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At last, the baby boomers will share the pain
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ruggedtoast wrote: »Anyone else who got round to buying any sort of property or signing on for a council house or their work's final salary pension scheme in the 60's, 70's, 80's, 90's, or up to 2005 in the 00s, is quids in.
Sorry if a 45 year window wasn't long enough for you to get your act together, but there is nothing like that around now, nor is there likely to be again.
Can we assume you are sorted then? you have obviously had plenty of time as well,'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Haven't we skipped a generation somewhere? When the boomers were young, mortgages were much harder to get than they are now, and most people didn't. The well-heeled are disproportionately represented on this forum and tend to think their world was the whole world, as usual. But most boomers joined the council house waiting lists. They got their wages in notes and coins in little brown envelopes, paid ridiculous rates of tax, and would have been pushed to get HP for a telly - partly because credit was tightly restricted by the government. Britain, after all, was bust and was being run by the IMF.
Come 1991, and an astounding 36% of 16-24-year-olds "owned" their homes. They weren't boomers, they were the next generation, and they were the crazy ones. The minority of boomers who could borrow had done well out of sky-high inflation, as borrowers generally do, and the next generation stupidly thought they could repeat the trick, without the inflation. Indeed, they felt entitled to. The media were feeding expectations of the good life for all in the brave new world of Reagan and Thatcher, and the now-deregulated City was making it all seem so easy by throwing credit around like water.
So now, too many 40-year-olds are "struggling" to keep up with expectations above their station, because the nation could never afford for all its hewers of wood and drawers of water to have that sort of lifestyle.
But if they can't afford it, they'll have it at somebody else's expense. They'll borrow the money at silly interest rates, and if things get tighter, they'll just default. No hassle, these things are unimportant nowadays, they've made sure of that. No bailiffs will cart away the furniture. And if they can't pay the mortgage that was always too big for them, they may not even have to move.
Meanwhile, the boomers are still massed in force on the council estates where they've lived all their lives. Many of them have bought their houses now, and stuck on stone cladding or a hideous front porch to prove it. Police cars and dumped kids' tricycles are rarely seen in the streets now, they've migrated to the tacky "private" estates. Many of the boomers have a bit extra to supplement their pension, or will have, and it's these harmless people that Osborne is gunning for."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0 -
Well said. I see a lot of generalisation going on here. Plus we were born when we were born. It's a lottery. Most of us here were born after the last world war and have only known peace. Should we apologise for that? Some of us grew up without the TVs fridges, washing machines, cars etc that most people now take for granted. How hard done by were we! Maybe we earned our place in the sun? But hey I got a free university education. How cool is THAT!Rubbish. Many older people are living on a pittance. Yes, there are people who have very high pensions – and anyone who receives a pension of more than £24,000 should be means tested. However, don't lump all pensioners in the same bracket.
Pensioners include many people who worked hard for 50 years or more (without the entitlements that younger people expect and receive courtesy of the taxpayer), but who were always on relatively low wages and therefore could not afford to save hundreds of thousands of pounds to provide them with a decent pension.
Maybe we should have a 'sour grapes' competition. Or maybe, just maybe, we need to get over ourselves.0 -
Meanwhile, the boomers are still massed in force on the council estates where they've lived all their lives. Many of them have bought their houses now, and stuck on stone cladding or a hideous front porch to prove it. Police cars and dumped kids' tricycles are rarely seen in the streets now, they've migrated to the tacky "private" estates. Many of the boomers have a bit extra to supplement their pension, or will have, and it's these harmless people that Osborne is gunning for.
According to some on this forum, councl houses are the new Kensington & Chelsea, much sought after but out of the reach of most, unless you are an imigrant and on benefits :mad: I do find it amazing that the current lot drool over these properties, whereas in time of yore people couldn't escape from them fast enough.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Well said. I see a lot of generalisation going on here. Plus we were born when we were born. It's a lottery. Most of us here were born after the last world war and have only known peace. Should we apologise for that? Some of us grew up without the TVs fridges, washing machines, cars etc that most people now take for granted. How hard done by were we! Maybe we earned our place in the sun? But hey I got a free university education. How cool is THAT!
Maybe we should have a 'sour grapes' competition. Or maybe, just maybe, we need to get over ourselves.
Were the other 95% who didn't, envious of you
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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tescobabe69 wrote: »I am (green with envy) missed out big time, I had to work until I was 50 !
Good to see Tesco looked after you so well
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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Thrugelmir wrote: »Merely stagnate the market further and impact on values.
If I said negligible I think I would be vastly exaggeratng the effect this will have on the overall market but you can dream on 'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
ruggedtoast wrote: »Regardless of the 1970's, which were a tough time,.it's noteworthy that some of the older people here criticise younger people for expecting an ever rising standard of living, when they've made sure that retirement is the cherry on the cake of theirs.
Jealousy really can ruin your life.0
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