Name this debt generation HP'ers. Let's make it stick.
A world of buy it now, never pay it back. A generation who feel they deserve to live like the rich, even if they have no money and no prospects. Countries full of people paying 6 to 8 times their incomes for a home.
What the F happened out there? Who or what is to blame? This is just sickening. And oh, man, is this going to end badly.
Personal insolvencies likely to set new record as Britons spend, spend, spend
A third of all debt in Europe is in the UK - and it's never been easier to write it off.
With bumper credit card bills due to drop through letter boxes soon, experts are predicting that this year will see another sharp rise in the number of people overwhelmed by their debts.
Almost 30,000 people are likely to become insolvent in the first quarter of 2007 with some 10,000 tipped over the edge by Christmas spending, according to the accountants Grant Thornton. "Last year, during the period straight after Christmas ... we witnessed the highest-ever amount of people going into personal insolvency. This year things could be even worse," said Mike Gerrard, of the firm's personal insolvency section.
January 04, 2007
Besides "really really stupid" and "pathetic", what are we to call this "buy now, pay never" generation?
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47 comments:
Is that a picture of George W. Bush??
"Don't be so Casey."
Casey Serin, America's Gen Y Nega-Hero.
A nation of Immigrant Debtors...
I could not agree with you more.
F@ck the rich. Let them eat cake. Screw the banks. The whole system is corrupt and you ain't no saint yerself. Burn baby, burn. Until the pain comes nothing will change. I'm glad they screwed the banks, they are little fish, let the little fish eat for a change. Viva la Revolicion!
-i+u
I've got friends with low wages
Buck Fush and his whole fam damily too!
We have a name for them in Scottsdale (Snobsdale) "Big Hat, No Cattle"
Boycott everything!
Mort...why are you in such a bad mood?
-Generation "Y" be solvent.
***ATTENTION: KEITH,
This article needs its own window on your main page...
SUBPRIME LENDER IMPLOSION
http://www.consumeraffairs.com/news04/2007/01/mln_subprime.html
Exerpt:
"Although economists and realtors continue to claim that the housing market slump has hit bottom, many still see delinquencies on the horizon, particularly as the ARMs reset to higher levels that consumers will not be able to keep up with."
small hat,
Can you honestly take a look around and tell me I should be in a good mood? !Todo el Poder al Pueblo!
Sorry, have to break this up to get it to post.
http://www.consumeraffairs.com/
news04/2007/01/mln_subprime.html
linky no worky
mort,
try cutting and pasting both parts of the link on your address line and then hit enter.
I tried to post the link unbroken in my first post... but for some reason this blog cut off part of the link. That is why I reposted the link in 2 parts.
meltdown,
That's what I did. There is a break somewhere. Could you tinyURL it?
Never mind I got it.
Here's the subprime lender link he was posting Mort:
click here Mort
Great link!!
Ameriquest, formerly the country's largest subprime lender, collapsed quickly after its former CEO, Ronald Arnall, was appointed by President Bush to be ambassador to the Netherlands.
I have a question: Why does every flippin' flappin' crook in America get to be ambassador to something? Do they pay the corrupt and evil Bushco for the position, or is he just friends with a lot of crooks? Dad gummit!!!!
This administration is the most evil, vile, greedy, nefarious bunch in the history of the world! Smug fuggin' bastidges!
ummm, when you look at history, the "US government" was formed by stealing the land from the native americans and then it was given out as homesteads, etc... so aren't we going back to where we were?
All this Gen Y/X bashing. How old are you fuddy duddies?
Don't you see, they are the smart ones, not yout. You save, save, save. You live spartan lifestyles. They spend, spend, spend driving flashy cars, buying iPods and PS3s on 18% Visas.
Sure they go bankrupt, but so what? Government will bail them out with your money.
So who are the "really really stupid" ones. Not them.
mort,
you need to stop reading dailykos for a while dude, your blood pressure must be off the charts.
Guess that is why Britain had a higher growth rate than the continent, debt fueled, but higher. Same here, all artificial and draining our wealth away. Just got a phone call while posting here. Discover Card, wanted to send me a card with 0% on all purchases for 7 months and 0% on any balance transfer for 13 months...didn't even want to know anything about my employment. Granted I have a very high credit score and two credit cards with no balances, pay off each month, but give me a break. I've taken the past 8 months off to play and my wife has been off work 11 months and so technically, even though we have plenty of assets to live on until we are ready to go back into the workforce, we both don't currently have jobs! So why would I want a credit card? And why would they want not even want to verify that I can pay it back?
Oh, that's right...to help the stock market and our GDP.
"Granted I have a very high credit score and two credit cards with no balances, pay off each month, but give me a break."
I almost thought that my "good record" caused "credit denials" because they know that I don't pay any interest on "interest free for 12 month" offers.
I'm going to cal them "The String Generation" or stringies.
I'm just read Lee Smolin's "The Trouble with Physics - The Rise of String Theory, the Fall of a Science".
His discussion of the younger string theorists and the tone, style, attitude, fervor, cynical careerism and "community/consensus" discourse, slavish following of leaders, spin and ultimately narrow visions about their fields, actually particular fads in their fields and ultimately superficiality certainly resonates with me.
I've seen it in the generation I've intereviewed since 2000 in the fields of software and in the fields of predictive analytics.
Man.. do they get religion about something, say design patterns( no one sees that design patterns may lead to bland homogeniety AND HOW TO COUNTER that), say Java ( versus c# ) or expert systems ( they can't articulate the potentially ossifying impact of expert systems on organizations).
They never seem to be taught, nor do they teach themselves, the aspect to everything that starts with: "ON THE OTHER HAND...".
I guess a good recession, a housing slump, a credit squeeze will do more to generate scepticism in them than any of my exhortations.
-K
Foxwoodlief,
That wasn't really Discover, it was an illegal immigrant trying to steal your identity...
Besides "really really stupid" and "pathetic", what are we to call this "buy now, pay never" generation?
We call them "The Baby Boomers" or "The Me Generation."
"Besides "really really stupid" and "pathetic", what are we to call this "buy now, pay never" generation?"
I thought we were The Pepsi Generation. Maybe not.
How about one of these:
The All Show and No Blow Generation.
The All Sizzle and No Steak Generation.
a
Dear Sk,
It is a good name.
The String Theorists are brilliant and paradoxical in their own right, as goes the “at odds” nature of the smallest of the small, influencing and acting on EVERYTHING in the universe and in demensions we can only ponder.
What is missing in our modern education system in a word is DEDUCTIVE REASONING, and the ability to think as an individual. With out independent, open-minded thinking, their brilliance can be easily lost.
foxwoodlief,
Somebody wants to give you an interest free loan for 13 months and that's a bad thing? Take the money, invest it in a 12 month CD at 5.5% then pay it back. Or better yet since we all know withh 100% certainty that gold is going to be $1000+ by this time next year, buy gold with it.
Que ist el problema? I thought you guys were smart with your money.
-------------------------------------
Discover Card, wanted to send me a card with 0% on all purchases for 7 months and 0% on any balance transfer for 13 months...didn't even want to know anything about my employment.
Dear Supposed “SANE PERSON”,
Do you miss the point on every HP post that you read and try to comprehend?
iw
You're right FMW, getting an interest free loan and using that loan to make 5.5% return with 0 risk is silly.
My apologies.
Please return to your regularly scheduled program of fearing both hyperinflation and falling copper prices happening simultaneously.
Oh and maybe you can sell me a $20K time share while you're at it.
didn't even want to know anything about my employment.
++++++++++++++++
Dear Suposed Sane Person,
That was the point. Credit Bubble. duh.
I am not in TS any longer I am in solar, but it is a nunya to you.
I am not even in the credit card conversation. I was jumping into the String Theory comments.
I am not a Former Executive. I am a former TS Exec., current Executive.
You are going in tight circles and I am done for now with you.
You are dismissed.
iw
The String Theory is probably over your pathetic head.
Now, I am done.
You sure seem to have a lot of free time on your hands to spend on blogs and anti-tax web sites.
I guess executives aren't all that busy these days. Must be that recession everyone's talking about.
GI Generation:
Typical job: factory worker
Motto: Fight for American values
Silent Generation:
Typical job: engineer
Motto: Fight for American preeminence
Baby Boom Generation:
Typical job: lawyer
Motto: Fight for money, f*ck values
Generation X/Y
Typical job: MBA executive
Motto: What are values?!? Can we offshore those to China?
The Next Generation:
Typical job: hospitality worker
Motto: Would you like fries with that?
Why the all hate for the MBA, Gen X/Y and outsourcing?
If I didn't know any better I'd swear everyone here is a 58 year old laid of assembly plant worker who now works as a WM greeter.
Grow up people.
You sure seem to have a lot of free time on your hands to spend on blogs and anti-tax web sites. BY SP
++++++++
Well, I am back from the salt mines and I see sane person has posted about 50 times as SP and another 75 times as the fake Keith. He is here all day long making new friends.
I see you have made a lot of new friends here SP, besides just me.
SP, I do not have a Blog. I have favorite blogs, which this is one of.
I also see you that you do not like female Marketing Executives because of a bad romance.
I will not take any of this personally, you are forgiven.
IW
PS, I guess String Theory is over your head. Actually it is glaringly obvious.
I don't know, smart?
I pay my bills on time but end up paying for the guy who never pays with higher interest rates, costs for goods and services as the write off costs of those who don't pay are built into the system. So who is smarter?
It's far from GENx's fault.
You greed-obsessed aging baby boomers, with your pathetic need to name every generation, are the ones selling the homes you got for cheap for way more than they're worth in an attempt to punish us attractive, young generation of intelligent people who actually work hard for our money using our college-educated brains.
You're jealous. And we know it.
Envious elder workers are so greedy that they can't even retire and give up their jobs to a generation of agile young people -- they can't give up their income to those who actually deserve it, can't let the "kids" (cause anyone under 42 is a kid to you old wrinkle pusses) have a shot at having a nice life, even though we're the ones wasting our precious time teaching you how to use the computer at work. (Time to retire now, yoda).
In an attempt to act rich, the boomers import el cheapo immigrante labor to serve them, at a cost of ruining America's towns and cities, and lowering the formerly affordable areas to 3rd world (albeit still expensive) status. How lame: they need servants and cheap labor to bloster their egos. How sad the most spoiled generation has become in their old age: they went from fighting for a PC america, to becoming the gluttons of America.
And now, just because they have homes, they need their homes to appreciate, and they need to have 2 homes so they can flip one, or rent one. So they helped to create the housing bubble.
Bottom line: old bitter boomers are acting out in their later years because they no longer have good looks to lord over others. They need SOMEthing, so they use money to make themselves feel important.
The emptiest generation of all time, the generation that made advertising and marketing a staple of society, and greed it's law, the boomers are forcing young people into debt just so young people can afford to have of HALF the life that was simply given to boomers for practically nothing. They want young middle-class Americans to be as miserable as they are and use money to do so.
Why? 'Cause they're envious of our youth. We don't *need* money, right?? I mean *we* don't need plastic surgery, *we're* not gonna die soon like they are. So make us go into debt, give the ugly poor illegals a chance, bring us all into a rut, just so you can feel like your rich, just so you can fill that VOID you boomers used to fill with drugs and empty sex.
Shame on you old folk. Exploiting us young people just so you can feel better about yourselves. Ah well, dinosaurs WILL die.
Yep that's right: Death is looming. 60 is by far NOT the new 30, no matter how often you try and convince us with advertising.
Take all the prescription pills you want: GENX WILL OUTLIVE YOU. No matter what.
And though you have certainly brought America closer to the 3rd world, and to brink of nuclear doomsday in your time, once you vermin are inevitably wiped off the face of the planet like the plague that you are, the future will be a better place for everyone in your absence.
To the angry gen X person... though I agree with you (I'm in my mid-thirties, BTW), I believe that baby boomer money will result in the stem cell breakthroughs that'll make being 65, the new 30.
That's when we're really screwed because all the top jobs in govt, academics, and industry will be held by immortal boomers who can afford routine $50K salon treatments at a Beverly Hills Stem Cell Grafting institute. At that point in time, we'll forever be trapped in a glass ceiling which prevents all of those who hadn't been to the original Woodstock from becoming captains of industry.
65 will be the new 30 for the Gen-X generation.
Most boomers will be skeletons by then.
-Bitter Gen-X
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