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Housing policy has been a generational transfer of wealth.


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2011 Mar 22, 10:12pm   10,616 views  61 comments

by American in Japan   ➕follow (1)   💰tip   ignore  

Maybe Surfer-x was right. He was always critical of Baby boomers. But could there be a point to this. Take these: (1) The housing interest deduction (2) 1031 exchange -the carrying over, tax free, of massive amounts of capital gains from selling a house (owner-occupied). (3) Proposition 13 (in the case of California), (4) 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.) (5) The tax credit under Obama (although this one didn't cause a lasting paradigm shift) ... and (6) Whatever else I missed. Each of these really just raised the cost of housing for the next round of purchasers. The beneficiaries are really those who already owned houses and it never really became relatively more affordable to those who are now first-time buyers.

#housing

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53   bubblesitter   2011 Apr 5, 3:12pm  

APOCALYPSEFUCK says

Thunderlips, in a few years, employers will just hire snipers. It will save on severance and the share holders will demand it after it is used effectively a few times.

Wow! Sniper! Hottest profession of the future.

54   klarek   2011 Apr 11, 10:28pm  

George Carlin says

...........
Something else I'm a little tired of hearing about, the Baby Boomers. Whiny, narcissistic, self-indulgent people with a simple philosophy: "Give me it, it's mine! Give me that, it's mine!"

These people were given everything. Everything was handed to them. And they took it all, took it all: sex, drugs and rock'n'roll. And they stayed loaded for 20 years and had a free ride. But now they're staring down the barrel of middle-age burnout and they don't like it. They don't like. So they turn self-righteous and they want to make things hard on younger people.

They tell them abstain from sex, say no to drugs. As for the rock'n'roll, they sold that for television commercials a long time ago so they could buy pasta machines and Stair Masters and soybean futures. Soybean futures.

You know something? They're cold, bloodless people. It's in their slogans, it's in their rhetoric: "No pain, no gain," "Just do it," "Life is short, play hard," "Shit happens, deal with it," "Get a life." These people went from "Do your own thing" to "Just say no!" They went from "Love is all you need" to "Whoever winds up with the most toys, wins", and they went from cocaine to Rogaine.

And you know something? They're still counting grams, only now it's fat grams. And the worst of it is we have to watch the commercials on TV for Levi's loose-fitting jeans and fat-ass Docker pants because these degenerate, yuppie, Boomer cocksuckers couldn't keep their hands off the croissants and the Häägen-Dasz and their big fat asses have spread all over and they have to wear fat-ass Docker pants. Fuck these Boomers, fuck these yuppies... and fuck everyone, now that I think of it.
...........

55   American in Japan   2011 Apr 11, 10:42pm  

I won't generalize all Boomers but there is much true in hese posts. It is definately harder for Gen-X and Gen-Y to make it. I just hope people will try to realize the facts.

56   justme   2011 Apr 12, 1:33am  

There is much to dislike about Boomers, but everyone should realize that they contain the same DNA as the rest of the population.

In other words, if Gen-X had been born into post-war boomer circumstances, the outcome would have been the same. And I'm sure we all can agree that Gen-X and Gen-Y have some faults of their own (anyone care to elaborate?)

If you want to fix the flawed life path of the boomers, you need to fix the political framework that made it happen. That's were the solution is.

58   pkowen   2011 Apr 12, 2:13am  

klarek says

we have to watch the commercials on TV for Levi’s loose-fitting jeans and fat-ass Docker pants

Don't forget Viagra. After all, a man who knows how to put a bottle of water in the radiator of an over-heated Chevy knows just what to do when he can't get it up!

59   klarek   2011 Apr 12, 2:53am  

pkowen says

Don’t forget Viagra.

Not sure if that was popular when Carlin made the rant, but he definitely ripped on it in the past ten years.

justme says

There is much to dislike about Boomers, but everyone should realize that they contain the same DNA as the rest of the population.

Would you sympathize with Nazis because Germans don't have an evil gene?

/godwin

60   ragingpinko   2011 Apr 12, 9:07am  

In terms of housing: older boomers, those who were able to buy before the inflation of the 1970s, like the parents of the boomers, got mortgages in high-value dollars and paid them off in low-value dollars. So say, anyone in their late twenties by 1973. Younger boomers weren't able to do that, as someone born in the mid-1950s was barely out of high school in 1973. Two completely different worlds.

61   Payoff2011   2011 Apr 12, 9:21am  

ragingpinko says

In terms of housing: older boomers, those who were able to buy before the inflation of the 1970s, like the parents of the boomers, got mortgages in high-value dollars and paid them off in low-value dollars. So say, anyone in their late twenties by 1973. Younger boomers weren’t able to do that, as someone born in the mid-1950s was barely out of high school in 1973. Two completely different worlds.

Ok I get it now. The bad boomers are the ones who are already retired?
The ones who really made out are those who could sock away significant sums in the 80s, when money markets were paying 16-18% interest (FDIC guaranteed baby!). Unfortunately, I didn't have much to put away during those years, I was paying 13% on a mortgage loan.

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