Baby Boomers Caused This Crash - Mercedes-Benz Forum

Reply
 
LinkBack Thread Tools Display Modes
post #1 of 11 (permalink) Old 10-21-2008, 01:16 PM Thread Starter
BenzWorld Elite
 
Date registered: Mar 2006
Vehicle: 1999 ML320
Location: Ratville
Posts: 24,029
Mentioned: 1 Post(s)
Quoted: 310 Post(s)
(Thread Starter)
Baby Boomers Caused This Crash

What do the baby boomers among you have to say for yourselves ?
Your parents fought the good war, brought home the riches of the world, gave you a good education, benefits, a strong dollar and a strong economy.

Stand up and defend yourself.

-----------------------------------------------------------------
Boomer Bust: How Will the Economy Rebound Without Post-War Babies Financing Their Harleys? - WSJ.com
WASHINGTON -- Baby Boomers have pumped up the global economy with their profligate ways for nearly two decades. It's been a great party. Now the music's over.

Generalizations about the 79 million people born between 1946 and 1964 are overdone and easy to debunk. Boomers went to Woodstock [Ed: WAFW] , voted for George McGovern and, so the thinking goes, cared deeply about the Rolling Stones. Boomers also helped put [Ed: Carter], Ronald Reagan and fellow Boomer George W. Bush in the White House and turned Nashville into a cultural capital.

But what Baby Boomers of all persuasions have done, without dispute and to an unprecedented degree, is spend money instead of saving it.
...
When Boomers ran out of cash, they financed their dreams. The U.S. household saving rate plunged to 2% of income in the 2000-2005 period, when Boomers were hitting their earning peak, from 10% during the early 1980s.
...

Until now.
...
"The generational crash is when there are too many older homeowners and not enough buyers," says Dowell Myers, a University of Southern California professor.

"This is like winter coming," adds Harry S. Dent, an author and consultant who says the U.S. is headed for a slump that will last until 2020. It will take that long for the financial wreckage from this boom-bust cycle to be cleared away, he says, and for the 79.4 million strong "Millennial Generation" -- most of whom are still in high school or college -- to enter adulthood and start buying homes, cars and gadgets of their own. "It happens once every 80 years," Mr. Dent says of this sort of demographics-driven economic cycle. "It's going to be difficult."
...
"The Baby Boomers are going to have to work longer and eat less," Ms. Mitchell says. "And go back to what my mother was doing -- saving string."

[Ed: in summary, the pathetic generation]

Last edited by mlfun; 10-21-2008 at 01:25 PM.
mlfun is offline  
Sponsored Links
Advertisement
 
post #2 of 11 (permalink) Old 10-21-2008, 01:22 PM
BenzWorld Elite
 
Difflock's Avatar
 
Date registered: Dec 2006
Vehicle: 1984 300GD "G" Wagen, and 1998 Steyr Puch 290GD "G" Van & a 1988 MB Trac 1000
Location: Co Antrim, Norn Ireland
Posts: 3,293
Mentioned: 0 Post(s)
Quoted: 174 Post(s)
Send a message via Yahoo to Difflock
Yep
Difflock is offline  
post #3 of 11 (permalink) Old 10-21-2008, 01:25 PM
BenzWorld Elite
 
daisound's Avatar
 
Date registered: May 2008
Vehicle: W210.265/2001, W220/S500/2000, Porsche 997 C2S/2006, GMC K1500/1992
Location: DFW, TX
Posts: 2,147
Mentioned: 0 Post(s)
Quoted: 1 Post(s)
I second

500SEC 1984 retired at 192K
Porsche 928S GT 1984 (euro) retired at 243K
daisound is offline  
post #4 of 11 (permalink) Old 10-21-2008, 01:30 PM
Cruise Control
 
Zeitgeist's Avatar
 
Date registered: Sep 2004
Vehicle: '87 300TD/'90 300D/'94 Quattro/'89 Vanagon TDI/'01 EV Weekender VR6
Location: Cascadia
Posts: 51,730
Mentioned: 6 Post(s)
Quoted: 1427 Post(s)
Lifetime Premium Member
Sodomize boomers
Zeitgeist is offline  
post #5 of 11 (permalink) Old 10-21-2008, 02:29 PM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
A good number of the boomers fit very well into that category. They are not going to play well in the sandbox for the next 30 or so years. Most are over leveraged, don't have a clue how to survive on their own [without the comfort of a 9-5 job] and have a debt to asset ratio that requires a color printer to show them.

And it doesn't matter if it is the middle class "just" making $50-70K or the upper middle making $150-250K per year. Most all are pushing themselves beyond the limit to have the new house every few years, boat, condo in South Beach [sis in law's new toy], 60ish in TV, etc.

When I say to folks that they should be taking a MINIMUM of 10% of every paycheck and putting it in savings from the time they are 18, they look at me like I am an idiot. While that might be true, they do need to save. It makes those years "Over 50, Under Dead" much easier.

It is not all the boomers, it is between half and 2/3 of them. But that is way too many.

Oh, and we will be stopping paying taxes really soon. We were also carrying a big part of the revenue generation for this country. Sorry.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
post #6 of 11 (permalink) Old 10-21-2008, 07:44 PM Thread Starter
BenzWorld Elite
 
Date registered: Mar 2006
Vehicle: 1999 ML320
Location: Ratville
Posts: 24,029
Mentioned: 1 Post(s)
Quoted: 310 Post(s)
(Thread Starter)
Quote:
Originally Posted by mcbear View Post
.... Sorry.
That's it ?

Obama should institute a work program for all the seniors where they perform public services such as teaching in schools, volunteering in exchange for the free health care.
mlfun is offline  
post #7 of 11 (permalink) Old 10-21-2008, 07:45 PM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by mlfun View Post
That's it ?

Obama should institute a work program for all the seniors where they perform public services such as teaching in schools, volunteering in exchange for the free health care.
um, free health care? Boomers have been paying into the medicare system since the late sixties. Nothing free about it.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
post #8 of 11 (permalink) Old 10-21-2008, 07:58 PM Thread Starter
BenzWorld Elite
 
Date registered: Mar 2006
Vehicle: 1999 ML320
Location: Ratville
Posts: 24,029
Mentioned: 1 Post(s)
Quoted: 310 Post(s)
(Thread Starter)
Quote:
Originally Posted by mcbear View Post
um, free health care? Boomers have been paying into the medicare system since the late sixties. Nothing free about it.
Any health care , over and above the amount paid by the boomers, are free.

The projections did not take into account the longer lifespans , rising medical costs and the constant clamor for more benefits.

Thanks
mlfun is offline  
post #9 of 11 (permalink) Old 10-21-2008, 08:46 PM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by mlfun View Post
Any health care , over and above the amount paid by the boomers, are free.

The projections did not take into account the longer lifespans , rising medical costs and the constant clamor for more benefits.

Thanks
Those were management errors, not the fault of the boomers. We bought the service plan. It wasn't free.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
post #10 of 11 (permalink) Old 10-21-2008, 10:01 PM Thread Starter
BenzWorld Elite
 
Date registered: Mar 2006
Vehicle: 1999 ML320
Location: Ratville
Posts: 24,029
Mentioned: 1 Post(s)
Quoted: 310 Post(s)
(Thread Starter)
Quote:
Originally Posted by mcbear View Post
Those were management errors, not the fault of the boomers. We bought the service plan. It wasn't free.
Won't let you off that easy.... the management were all baby boomers as well.

Only now do we get new management not from the pathetic generation.
mlfun is offline  
Sponsored Links
Advertisement
 
Reply

  Mercedes-Benz Forum > General Mercedes-Benz Forums > Off-Topic

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











  • Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
     
    Thread Tools
    Show Printable Version Show Printable Version
    Email this Page Email this Page
    Display Modes
    Linear Mode Linear Mode



    Similar Threads
    Topic Author Forum Replies Last Post
    Vibration caused by transmission mount asodergren W220 S-Class 3 07-14-2016 05:18 PM
    What was it that caused the mortgage crisis again? Fast55 Off-Topic 19 09-27-2008 04:44 PM
    Indonesian Jet crash this morning, 15 confirmed dead in jet crash Jakarta Expat Off-Topic 1 03-06-2007 06:54 PM
    Wow! What Could Have Caused This? DUTCH G-Class 17 02-20-2004 09:17 AM
    C-240 opinions and will 1 forward baby seat and 1 rear baby seat fit? Guest (MBNZ) W203 C-Class 3 09-19-2001 04:46 AM

    Posting Rules  
    You may post new threads
    You may post replies
    You may not post attachments
    You may not edit your posts

    BB code is On
    Smilies are On
    [IMG] code is On
    HTML code is Off
    Trackbacks are On
    Pingbacks are On
    Refbacks are On

     

    Title goes here

    close
    video goes here
    description goes here. Read Full Story
    For the best viewing experience please update your browser to Google Chrome