't have to struggle with the notion of a 'false dilemma' back in the 70's. But then, you also didn't have to wear a condom back in those days either. Somehow it all makes sense, I guess.

kimboslice says

There are always about half as many on either side. “

And it's good that you kept such an accurate count over all these years.

kimboslice says

It’s absurd to blame any generation for politics.[...]Actually, as far as age groups go, young voters tend to be more liberal or left in their voting pattern.

Funny that. Perhaps this means that boomers voted for 'liberal' policies when they were young, then voted for progressively more 'conservative' policies as they aged. Doesn't sound self-serving at all.

Just a thought, Do you think the boomers came up with plan to over indulge and to hell with everything else or do you put a bit of the blame on the boomers parents generation for spuring them on by telling them they can have everything they want and be anything they want?

Just a thought, Do you think the boomers came up with plan to over indulge and to hell with everything else or do you put a bit of the blame on the boomers parents generation for spuring them on by telling them they can have everything they want and be anything they want?

Most boomers experienced a growing economy and increasing prosperity in the 60's. Of course, some who were drafted and shot in Viet Nam did not come back to vote and "mess things up" here. Then came the shock of the 70's and most boomers were scared shitless like everyone else who had a 1. car 2. bills 3. brains.
Were people brainwashed into buying things they do not need and use credit to get them? Of course. Does everyone want guys to buy things and spend their dough? Sure. Is this a "boomer" phenomenon? No way.
Many boomers I know thought the safe way to go was work in government agencies of some kind, or large companies or as professionals. This is why there are so many lawyers today I believe. They already saw the crummy 70's as a wakeup call to get serious and forget "follow your dreams".
I don't equate the fucked up situation with an age group, but rather a mindset of fools and rewarding financial "innovation" rather than rewarding true innovation and production.
Either way, the net worth of everyone is falling since most of American's net worth is their house, the rich of course have a higher proportion of their net worth in financial assets that are liquid. Small satisfaction but I know a guy who are $150,000 underwater and a former hippie "boomer" who drank the Koolaid along the way, previously he was a happy go lucky guy teaching in a community college, think "Glee" but with legal age chicks. Now he's going to work himself to death trying to hold on, and he is running out of energy.
If you are not old and tired you can work your way out of problems.

kimboslice says

Were people brainwashed into buying things they do not need and use credit to get them? Of course.

Was this how your parents managed to do things? Through the depression? Through WWII? Take some personal responsibility for a change.

kimboslice says

Does everyone want guys to buy things and spend their dough? Sure.

Yes, every single fucking person in the world feels this way. It's true.

kimboslice says

Is this a “boomer” phenomenon? No way.

Not any more! Nice work disfiguring one of the world's most productive societies into a low-paying service and cheap-goods based consumer society in one generation. Kudos!

kimboslice says

If you are not old and tired you can work your way out of problems.

And this is why foresight and responsible stewardship are so important.

Why should I take personal responsibility for things that have nothing to do with me? Businesses and our own government encouraged people to borrow/spend and buy things they could not afford, especially houses. I don't support the idea myself.
Until the 50's advertising on television did not exist so the constant marketing pressure increased along with increased consumerism, debt, etc all combined to make a powerful force so people go to shopping malls (another recent invention).
Marketing, consumerism, easy credit, debt spending, debt borrowing by people and government reached its peak and another asset bubble popped. Funny but I do not see only boomers spending money they don't have on iPhones, iPads and Abercrombie sweatshirts. I was in a very fancy shopping section of Austin Texas and the people almost absent from it were boomers come to think of it.

You might be surprised how many boomers are also disgusted with how our country has outsourced our production. Actually, it's many in the media like Lou Dobbs, Peter Schiff, and guys on the radio.

kimboslice says

Why should I take personal responsibility for things that have nothing to do with me?

Just a suggestion. Your comments indicate that you espouse a personal philosophy of tolerance for collective irresponsibility:

kimboslice says

Some people also were just ignorant and didn’t see the consequences of easy lending standards. Many people believed that this asset bubble would behave differently and never pop.

Ignorance and negligence do not relieve people of responsibility.

kimboslice says

Were people brainwashed into buying things they do not need and use credit to get them? Of course. Does everyone want guys to buy things and spend their dough? Sure. Is this a “boomer” phenomenon? No way.

Stupidity does not relieve people of responsibility.

kimboslice says

Funny but I do not see only boomers spending money they don’t have on iPhones, iPads and Abercrombie sweatshirts. I was in a very fancy shopping section of Austin Texas and the people almost absent from it were boomers come to think of it.

An astute observation! Yes, the GenX and GenY generations, having learned how to be greedy, selfish fuck-ups from their parents, now share in the responsibility for continuing to ruin our economy and society.

By the way, what did your parents teach your generation? What kind of economy did your generation inherit from them? (hint: a PRODUCTIVE and PROSPEROUS economy)

terriDeaner says

Ignorance and negligence do not relieve people of responsibility

just like the law, ignorance of the law does not mean one can break it.