Generation Rent. Thousands more young stuck in rental sink hole. No hope on horizon

ruggedtoast

John1993 wrote: »

I'm a banker. I don't make any money off lending, I make it from taking the risk off one set of people, who don't want it, and selling it to somoene else, who does.

That's what the business in the city is mainly about, selling financial services to companies, who themselves carry out operations in the "real" economy. I'm not going to feel guilty because someone misunderstands what we do, and gets angry about it.

I think every tax payer who had to bail out a banking system that turned out to have been run by clueless casino gamblers who then refused to lend the money back to them, is well aware of what bankers do and who actually carries the risk.

antrobus

ruggedtoast wrote: »

I think every tax payer who had to bail out a banking system that turned out to have been run by clueless casino gamblers who then refused to lend the money back to them, is well aware of what bankers do and who actually carries the risk.

Sorry I'm confused.

You think that the banking crisis was caused by the refusal of banks to lend money to people.

ruggedtoast wrote: »

... Hot for the bankers who make their millions from selling debt to honest working people, forced to forced to pay through the nose for a roof over their head....

On the other hand you don't like it when they do lend money to people.

Make your mind up.:)

Thrugelmir

John1993 wrote: »

I'm a banker. I don't make any money off lending, I make it from taking the risk off one set of people, who don't want it, and selling it to somoene else, who does.

That's what the business in the city is mainly about, selling financial services to companies, who themselves carry out operations in the "real" economy. I'm not going to feel guilty because someone misunderstands what we do, and gets angry about it.

Thought that majority of investment banking activity serves no social or economic purpose. Being interesting to see what's left of the industry in 10-15 years time. Compared to the hey day years of the early 00's.

antrobus

Thrugelmir wrote: »

Thought that majority of investment banking activity serves no social or economic purpose. .....

Only if you don't understand it.

Loughton_Monkey

ruggedtoast wrote: »

.....Crippled by student loans, insecure ASTs, a labour market throttled by temp agencies, Generation X and Y really are the golden goose who are being squeezed for every shilling by the parasitical rentier class, hungry to suckle on the milk of house price inflation, landlordism, public benefits, corporate welfare and final salary pensions.

Phew!!!!!!

What an amazing piece of rhetoric. I had no idea! I even had to look "landlordism" up in the dictionary... I understand that one of the biggest culprits could even be Prince Charles, our next Monarch. This is appalling.

But ageing, well-off old people like myself (and Mrs Loughton Monkey) obviously find ourselves rather insulated from and out of touch with the 'real world' of the younger generations - eloquently outlined above - and honestly didn't know it was going on.

I respectfully ask the moderators to remove similar posts between, say, the hours of 9 p.m. and 8 a.m. so that vulnerable oldies like myself do not have to learn of such.... er... worse than slavery... going on under our noses.

Don't you have any thoughts for our veteran tickers? Do you think I am going to sleep tonight having just read your post? Laying awake all night wondering if either of us might innocently pass one of these "rentier classes" in the street without our knowing it?

I would feel much safer if there were some sort of 'boomer abuse register' which we could refer to, and see if (for example) there are any Final Salary Recipients living in our very neighbourhood - or, worse still, next door....

Something should be done.....

ruggedtoast

antrobus wrote: »

Sorry I'm confused.

You think that the banking crisis was caused by the refusal of banks to lend money to people.



On the other hand you don't like it when they do lend money to people.

Make your mind up.:)

The only way money can be created under a fractional reserve system is by people borrowing. It is an insane system designed to overheat, devastate the poor, and immensely benefit the rich, in my opinion, but it is where we are.

The justification we had shoved down our necks for the state bailing out the private banking system was that if we didn't, there would be fiscal armageddon and no one would be able to borrow.

So we bailed them out, but they still won't lend to us. Hence all Hamish's posts about mortgage rationing etc.

HAMISH_MCTAVISH

ruggedtoast wrote: »

So we bailed them out, but they still won't lend to us. Hence all Hamish's posts about mortgage rationing etc.

Hang on a minute.

That sounds suspiciously like..... "Hamish was right".

Did typing that cause you a degree of discomfort?

ruggedtoast

And again in today's Daily Mail, a paper not famous for it's pro young anti boomer bias:

http://www.dailymail.co.uk/news/article-2403560/Adults-20s-suffer-retirement-Generation-Y-crippled-poor-pensions-rising-life-expectancy-record-property-prices.html

Adults in 20s to suffer the most in retirement: 'Generation Y' to be crippled by poor pensions, rising life expectancy and record property prices

• Study reveals those aged 18 to 31 will suffer worst retirement conditions
  
• Researchers asked 2,000 adults about their retirement fears

Young adults will suffer the worst retirement conditions of any generation alive today, a study reveals.

It warns those aged 18 to 31 – the so-called ‘Generation Y’ – will be crippled by problems such as a poor state pension, rising life expectancy, record student debts and high property prices.

Researchers asked 2,000 adults about their retirement fears.
A third of those surveyed said Generation Y ‘will have it the worst when it comes to funding their retirement’.

Two-thirds said the baby-boom generation, those aged between 51 and 71, ‘may be the last to retire with sufficient savings’.

Many in Generation Y will not own a property to ‘cash in’, an option used by many of today’s older people who downsize to a smaller home.

With average property prices of £500,000 or more in parts of the UK, many young adults worry they will never get on to the property ladder in the first place.

They also fear the cost of caring for their elderly parents, who are living longer than any previous generation, will wipe out their savings.

Most baby-boomers will survive into their 80s, 90s or even 100s, but may be in poor health and need help from the children.

There are currently 640 pensioners in Britain aged 105 and above, an all-time high, according to the Office for National Statistics.
The most common problem cited by Generation Y was the ‘rising cost of living’, which means many cannot afford to save for a house deposit or a pension.

Morten Nilsson, chief executive of Now: Pensions, who carried out the research, said: ‘Sky-high rents, the rising cost of living and stagnant wages have all made saving for the future near mission impossible for Generation Y.’

Despite widespread worries about the age group, around half are ‘currently failing to save on a regular basis’, according to the study.
When asked how they plan to pay for their retirement, nearly a third say they anticipate working part-time. Michelle Mitchell, of charity Age UK, said young people are facing huge challenges, but it is wrong to assume older people do not face their own problems.

‘While a small minority of older people are very wealthy, many are also struggling, often despite having worked for decades, paid taxes and contributed to society,’ she said.

Last October, the Government introduced rules forcing bosses to pay into a pension for their workers for the first time.
Up to nine million employees will be enrolled into a scheme by 2018.

Steve Webb, the Pensions Minister, said ‘the sooner people start a pension the better’. [Preferably before they are born apparently]

So in the next 60 years of your life renting on 6 month ASTs you will probably only have to move 109 times, don't try and have a child though, it's forbidden on section 4.iii just below where you are also forbidden to have pets, hang a picture, or open the side window during the day

Another forecast of a hopeless future for today's young. Sacrificed at the altar of high house prices , NIMBYism, and a globalised economy that has robbed them of any chance of the jobs enjoyed by the generations before them.


Jobless line up to be told that unless they are either highly skilled or have no skills at all, there isn't really any point them trying to compete in the UK's job market


No you don't get to be stakeholder in any of the places you live lowly renter, back to Gumtree to find yet another shared flat


The myth of metrosexuals sharing a house



What HMOs are more likely to actually look like


It isn't much to ask, a modest home and a family. Why has this been taken away from Britain's young?

Carl31

ruggedtoast wrote: »

And again in today's Daily Mail, a paper not famous for it's pro young anti boomer bias:

http://www.dailymail.co.uk/news/article-2403560/Adults-20s-suffer-retirement-Generation-Y-crippled-poor-pensions-rising-life-expectancy-record-property-prices.html






So in the next 60 years of your life renting on 6 month ASTs you will probably only have to move 109 times, don't try and have a child though, it's forbidden on section 4.iii just below where you are also forbidden to have pets, hang a picture, or open the side window during the day

Another forecast of a hopeless future for today's young. Sacrificed at the altar of high house prices , NIMBYism, and a globalised economy that has robbed them of any chance of the jobs enjoyed by the generations before them.


Jobless line up to be told that unless they are either highly skilled or have no skills at all, there isn't really any point them trying to compete in the UK's job market


No you don't get to be stakeholder in any of the places you live lowly renter, back to Gumtree to find yet another shared flat


The myth of metrosexuals sharing a house



What HMOs are more likely to actually look like


It isn't much to ask, a modest home and a family. Why has this been taken away from Britain's young?

....We only have ourselves to blame though, because we buy ipads and coffee, and go to spain etc etc blah blah blah/other old person !!!!!!

Ronaldo_Mconaldo

Grr! I am angry now! All these photos and captions have pushed me over the edge. I'm going to drive around and shout at old people: 'look what you're doing to me and my generation' I'll shout. That'll teach them.