Posted on 06/26/2007 10:02:06 PM PDT by djf
My folks didn’t bank on SS either. Dad has another pension, Mom invested in teh company she retired from and it’s doing OK, and they do their arts/crafts stuff on the side.
Glad I had good role models ;-)
I was born in the same year as you. My folks owned their house - not the fanciest, but a modest one they could afford. My dad never charged anything. I got away from that as a young married man, but now I want to buy some land, sit on it, and build there in an "off grid" manner.
So what exactly is Pritchard referring to with this: “...the vast nexus of collateralised debt obligations known as CDOs.”
Is this an English thing?
This is quite alarmist. Particularly this part: banks hold $750 billion in dubious paper and have a total capitalisation of $850 billion. This does not seem quite right, in terms of actual data. Anyone know if it is?
Commercial paper. Mortgages and other long term obligations are packaged and sold in bulk.
Isn’t Soros’ fund heavily invested in this sort of thing?
I would LOVE to see Soros take one in the shorts and lose billions of dollars.
Mark
Subprime is a polite way of saying "people who shouldn't get a loan to begin with." In years past, people would have been denied outright for home loans, because the bank knew they would likely default. With subprime lending, they gave people questionable loans, either more than the borrower could realistically afford, or given to borrowers that would likely default (ie, had bad credit).
Bottom line is that the Gods of the Copybook Headings will not be mocked.
Social Security started in the 1930's, the "WAR" on poverty started in the LBJ years. Boomers couldn't even vote yet. Nixon started that in 1972.
I haven't taken anything from the Gov't, and have been paying in for 36 years. I take umbrance at that "My Generation" crack.
A major retrenchment in government spending has to occur including the shut down of agencies which have outlived their usefulness e.g., HUD, Education, Agriculture for starters.
If you guys do not get going, you will be slaves to the political hegemony of the Boomers.
Private investors in hedge funds, pension funds (especially for political sub-divisions) could be the ones to take the hit.
Correct. I’m in my early 50’s and have paid in most of my life.
This is FDR’s legacy, and the WWI generation, not the boomers.
Isn't this similar to what happened in the 30's? Tighten the money supply, then buy up the default property at pennies on the dollar?
Unfortunately for you, the government owes you nothing by law. They’ve already spent everything you’ve put in, and they will continue to do that right up until the system crashes.
Unfortunately for me, that bill is going to come due about ten years before I should be “retiring”, if that is even possible.
Wasn't a crack, wasn't meant to draw umbrage, either. I'm just letting you know how people my age see it, and am concerned about what to do about it.
We won't take kindly to having more of our money put into it, and I'm sure we'll do our best to find ways around paying it, if/when it comes to that. I consider it my duty to take care of my parents when the time comes, but not you or anyone elses.
You might want to check your facts with the US Treasury International Capital report. I believe you are slightly mistaken.
Ditto that. Just keep in mind that the entitlement programs were generated long before Boomers were voting, and the Democrats want to keep expanding them.
Same boat here. At 43, I’m going to pay into the system for as long as it exists, get nothing from it, be hated by the generation that comes before, and resented by the generation that comes after. It’s a giant $#!t sandiwch, and the only solution is to save some bread now to dull the taste.
What I wish I could figure out is where to put the bread. My goal is to have my mortgage paid before a real longterm crash happens. I had that pegged at about ten years from now when SS outflow exceeds inflow, and it becomes universal knowledge that the SS “Trust Fund” is nothing more than a pile of promises to tax future generations. Sometimes I wonder if it’s time to cash in everything, pay off the balance and spend the rest on guns and MREs, but apocalyptic fantasy is no way to plan the future.
Not an example of different spelling. They are two different words. I know because I just happened to look up both shortly before reading the post. I’m as proud as a peacock.
Doesn’t hurt to be prepared. I got 6 months or so stashed away, I admit I’d get pretty freaking tired of Mac and Cheese and Tuna, but I wouldn’t starve!
I'm a boomer (1959) and I don't blame you one bit.
It's an awful burden that's been placed on you guys and your children are suffering.Moms can barely afford to stay home with their very young children anymore, a situation that cannot be good, and one that the boomers did not have to face.
. One point though; when you say it's not your fault that the government lied to them, I think it is in part. I can't tell you how many conversations I've had with boomers, and olders, who just absolutly refuse to hear the truth of the situation.
It's willful blindness, for which the lied to (for lack of a better term) certainly bear some responsibility.
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