Well, I have to disagree as well about boomers being primarily responsible. In my observations, the boomers I know, are working longer to keep up with the rising costs of living. They are living a lot closer to their means if not below, especially compared to Gen-xrs, like me.
My peers are buying homes with interest only loans, 0% down, and financing everything else in their lives. Last time I checked, it was only until recently that you didn’t need a 20% cash down to buy a home. My parents(boomers) never heard of the 100% financing.
Gen-xers, are financing everything from fake boobs, to BMWs, and even their daily Coffee. We(genX) need to address these issues if we want to make it better. Its gonna take financial responsibility, patience, and people are going to have to sacrifice things. They need to realize that not everyone can live like the Osbourne’s, and even if you can, it won’t make you a better person.
I don’t see an end to this trend anytime soon, so its gonna take an economic correction to teach us the lesson. Times will be tough on some people, but over all I think it will be good for the sake of our country.
I agree with bugs, and sdcellar..
Hating the boomers for buying at low prices, come on… WE are the ones who bid the prices up to insane levels with insane loans, and actually continued to BUY the homes. If anything, they deserve the equity from our insane credit bubble, they are going to need it to fight the insane inflation that we have also created for them.
If anything, I wish the boomers could teach the genXers a bit about saving, and responsibility, boomers may not be perfect, but to me, their personal finance is much more logical than ours.
