what is the executive summary of how boomers have fiscally booby trapped this country...

Posted on August 30, 2026 at 10:28:50 PM by ajs

My first mortgage was for a condo in Rogers Park, at 12.65% (which was 2% BELOW market rate at that time due to an Illinois first time home buyers program). My first single family home purchase was with an 8.5% 6 month ADJUSTABLE mortgage. Pretty f'ing risky at that time. Those were not good situations to be in. I didn't blame the previous generation for it, though. I worked hard all my life, not complaining about how things were left for me to deal with. To each his own I guess.

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Thread:

I know most posters here are rich, but the Trump economy is really making things tough out here for the working man* - By Poster P August 30, 2026 at 07:23:50 PM
- Adapt or die. - By Alpo August 30, 2026 at 08:27:34 PM
  - Damn, let a man bitch. It's his god-given right.* - By jjwalker August 30, 2026 at 10:12:37 PM
  - Man does this hit me the wrong way. - By Pal August 30, 2026 at 09:25:13 PM
    - Not a bootstrap comment - By Alpo August 30, 2026 at 11:13:04 PM
      - that is the second time you have cited the abolishing private property.... - By Pal August 30, 2026 at 11:34:11 PM
    - Well said, couldn’t agree more.* - By Ev August 30, 2026 at 10:11:05 PM
  - otoh, blaming their problems on earlier generations is more recent* - By ajs August 30, 2026 at 08:46:39 PM
    - Boomers have fiscally booby trapped this country and won’t pay a single consequence for what they’ve done.* - By crumbs August 30, 2026 at 10:00:22 PM
      - Agreed but in grand scheme pretty marginal. They’ve also delivered massive technological improvements in all aspects of life* - By harbaughdyssey August 30, 2026 at 10:10:20 PM
        
        Like junk bonds, PE, LBO’s, CDO’s, and a gigantic financial crisis that privatized the gains while socializing the risk? Secular stagnation gave us Trump * - By crumbs August 30, 2026 at 10:36:43 PM
      - I rest my case* - By ajs August 30, 2026 at 10:08:09 PM
        
        Actually, you have not. It’s the objective truth. * - By crumbs August 30, 2026 at 10:22:24 PM
        
        what is the executive summary of how boomers have fiscally booby trapped this country... - By ajs August 30, 2026 at 10:28:50 PM
        
        Wow is this a softball question! Let me see if I can come up with something... - By Pal August 30, 2026 at 11:27:21 PM
  - Strange take. I’m just pissed off that I live in a country where it is increasingly difficult to have a middle class existence. Trump’s idiotic policies have made things a lot worse for a lot of people* - By Poster P August 30, 2026 at 08:40:09 PM
    - You graduated from one of the most prestigious universities in the world - By Alpo August 30, 2026 at 08:47:42 PM
      - Ok. I guess I should just make more money then yeah?* - By Poster P August 30, 2026 at 08:56:12 PM
        
        You could, I dunno, try, if thats important to you? Youre certainly capable.* - By Alpo August 30, 2026 at 09:09:15 PM
        
        More money would be nice but I chose a career with limited financial upside…. - By Poster P August 30, 2026 at 09:23:07 PM
        
        You also have a long running schtick about 20 dollar breakfast sandwiches* - By harbaughdyssey August 30, 2026 at 09:54:35 PM
  - Millennials have a right to be pissed. They’ve known nothing but societal and economic headwinds. I’ve known nothing but good luck.* - By crumbs August 30, 2026 at 08:32:59 PM
    - Then they damn well ought to start voting accordingly.* - By jhamm August 30, 2026 at 11:13:41 PM
    - Luck has played a role in my success as well and I totally acknowledge that - By Alpo August 30, 2026 at 08:53:33 PM
      - The average person is not Bill Gates. We benefitted from cheap housing and cheap money. That’s gone. Median age of first time home buyer is 40. Cost of living is nothing like we experienced. * - By crumbs August 30, 2026 at 09:31:11 PM
        
        Yes but rates are 7%. They were 18% in 1982. - By Alpo August 30, 2026 at 10:25:25 PM
        
        And what was the adapt or die trick to and Arab oil embargoes in the 70’s? There was a policy choice by the govt, but what was the pull yourself up by the bootstraps response? Inflation ended because Volker killed it because supply side Reagan tax cuts went too far.* - By crumbs August 30, 2026 at 10:43:50 PM
        
        Volcker started raising rates in 79 and they peaked in 81. First Reagan tax cuts were in 81.* - By Alpo August 30, 2026 at 11:20:12 PM
    - That is somewhat a generalization. My/our generation has had challenges with layoffs, downsizing and fewer mgmt/exec positions. There are some millenials doing extremely well but it is more fragmented now* - By Rich August 30, 2026 at 08:36:01 PM
  - This is a messageboard. (nm) - By suede August 30, 2026 at 08:28:33 PM
- Yes it is fucking ridiculous * - By Cincywolve August 30, 2026 at 07:45:59 PM
- Not rich but better off than many and I don't know how people and particularly younger people can do it. - By BlueMoose1 August 30, 2026 at 07:27:17 PM
  - Re: Not rich but better off than many and I don't know how people and particularly younger people can do it.* - By BlueMoose1 August 30, 2026 at 07:59:35 PM
  - Seems like young kids are more likely to be getting help from parents - health insurance, cell phones, uber accounts, even Amazon accounts. Of course all of that favors the incumbents. Kids trying to climb their way up are disadvantaged** - By xcheck August 30, 2026 at 07:33:52 PM
    - No different than my generation. I graduated undergrad in 2008* - By hambone August 30, 2026 at 08:14:05 PM
      - Much much worse now. 2008 was housing/wall street. Now is basic affordability, AI, and lack of jobs for college grads.* - By bluejohn August 30, 2026 at 08:29:01 PM
        
        Job market was bad from 08-12 or so. But you are right about basics (inflation). Also things like insurance and utilities are overpriced and unregulated. Cost of education/loans is up - By Rich August 30, 2026 at 08:32:24 PM
        
        Housing prices are so much worse now, Rich. (nm) - By suede August 30, 2026 at 08:33:19 PM
        
        Than 08? Sure, because everybody living in those houses lost half their value. But true.* - By Rich August 30, 2026 at 08:37:00 PM
        
        Point being, if you were talking 03-07, housing was not cheap. But it was from 08-12 or 13 but normally you don't see huge corrections like that in housing* - By Rich August 30, 2026 at 08:38:29 PM
        
        Final comment on this. Houses have appreciated about 4 percent annualized since 1994. That's not much higher than inflation. But rates are a bit higher now and certainly more than in most of the last 15-18 years.... - By Rich August 30, 2026 at 08:46:11 PM
        
        The past 5 years have absolutely hammered affordability. (nm) - By suede August 30, 2026 at 08:47:01 PM
        
        I agree with this but people are making more of a generational argument. Recent college grads past few years got screwed. Everyone else it doesn’t seem that bad* - By harbaughdyssey August 30, 2026 at 10:01:33 PM
        
        Affordability is a concept made up by deep state libs to hurt Trump -DUMB KURT* - By Poster P August 30, 2026 at 09:05:32 PM
      - Wrong. Class of 2010 grad here and the economic landscape for a 25 year old today is much, much worse than it was 15 years ago. (nm) - By suede August 30, 2026 at 08:22:47 PM
    - Even the assistance to limit student loan debt* - By BlueMoose1 August 30, 2026 at 07:47:57 PM
    - Can only do health until 26 though. Which helps - By Rich August 30, 2026 at 07:42:07 PM

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what is the executive summary of how boomers have fiscally booby trapped this country...