HousingPANIC Stupid Question of the Day

July 21, 2007

HousingPANIC Stupid Question of the Day

If you didn't save, and based your retirement on your home's "value" and the declining US dollar, how f*cked are you now?

I smell a Baby Boomer Bailout...

Sad... So sad...

55 comments:

Anonymous said...: Is that Greg Swann?; July 21, 2007 9:05 AM
Anonymous said...: I predict boomers will be sorry for their lax attitude on immigration, because I don't think young asians, blacks and latinos will want to pay huge taxes only to see the money go to a bunch of old white people.

Yes, boomers will be looking for a government bailout, and yes, they'll probably get it.
But there will be a tax revolt at some point, and boomer trash shall end up eating cake.; July 21, 2007 10:40 AM
Anonymous said...: I didn't save and I don't even own a home. (Before you blast me for not saving, let me ask: How much do you expect someone earning minimum wage to save?); July 21, 2007 10:44 AM
David in JAX said...: We know about the theory of Peak Oil. Will there be a "Peak Boomer" which will be the exact point where younger people throw up their hands and say they are through with the Boomer social security payments? At what tax rate will the younger people just say enough is enough?; July 21, 2007 11:58 AM
Anonymous said...: boomers over the age of 79.5 years shall be pushed through a wood chipper and reduced to fertilizer and candle wax. Some shall become lamp shades. None shall become octogenarians.; July 21, 2007 1:31 PM
Anonymous said...: Old people are a drain on profits!
-Love,
Corporate AmeriKa; July 21, 2007 1:55 PM
Anonymous said...: Excerpted from my letter to Harvard's prez:

The unconscionable greed of the baby boomers in ignoring the needs of their own children will be rightfully avenged when these same children someday become the power players pulling the strings and directing national policy.; July 21, 2007 2:20 PM
Anonymous said...: >>>>minimum wage said...

I didn't save and I don't even own a home. (Before you blast me for not saving, let me ask: How much do you expect someone earning minimum wage to save?) <<<

don't worry my friend. what is happening to you, will happen to most of the people on this blog soon enough. we are destined to become slaves for the ruling class, cheaply bought and sold and when of no use anymore eliminated. ever hear of soylent green? where do you think they come up with ideas like that? out of thin air? hollywood has always been used as a way to indoctrinate the masses and to tell them what is coming and to laugh at them when they don't get it. so, yes, we are moving toward your present predicament and the only way out of it is either a miracle from God Himself and/or a rebellion /revolution ......; July 21, 2007 2:38 PM
Anonymous said...: >>> boomers over the age of 79.5 years shall be pushed through a wood chipper and reduced to fertilizer and candle wax. Some shall become lamp shades. None shall become octogenarians.

July 21, 2007 12:31 PM <<<

oh bullcrap......they will just move to florida and buy a cheap condo.....; July 21, 2007 2:39 PM
Anonymous said...: Excuse me but these are your parents for goodness sakes. They paid into this crap the same as you. My father paid into this system his entire life and died withen a year not such a good return on investment. My uncle was killed in a house fire and payed the maximum every year from 28-52. He never got a dime and wasn't married. Its the worthless Congress and the last 3 Redumblican Presidents that gave you this mess. If we hadn't built the milatary up so much during peace time. With borrowed money we wouldn't be here. We make up almost 50% of all milatary spending in the world. Then our allies if we have any left spend an additional 25%. That leaves the rest of the world with the remaining 25%. If we aren't spending enough who the hell is!!

Does anyone really look at the fact that we can lay blame for the deficit at the feet of three Presidents. When Reagan took office we owed roughly 1 Trillion Dollars. Between then and now only Clinton successfully slowed the bleeding. Then this latest Bozo ran up more than all other President's combined in the history of the country. Way to go Chimpy and company.

So I agree this is the stupid question of the day.

Sequoia512; July 21, 2007 2:49 PM
Anonymous said...: MY NORWEIGIAN JOB TRANSFER FINALLY CAME THROUGH!!

At last, I get to leave this trash heap called America!!

Stupid country,stupid people,stupid president,stupid war,and a stupid economy!!

Looking forward to living and working with INTELLIGENT people in a INTELLIGENT nation whose Krona is worth a hell of lot more than the Dollar, and whose economic system is on par with Switzerland!!

Oh please do'nt get mad at me. I'm one of thousands of professionals who have been EXPATRIATING for the last seven years to the Eurozone, Austrailia, Singapore, and New Zealand. Not too long ago I saw a PBS program complaining of African American professionals expatriating in very large numbers to Brazil and South Africa.

No offense, but the move is on: alot of us have and are and will be leaving this nation while the life boats are still availabe:just like the TITANIC!!

And I wont be waving a hand good bye, but I will give the middle finger!!; July 21, 2007 2:57 PM
Anonymous said...: This greeter is the face of the trade deficit. Look at all the flare! Oh the indignity of bush's america!; July 21, 2007 3:51 PM
Anonymous said...: Don't buy your (Chinese-made) flip flops at WalMart:

http://tinyurl.com/2fxqpm; July 21, 2007 3:52 PM
Anonymous said...: They haven't saved, most are all still working, whining about retiring. Why should they retire so the young can pay? If I hear a sob story one more time about the hard-luck some save nothing boomer has had, and how they have their ten acres and a home in addition to several rental properties which they thought would be their retirement, but no money -
A lot of them have horrible relationships with their kids, so they will be a lonely old bunch, lucky to be in a nursing home sitting in the hall.; July 21, 2007 4:01 PM
Anonymous said...: Bring back slavery: we'll start with old white people so it wont be called racist, then go to blacks and Mexicans. I'll be hard but fair.

All taxation is extortion and the youngsters won't pay it if they are smart.; July 21, 2007 4:03 PM
Anonymous said...: Thank God that all the bad people on the planet are confined to a single generation called the Boomers. Once they are gone, peace, justice, and wisdom shall reign.; July 21, 2007 4:25 PM
Anonymous said...: Hurin....If you don't like it here then go to Mexico or China to live, you won't be missed! And while working like a slave there and pathetically poor, maybe you can lead a tax revolt in one of those countries so that their citizens can literally stop having to eat trash and quit coming to our country for a bail out. Americans don't see bringing in poor people from other countries to treat as slaves and expand welfare here as a solution to our problems, rather we see the reduced need for illegal immigration as a positive step to free up more American tax dollars. So get crackin on that tax revolt in one of your favorite third-world countries and we'll solve our own problems minus one whiner. But you know, you sound like a complainer and not a doer. Hope I'm wrong about that.; July 21, 2007 5:16 PM
Anonymous said...: Oh yeah, those gen xer's are such a peace loving bunch of work-aholics!

There is at no time in history that you can find a more lazy, self-serving, self-indulgent bunch as this bunch coming up right now!; July 21, 2007 5:41 PM
Anonymous said...: get rid of nafta; July 21, 2007 5:47 PM
Anonymous said...: There is no better definition than,

But realize this, that in the last days difficult times will come.

For men will be lovers of self, lovers of money, boastful, arrogant, revilers, disobedient to parents, ungrateful, unholy, unloving, irreconcilable, malicious, gossips, without self-control, brutal, haters of good, treacherous, reckless, conceited, lovers of pleasure rather than lovers of God........

2 Tim 3:1-4; July 21, 2007 5:49 PM
Anonymous said...: Why do morons always think Presidents control the deficit? Congress creates and passes all legislation. The President can only sign the bill or veto it.

Please stop advertising your stupidity to the world. When you look at the deficit, look at who was in control of Congress at the time.; July 21, 2007 6:08 PM
Anonymous said...: MY NORWEGIAN JOB TRANSFER FINALLY CAME THROUGH!!

Good riddance...enjoy your crushing Norwegian taxes!; July 21, 2007 6:32 PM
RJ said...: The boomers are not going to be bailed out, Gray Panthers or no Gray Panthers. Retirements are going to be consumed by massive inflation. I'm a "young" boomer (born in 1960). I expect to work 'til the day I die. And I save! Folks, our entitlements are in the hole $50 trillion. We all need to be bailed out. But generational warfare isn't going to fix the real problems we face.
Money is just a convenient proxy for energy consumption. Debt is a claim on future energy consumption. Our entire global economic system is built on a foundation of debt which is another way of saying that we are constantly laying claim to ever greater amounts of future energy consumption. Energy scarcity is the problem. We have laid claim to more energy consumption than the existing energy supply can provide. That is why global geopolitical strategy now revolves around energy the acquisition of which is becoming a zero sum game.
Boomers grew up in an era of energy abundance and projected that abundance forward laying claim to what they thought was a permanent upward trend in economic growth,ie, abundant, cheap energy. This last credit binge is possibly the dying gasp of that era. The sooner we recognize that, the sooner we can constructively adjust to, what will unfortunately be, a painful but necessary transition to a low energy economic system, what Richard Heinberg calls "power down." In the age of abundant energy the world shrank and began to flatten (Friedman). It's about to grow bigger and rounder again.; July 21, 2007 7:39 PM
RJ said...: anon said
For men will be lovers of self, lovers of money, boastful, arrogant, revilers, disobedient to parents, ungrateful, unholy, unloving,...
-----------------------------------

Amen; July 21, 2007 7:43 PM
Anonymous said...: Hmm wonder why they call it the Bush tax cuts; July 21, 2007 7:57 PM
Anonymous said...: What the ...? When did everyone become Geritologists?; July 21, 2007 8:24 PM
Anonymous said...: What will become of the Boomers? In 10-15 years the pro-choice crowd will be shoving them into ovens. For the greater good of course. Then they'll turn on the infirm, the handicapped, and eventually the minorities. It's all been done before -- read some history.; July 21, 2007 10:58 PM
Anonymous said...: Im 51, I suppose I am a baby boomer.

I paid off my mortgage this year.
I have absolutly no debt.

I have enough in my 401K alone to retire this year if I chose to do so.

I work 55 hours a week and max out all savings contributions. I plan on working until I am 65.

I flow over 4500 a month to other investments.

Save until it hurts.

I paid cash for the last two vehicles I purchased. I pay off my credit cards monthly and have not carried over a balance for 15 years.

I do not expect Social Security to be solvent while I am in retirement.

It is the new generations coming up that have no work ethic, no savings and require instant gratification for every endeavor they participate in. That is why they will not support my retirement even though I have supported those on SS every single working day.

I pay enough income taxes to support 5 families for a year.

The baby boomers have saved in large numbers. It is the small percentage of them that all the fuss is about.

Every baby boomer I know has no support for illegal immigration.

I flipped 18 housed between 2001 and 2005.

I will not participate in a government bailout, because I will not need to be bailed out. That's because I am a babyboomer.; July 21, 2007 11:16 PM
Anonymous said...: goody goody for you; July 21, 2007 11:58 PM
Anonymous said...: I agree with the NORWAY bound man. America has become a trash heap and just one big JERRY SPRINGER SHOW.

While China is planning for "50 new Harvards" and a moonbase for Helium 3 mining(the ultimate humiliation will be their retrieval of the US flag that was planted there 38 years ago!},America's idea of long term planning is more war abroad and more prisons at home!

During the Presidential debates of Oct.2000, Al Gore told the American people that we could use the budget surpluses to either shore up Social Security and Medicare(Remember,George Bush
did not know that Social Security was a federal program)or pay down the national debt,both of which are very critical because the "baby boomers" will be retiring in very large droves soon.

Instead, 48% of the voting public chose an idiot who had no concept of long term planning, did'nt care that he bankrupted every business that he founded(with his daddy's friend's money} and is now bankrupting the nation!

Call it poetic justice that the state that caused so much consternation during Election 2000 with the "pregnant chad" ballot and brother Gov. Jeb Bush helping brother George, Florida is now home to the nastiest real estate price collapse since 1928!

Call it poetic justice that the majority of subprime,Alt-A,and ARM morgage holders are Bush/Cheney supporters!

America is in its twilight: a failed republic, a failed nation, a failed people, and a failed experiment.; July 22, 2007 12:37 AM
Anonymous said...: "I'm 51, I suppose I'm a baby boomer"

Your income is very suspect: I hope you receive a massive audit from the IRS and that they take you to the cleaners!!

Sounds like drug money: paying cash for two vehicles? Does'nt Homeland Security investigate high cash purchases?; July 22, 2007 12:42 AM
Anonymous said...: Most baby boomers are broke-a55ed losers. They want free medical care so they can spend 40 years playing shuffle board and getting AARP discounts. They will drain the system unless we do something about it. Perhaps inflation is the correct route to take. The greedy boomers who did not save will end up eating dry dogfood. Those who were responsible and saved will be OK. No taxpayer bailouts for old people, welfare scum, corporations or anything else. Be responsible.; July 22, 2007 1:39 AM
Anonymous said...: Get ready for the BLOWBACK from Gen X/Y TOWARDS the baby boomers!!!

You want that diaper changed? Fuck You!!!

What do you call BROKE RETIREES?

Ans: Loyal DEMOCRATS.
Yuck!; July 22, 2007 1:51 AM
Anonymous said...: ">> boomers over the age of 79.5 years shall be pushed through a wood chipper and reduced to fertilizer and candle wax. Some shall become lamp shades. None shall become octogenarians."

Damn straight ! Fuck the baby boomers! Pay back is going to be HELL !!!!!!!!; July 22, 2007 1:52 AM
Anonymous said...: " have enough in my 401K alone to retire this year if I chose to do so. "

To bad your 401k will be confiscated via the government.

Thanks for working your ass off for NOTHING chump !

HAHAHAHAHAHAHHAH

signed.
Fat gov. employee.; July 22, 2007 1:56 AM
anagama said...: Man -- I wish there was a way to opt out of SS. I would happily give up all I have "invested" to date for the ability to avoid that 15.3% tax (self employed). Hell, I'd be willing to give up any future benefits just to have the tax halved. Seriously, that's a massive tax to pay before you even get to income taxes. Of course, don't mind me, I'm just a lazy gen-X mooch.; July 22, 2007 2:11 AM
burn baby burn said...: Good riddance...enjoy your crushing Norwegian taxes!

At least they get something for their tax what to we get a war no one wants?; July 22, 2007 3:05 AM
Anonymous said...: "The baby boomers have saved in large numbers. It is the small percentage of them that all the fuss is about."

Wake up and smell the coffee...

Baby boomers need a reality check
According to the 2007 Retirement Confidence Survey conducted by the Employee Benefit Research Institute (EBRI),1 about 60% of people age 45 and older have less than $100,000 in retirement savings (about 40% of the 45-and-older crowd has only managed to save less than $25,000). In fact, of all the workers surveyed, more than one-third has less than $10,000 in savings. Despite the apparent lack of adequate savings, roughly 70% of all EBRI survey respondents say they are somewhat or very confident of having a comfortable retirement of boomers have no savings.; July 22, 2007 3:18 AM
Anonymous said...: >> All taxation is extortion and the youngsters won't pay it if they are smart.

Oh, they'll pay. I have 4 nieces, ages 15-20, all dumb as door knobs, 2 of whom think their minimum-wage burger flipping jobs are the schiz-nit. They are COMPLETELY ignorant of ANYTHING of importance (their parents aren't much better). But they know all the lyrics to the latest Justin "ass clown" Timberlake's song.; July 22, 2007 3:22 AM
Anonymous said...: Good for you. You and your friends are not the norm.

50% of boomers have <$10,000 in the bank.; July 22, 2007 6:23 AM
Anonymous said...: Not fucked at all. Guberment won't let boomers eat cat food. With democrats in charge, get ready for 50% marginal tax rates coming back,; July 22, 2007 4:44 PM
Anonymous said...: The confiscation of savings and reduction of benefits are already under way via inflation.

I bought a little gold, quit my job, and am going to spend the next 5 years not paying taxes of any consequence and living off the down payment I saved up for the house I could never quite afford.

I'm devoting my time to developing my professional skills and a couple of hail-Mary projects that will either make me rich enough to afford the taxes and inflation or most likely never make me a dime. I'll spend my time doing what I like, and those experiences cannot be taken away by anybody. I'll take that over a looted pension fund any day.

Chances are, I'll end up a highly educated bum, but that's far better than being a suburban slave. We still have the freedom to make that choice in this country, though most can't be pried loose from their possessions to make it.

Maybe things will turn around in 5 years, and I'll go back to being a productive member of society, but I will not be screwed out of my life for worthless paper to pay debt on things that are made artificially expensive so the government can steal from me.

I played the game for 15 years. I understand the rules, and all I have to say at this point is, "NO DEAL".

Y'all are on your own.; July 22, 2007 6:53 PM
Anonymous said...: Hey, Keith! I thought you were taking a look at these comments before you post them. Everyone is entitled to their opinion but you are letting some real non-intelligent sewer scum on whose comments are just non-sense rants. I come to this site to hear varied opinions (whether I agree with them or not) but not to waste time reading trash.; July 22, 2007 7:42 PM
Anonymous said...: To bad your 401k will be confiscated via the government.

What you're saying is a real risk. If not via outright theft (economic emergency, Federal govt debt insolvency, fight a "War", etc...) then inflation.

So...

I've been pulling 50k loans out of my TSP every chance I get. Tax free loan. Buy gold. Pay back principal and interest to myself. Repeat.; July 23, 2007 3:56 AM
Anonymous said...: So much like a liberal idiot. Eat at the public trough, get your fill then when the future looks less rosy run up your surrender monkey flag and run. Whether you choose to believe or not, you too are directly responsible for the debt and the decay of this country. Gen x and y lived pretty damned good while their parents ran up debt so they could have every stupid thing under the sun or on MTV anyway. Now you plan on leaving. What are you going to do when you get to where you are going? The first time the gov does something you don't agree with, are going to run again? What an asset you are. Your family can not rely on you, your fellow country men can not rely on you and the only thing that anyone can say about you is that you are a chicken shit. It is no wonder abortion has become so popular in the past 30 years(they missed one). I will be happy you are not on my side, although I was planng on using your worthless hide to shield me from the bullets when the commies come in after the 08 elections. So do me a favor and leave. Leave now. Take all the losers and quitters with you. Buy yourself a burka,say your prayers five times a day and enjoy. Just don't get mad if the borders are closed and you want to come back.; July 23, 2007 7:23 AM
Anonymous said...: Anonypussy 10:16 said . . .

I flipped 18 housed between 2001 and 2005.

-------------------------------

Thanks. You've been maxing out your retirement accounts by robbing me. You should be proud of your "work ethic". Dickhead.; July 23, 2007 2:58 PM
Anonymous said...: could agree more armed!; July 23, 2007 4:52 PM
Anonymous said...: I flipped 18 housed between 2001 and 2005.

-------------------------------

"Thanks. You've been maxing out your retirement accounts by robbing me. You should be proud of your "work ethic". Dickhead."

One can't max out a 401K with income from flipping houses twit.

It comes from income earned at work.

The risk involved with flipping houses was all mine. How is taking those risks robbing you? If you had bought one of my flips, you would have paid market price and gotten a sound property.

So I took advantage of the market while it was increasing. The American dream is buy low sell high. What is the difference in doing that and shorting real estate markets now? (Which I am doing, and making more leveraged income.)

If you were too stupid to participate in creating wealth when the opportunity was there,then you are screwing yourself. Don't blame me for your insolvency.

Wealth creation is all about risk/reward. I just as will could have not sold in 2005 and be in the same condition others are.

Playing the victim and blaming me of robbing you is indicative of a weak minded fool.; July 23, 2007 9:56 PM
Anonymous said...: well done on your successful investments and considerable income anon.

why are you continuing to bother working for another deacde and a half though? sounds like you don't need to.; July 24, 2007 4:15 AM
Anonymous said...: Anonymous said...
MY NORWEIGIAN JOB TRANSFER FINALLY CAME THROUGH!!
At last, I get to leave this trash heap called America!!
Stupid country,stupid people,stupid president,stupid war,and a stupid economy!!
----------------------------------
Bye Bye. Don't let the door hit you in the ass on your way out.........; July 24, 2007 5:03 AM
Anonymous said...: "One can't max out a 401K with income from flipping houses twit."

You can max out an IRA with income from flipping houses. You can also purchase an annuity with that income (if that's your thing). Also, real estate income can free up some of the income from your regular job, and allow you to max out your 401k with money that you might otherwise need for current expenses.

"The risk involved with flipping houses was all mine. How is taking those risks robbing you? If you had bought one of my flips, you would have paid market price and gotten a sound property."

True, the risk taken on the flips was yours (and your buyers'), but if I had bought one of your flips, I would have bought an overpriced property, not a "sound" one. And I guess it's not really robbing me, so much as helping to jack up home prices out of my reach.

"The American dream is buy low sell high."

Wow. I've heard the American dream characterized as a lot of things, but never that.

"What is the difference in doing that and shorting real estate markets now? (Which I am doing, and making more leveraged income.)"

People don't need stocks to live in.

"If you were too stupid to participate in creating wealth when the opportunity was there,then you are screwing yourself. Don't blame me for
your insolvency."

I was too young to gamble in the real estate freak show when it was going on; I was in college and grad school. But, I guess I could done what you suggest: quit school, and become a full-time flipper.

"Wealth creation is all about risk/reward. I just as will could have not sold in 2005 and be in the same condition others are."

Usually, wealth creation is about putting your money into investments that help the economy grow, and that improve others' lives as well as your own.
Your "investing" (actually, speculating) just left a big
bubble, and a bunch of bagholders (thank God I'm not one of them). You put your money on winning gambles that were premised on asset appreciation, and added no real value to the economy.

"Playing the victim and blaming me of robbing you is indicative of a weak minded fool."

For all of the above-mentioned reasons, I disagree.

However, calling you a dickhead is indicative of being a weak minded fool.

I apologize for that.; July 24, 2007 1:54 PM
Anonymous said...: "You can max out an IRA with income from flipping houses. You can also purchase an annuity with that income (if that's your thing). Also, real estate income can free up some of the income from your regular job, and allow you to max out your 401k with money that you might otherwise need for current expenses."

I do not qualify for IRA nontaxable contributions because my income is too high.

I paid off all debt and purchased CD's with the balance. 5.63%

I already max out 401K and GVUL contributions at work. Including 5000 catch up allowable.

All the income from my job is disposable.

I like my job and that's why I plan on staying there until I retire.

"Usually, wealth creation is about putting your money into investments that help the economy grow, and that improve others' lives as well as your own."

Obviously my investments help grow the economy, income from Real Estate is not currently a viable conduit to build wealth, but it certainly was while the bubble was building.

I owned tech stocks prior to 2000, you probably think because that bubble popped too, all the investors weren't building wealth?

Imagine your life without the internet improvements that I helped fund and develop while you were in grade school.

"I guess I could done what you suggest: quit school, and become a full-time flipper."

I never was a full time flipper. I wouldn't suggest anyone flip houses for at least 4 or 5 more years.

"You put your money on winning gambles that were premised on asset appreciation, and added no real value to the economy."

So the people I hired and the materials I bought to remodel those houses, the fees I paid, taxes, and the risk I took to do so, is of no value to you?

Somehow, you are missing the boat.

Some day, you might have to support yourself and think about making money. If you believe speculation on others parts makes you the one holding the bag, you will always be holding the bag.

Millions of other speculators did not fare so well and are now stuck with real estate inventory that is receding in value which nobody wants, those are the people holding the bag, not you.; July 24, 2007 8:09 PM
Anonymous said...: LOL. Looks like one of those Gen-x'ers in the computer field had to retire early....; July 25, 2007 8:14 PM
Anonymous said...: sandy_34b said...
boomers over the age of 79.5 years shall be pushed through a wood chipper and reduced to fertilizer and candle wax. Some shall become lamp shades. None shall become octogenarians.

July 21, 2007 12:31 PM
-----------------------------------Um, so what have you done with your parents............; July 25, 2007 8:16 PM
Anonymous said...: Anonymous said...
Oh yeah, those gen xer's are such a peace loving bunch of work-aholics!

There is at no time in history that you can find a more lazy, self-serving, self-indulgent bunch as this bunch coming up right now!
---------------------------------
Do Gen Xer's work? I thought all they did was suck coffee at starbucks and post.....; July 25, 2007 8:19 PM

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July 21, 2007

HousingPANIC Stupid Question of the Day

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