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Started By
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re: Another shaky sign of a lost generation: Welcome to the #YOLO economy
Posted on 5/16/21 at 10:31 am to wutangfinancial
Posted on 5/16/21 at 10:31 am to wutangfinancial
quote:
How cheap would government credit be if they let asset prices drop in your opinion?
I am not sure, but how can we maintain a system without assets dropping in value? How do we maintain a society if you could engineer prices never dropping while salaries don't inflate at the same rate? How do we deal with that society while requiring a typically worthless, expensive credentialing system via universities?
The goals of our current system (inflation at any cost to prevent normal deflation of assets pursuant to the natural cycle) is irrational and borderline insane.
1
Posted on 5/16/21 at 10:34 am to wutangfinancial
Yep, I hope they learn that buying more and "averaging down" likely won't make them millionaires. Meanwhile they are sitting on tens of thousands in losses that would have been better off in an index fund.
All I am hoping for is that I can eventually sell my shares for enough money to cover the AMT I owe for exercising.
All I am hoping for is that I can eventually sell my shares for enough money to cover the AMT I owe for exercising.
Posted on 5/16/21 at 10:36 am to wutangfinancial
quote:
I understand the grievance arguments
they're not "grievance arguments". they're facts
and they counter your assertion that our SOL is the best ever. that peak already happened, likely around 2008. the crunch is being felt and borne by millennials now and our SOL and prospects are the first to ever decline in American history
quote:
Millennials are just as greedy
the argument you quoted wasn't about greed. it was about power. boomers created the system and continue to rig it to the detriment of millennials
quote:
They're too stupid to understand that you can't suppress volatility for eternity. The piper always gets paid and will in due time.
societal instability and possible collapse is really going to be great for that millennial standard of living
it's going to probably happen right as they're nearing the retirement phase of their lives, too. PERFECT!
quote:
Millennials would scream the loudest if we went the alternative route and stopped suppressing volatility. In fact, it would be so ironic wishing the boomers wealth drained out while they are just entering peak earning years as the corporate sector goes through an extended period of insolvency.
the problem is this should have already happened in 2008 when it would have sucked at first, but would have rebounded by those peak years
instead, we face the Weimar Republic after a terrible career in terms of earning just as they get power and start being able to properly fund retirement.
Posted on 5/16/21 at 10:52 am to SlowFlowPro
You are taking data in the present and FORECASTING doom all before Millennials have even begun to advance their careers, which they are doing in real time. You'd be a perfect fit for the AGW, IPCC, or the CBO. Do you understand how many backwinds for growth their are heading into this decade? We're inheriting an entirely digitized economy with a global market from those evil boomers who robbed us. You really think there's no way to build wealth in 2021? It's never been easier and in fact it's so easy that the regulators are having to change rules so the great unwashed don't get to participate.
By the way you're falling into this trap that all boomers were responsible for the current regime when it was really just a different group of global elites pulling the strings.
You're complaint on income is like a liberal pointing to static wealth gaps. Income is a fluid number and 90% Millennials will be within the top quartile of income at some point in their lives just like all of them will be poor at some point on their lives. Those boomers are starting to retire and as they drawdown their accounts we will get asset valuations normalized. It's happened several times in the past in this country.
By the way you're falling into this trap that all boomers were responsible for the current regime when it was really just a different group of global elites pulling the strings.
You're complaint on income is like a liberal pointing to static wealth gaps. Income is a fluid number and 90% Millennials will be within the top quartile of income at some point in their lives just like all of them will be poor at some point on their lives. Those boomers are starting to retire and as they drawdown their accounts we will get asset valuations normalized. It's happened several times in the past in this country.
Posted on 5/16/21 at 10:58 am to SlowFlowPro
Right. We basically have an infinite growth economic paradigm. That is messed up when you think about it. The government will probably never allow a deflationary episode at this point.
Posted on 5/16/21 at 11:10 am to Bunk Moreland
This kind of shite has everybody concerned for the future: LINK
I'm sure it will be fine.
I'm sure it will be fine.
This post was edited on 5/16/21 at 11:28 am
Posted on 5/16/21 at 11:45 am to SlowFlowPro
quote:
a feeling that the economy is changing in ways that reward the crazy and punish the cautious.
Taking out a second mortgage to invest in Dogecoin... crazy or crazy like a fox?
Posted on 5/16/21 at 11:55 am to SlowFlowPro
quote:
continue to rig it to the detriment of millennials
quote:
Millennial households — those headed by people age 22 to 37 — are earning more money than ever: a median income of $69,000, according to a Pew Research Center analysis of new census data.
Looks pretty dead on to me. LINK
The main problem is millennial households are much smaller than previous generations with less income earners. The biggest problem of all....
quote:
, 8.6 million households were headed by a single mother who lived with a child younger than 18.
Housing being the main issue, however millenials are far more likely to have a single income earner than previous generations.
This post was edited on 5/16/21 at 12:04 pm
Posted on 5/16/21 at 12:05 pm to SlowFlowPro
quote:
The data clearly shows they are the first generation to face a depressed economic future than previous generations.
I'm not trying to discount many of the arguments that have at least some basis in reality, but this has been said about every generation in America since 1776.
It was said about gen x, was headlined on the covers of all the news magazines, etc.
People forget how often we used to have recessions. My first job out of college was humping logging tools across the California desert chasing $7bbl heavy oil, working 9 days on/3 days off for way less than they made back in "the good old days". Quit to come back to Texas, had to go 250+ miles from home to find a decent job to advance my career that paid way less than the oilfield wages, even in an oil downturn.
Worked in DFW for several years, then had to move back home to help my father w/ cattle and pecans once he almost died from bladder cancer. Took another job 50 miles away and commuted for 13 years. Scrimped and saved and bought a piece of land that I knew if I didn't buy then, I would never get the opportunity to do so again. Was land poor, working nights and weekends trying to handle a cattle operation while working a full time engineering job.
There are many millenials who have worked that hard or harder early in their careers, and they are doing just fine. But many more sit around and bitch about how life isn't fair, how they should be making so much more, but it's everyone else's fault that they aren't.
Posted on 5/16/21 at 12:06 pm to SWCBonfire
quote:
The data clearly shows they are the first generation to face a depressed economic future than previous generations.
Yeah, this is bullshite.
Kids coming of age from 1975-1982 faced high unemployment, inflation and interest.
quote:
It was said about gen x, was headlined on the covers of all the news magazines, etc.
Millennials are rehashing a lot of stuff that was said regarding Gen x.
The lost generation, etc. The mid 80's to mid 90's changed that outlook.
This post was edited on 5/16/21 at 12:10 pm
Posted on 5/16/21 at 12:22 pm to RogerTheShrubber
quote:
The gain was also “driven by increased employment, rather than increased pay. The average annual earnings of both male and female full-time workers actually declined last year, but that drop was offset in the national data by the increase in the number of people with jobs,” The New York Times points out.
And the larger problem is that even this increase in earnings may not be enough. That’s because the average paycheck has the same purchasing power it did 40 years ago, according to a different report from Pew. So though American households may be earning more, salaries still aren’t going as far as they used to to cover the necessities, let alone the soaring cost of college, housing, health care and child care.
Posted on 5/16/21 at 12:24 pm to SWCBonfire
quote:
There are many millenials who have worked that hard or harder early in their careers, and they are doing just fine.
Most I am aware of are doing fantastic.
Way more spending power than we had 30 years ago. They have more purchasing power than any generation during that age group.
This post was edited on 5/16/21 at 12:26 pm
Posted on 5/16/21 at 12:27 pm to RogerTheShrubber
quote:
Way more spending power than we had 30 years ago. They have more purchasing power than any generation during that age group.
Your link LITERALLY disputes this
Posted on 5/16/21 at 12:33 pm to SlowFlowPro
quote:
This year it is estimated that millennials in the U.S. alone will be spending $200 billion. By 2018, they will have the most spending power of any generation.
Wait until they inherit boomers wealth.
They'll be the wealthiest generation of all time.
Posted on 5/16/21 at 12:33 pm to SlowFlowPro
quote:
Your link LITERALLY disputes this
Posted on 5/16/21 at 12:35 pm to RogerTheShrubber
From your link:
Goods and service costs have inflated much faster than wages.
quote:
That’s because the average paycheck has the same purchasing power it did 40 years ago, according to a different report from Pew. So though American households may be earning more, salaries still aren’t going as far as they used to to cover the necessities, let alone the soaring cost of college, housing, health care and child care.
Goods and service costs have inflated much faster than wages.
Posted on 5/16/21 at 12:40 pm to SlowFlowPro
quote:
Goods and service costs have inflated much faster than wages.
Yet you also have basically free credit today to purchase things like cars, and interest on homes is dirt cheap, and fewer dependents to deal with.
Goods and services are expensive, but credit is cheap.
A mortgage on a home 40 years ago wasn't too far off from what it is today.
This post was edited on 5/16/21 at 12:41 pm
Posted on 5/16/21 at 12:52 pm to SlowFlowPro
That's because you're only looking at salaries. Include the benefits and that number looks less dire. Not to mention you're downplaying quality improvements, technology and healthcare.
Posted on 5/16/21 at 1:08 pm to RogerTheShrubber
quote:
Wait until they inherit boomers wealth.
IMO Boomers are going to drain all of their wealth (if they have any at all) stretching out the end of their lives
They are living longer and didn’t really plan for retirement/the future as well. Those that did are in high price senior living communities spending their $$$
It’s also magnified because boomers won’t retire and get out of the workforce, either.
Hopefully I’m wrong.
Posted on 5/16/21 at 1:19 pm to wutangfinancial
I have two millennial daughters. Both are doing well.
Both own homes, and have families. They found property in less expensive areas and both have homes bigger than anything I have owned.
Then there is my wife's son.
Both own homes, and have families. They found property in less expensive areas and both have homes bigger than anything I have owned.
Then there is my wife's son.
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