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Baby Boomers Are Evil - visit Reform Australian Housing on Facebook; I bought a house a year ago, paid some snivelling undeserving ageing hippy boomer far more than they deserved
Topic Started: 11 Jul 2014, 02:01 PM (10,203 Views)
Bond
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Public policy agencies are glued to an economic model that limits the scope for action.

Rather than address face on the proven failure of a monetary policy dominated, household debt asset price driven, model, we will get more of the same.

Desperate attempts to keep household debt growing or at least inflated with lower and lower interest rates while praying for economic growth to respond with escape velocity.

Desperate attempts to keep the asset prices securing the debt inflated – even as those prices destroy the competitiveness of the economy.

Remarkably persistent is this paradigm considering the Japanese were kind enough to spend 20 years showing how even the strongest of economies cannot over come the power draining kyptonite of this failed economic ideology.
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skamy
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Veritas
14 Jul 2014, 02:36 AM
The Judith Yates chart is based on ABS data which is highly suspect.

....
Veritas your report agrees with the ABS statistics ya silly they put mortgage costs at 23-25% since 2003. They are also using the ABS statistics that you are claiming to be suspect throughout the report. Two examples below:

Quote:
 
source: BANKWEST CURTIN ECONOMICS CENTRE | AUSTRALIAN BUREAU OF STATISTICS Cat No. 6401.0
and
source: BANKWEST CURTIN ECONOMICS CENTRE | Authors’ calculations from ABS Survey of Income and Housing, 2003–04 to 2011–12




You simply mix up aggregate statistics with some special studies explored in your report.

Many people on low incomes stretch themselves to buy a home. This is particularly true for some new migrants desperate to improve their financial circumstances. This has not necessarily anything to do with real housing stress - your report even refers to this when it discusses the upgrader market and the tendency to overstretch. This is clearly voluntary behaviour.


But as you say in WA it is the renters that have been doing it really tough with huge housing cost stress levels. That is easing a little right now and that is a good thing. The rental market here was a nightmare lets hope this breather lasts a little while.
Bond
14 Jul 2014, 02:34 PM
Public policy agencies are glued to an economic model that limits the scope for action.

Rather than address face on the proven failure of a monetary policy dominated, household debt asset price driven, model, we will get more of the same.

Desperate attempts to keep household debt growing or at least inflated with lower and lower interest rates while praying for economic growth to respond with escape velocity.

Desperate attempts to keep the asset prices securing the debt inflated – even as those prices destroy the competitiveness of the economy.

Remarkably persistent is this paradigm considering the Japanese were kind enough to spend 20 years showing how even the strongest of economies cannot over come the power draining kyptonite of this failed economic ideology.
Lighten up Bond

Debt is not as bad here as some people would have you believe. Asset prices are also not as inflated as you appear to believe, there are loads of places in Australia where you can buy a house for less that it would cost to build it.

There are still plenty of good things about our flawed economic systems. I doubt many will join you in your tirade against the state of the world. Most Australians are living the good life. It is just a small minority of housing crash speculators that are teed off right now because they bet on the wrong horse.




Edited by skamy, 15 Jul 2014, 02:29 AM.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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doubleview
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skamy
15 Jul 2014, 02:12 AM
your report even It is just a small minority of housing crash speculators that are teed off right now because they bet on the wrong horse.



Oh no! APF'S biggest piece of human garbage is back.

What happened to u preaching about Perth as now being the best time to buy blah blah!





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MMM
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doubleview
15 Jul 2014, 09:59 AM
Oh no! APF'S biggest piece of human garbage is back.

What happened to u preaching about Perth as now being the best time to buy blah blah!




Now he has turned comedian on us double view.

He is about as old as my dad , and has just leveraged up on one or two properties in Perth very recently.

And yet in the post above, he lectures us on betting on the wrong horse :)

As far as betting and gambling goes. I doubt you could even find a worse gamble than house prices, and yet so many have bet their life on it, leveraging almost tenfold infold into this ponzi.

Would be a safer bet having your money on number two at cranbourne races. :lol

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Boomers Are Evi
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I am the original BoomersAreEvil and it was my post that was used at the start of this thread. Interesting that my post on another site has been posted across here, although Aust property Forum is apparently renowned for 'finding' commentary around the place (Hi Peter Fraser!).

It brings me great joy to see the outrage of a bunch of snivelling Boomers attempting to defend their legacy - pity most on here lack the intellectual nous to understand exactly what their legacy is. Your average Boomer thinks their generation has walked through life shitting rainbows and farting fairy dust, when the reality is far different.

Let me enlighten you.

The boomers inherited a nice fairly well run economy ( if a little backward ) from their parents, that despite our mineral wealth still have a fairly broad manufacturing base and at a national level, fairly low debt levels, both in private and in a public context, and proceeded to screw it up entirely.

They have collectively kicked off a generational property ponzi scheme that has overwhelmingly benefited existing property holders (themselves) at the expense of every generation that has followed. House prices when they were starting out averaged 3.5-4 times median income, thanks now to the efforts of a generation of property squeezers, median houses in some of our larger cities are now above 8 times median income - thanks a lot Mum and Dad (not).

They have collectively sold off public assets to themselves at rock bottom prices under the guise of "privatisation". This privatisation spree has not only included Govt business that compete in the private space, but includes the sale of various natural Govt monopolies, like electricity power distribution networks, power companies, ports and of course Airports, which have then turned around and commenced raping the public for every dollar they can (or can't) justify. Who have they sold them to? Well what they haven't sold off to foriegners, they've sold off to their pension and super funds, which has helped to go a long way to gouging a solid income stream from the next generation of users.... oh and then there is all the "Mutual" and "Co-operative" societies that use to feature so much in Australia's financial landscape, but which were privatised to their members in the 80s and 90s (members of course being Boomer).

Then there has been their influence on the various public institutions that use to act as checks and balances against one segment of society being given an unfair advantage. Media cross ownership laws - "Oh no! Our share portfolios would be doing soooooo much better if we allowed them to merge".... and now hooray, hooray, we have the great media monoculture of Mr Rupert Murdoch, spiced up with a little Gina Rienhart and her Fairfax press. Heavens if it wasn't for the ABC were would we get any news that didn't come through the filter of the 0.01%.... oops, forgot about Tony Abbott and his Govt's intention on destroying the ABC (interesting that 2/3 Geezers above the age of 60 vote for Abbott.... but that is hardly surprising as it is a well known fact that as people age their brain shrinks and they become stupider and more conservative).

It is impossible to have any discussion of Boomers and their influence on public institutions without also mentioning their great influence on the Financial sector and our Banks - Australia's greatest economic rent extracting industry, hanging off the Australian real estate like a bloated tick. In a normal well functioning economy these banks wouldn't have been allowed to grow to anywhere near their size, but once again Boomer self interest in protecting the value of their super accounts is paramount. With the Financial services industry and the big for in particular, dominating the ASX, no reform that could impact their profitability while we have an even bigger generation of leeches sucking off the income flow that these banks are throwing off.

Finally no conversation as to the naked self interest of the Baby Boomer generation is complete without including a mention of the Super and Pensions that they've written to themselves that would leave even an Enron executive blushing over. Here we have a private pensions system, supposedly set up to encourage a private, parallel means of saving for their retirement. It was envisaged that the cost to the economy would be less than the Geezer Dole as private "efficiencies" would take over, and in order to encourage uptake various tax concessions were initially granted to both encourage uptake and to make up for the vagaries of sharemarket returns. Instead, and thanks to Baby Boomer cheer leader in chief, the dishonourable John Howard, the costs of the Super system have blown out to far in excess of what the economy would be paying if a generation of snivelling money grubbers were forced to wait for their pension cheque.

Not that +30% of them have any intention of actually missing out on the Geezer dole either, as they treat their concessionally taxed retirement savings as some sort of end of working life Lotto payment, and blow the lot on either paying off outsized mortgages that they've built up after using their houses as ATMs for the past 30 years, or going on an overseas holiday (business or premium economy class only - of course) or buying a brand new swanky BMW to drive at 40km/hr everywhere. And once they've blown it all? Why go on the Geezer dole of course, and get some young person whose struggling under a massive mortgage to pay out to them via their taxes.

Finally their is their great contribution to Australia and the investment in its future by way of taxes and complete lack of paying them. Yup, right when they're all getting set to retire, when they're supposedly at their peak income earning capacity they've managed to widdle Australia's tax rates down to generational lows (not that any of them are in any danger of actually having to pay any tax once they've deducted their genereous super deductions that they're getting everyone else to subsides for them). There is the huge amount of Stamp duty they've paid out as well, a median house in Sydney bought in 1970 would have coped a massive $800 in stamp duty, or a paltry 5% of after tax income... compare that to what a young family buying a median priced house in Sydney today have to hand over... nearly $40k, or close to the ENTIRE after tax yearly salary of your median Australian Baby Boomer tax paying wage slave.

Yup the Boomers are the greatest generation of all - the greatest at looking after themselves, giving a big FU to just about everyone who came along before them or since.

It is my great hope that this post may drive at least a couple members of the ME generation to such an outraged state of apoplexy that at least a couple of you manage to have a brain infarction or blow an aortic artery or two and drop dead on the spot.

Have a nice day, or not - depending on your age.
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skamy
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Boomers Are Evi
3 Nov 2014, 07:53 AM
blah de blah Brainwashed generation baiting

Posted Image
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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Foxy
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Zero is coming...

Blondie girl
13 Jul 2014, 12:26 PM
No Eagle Bay..

Then cruise down Caves rd to Smiths Beach for the surf..
Surfers Point is the place for surf.
World class.
Yalls is good but.

Peter
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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peter fraser
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Boomers Are Evi
3 Nov 2014, 07:53 AM
I am the original BoomersAreEvil and it was my post that was used at the start of this thread. Interesting that my post on another site has been posted across here, although Aust property Forum is apparently renowned for 'finding' commentary around the place (Hi Peter Fraser!).

Hi Boomers are Evi - hope your having a great day. You say that someone stole your work? On the internet? How can that happen - how terrible.

Quote:
 
Let me enlighten you.

The boomers inherited a nice fairly well run economy ( if a little backward ) from their parents, that despite our mineral wealth still have a fairly broad manufacturing base and at a national level, fairly low debt levels, both in private and in a public context, and proceeded to screw it up entirely.


No they didn't, they inherited a world soaked in debt caused by WW2 and half the world engaged in a cold war, there were wars in Korea and Vietnam, and a US administration who wanted even more wars. The boomers got drafted and sent to wars by politicians they were too young to even vote for. The age for conscription was 20 but the voting age was 21 - neat trick eh - don't let them have a say but send them off to fight in a war they don't agree with.

They decided to fix that and they did and the world is a much better place for it. If you have a beef about house prices being too high then it's better than expecting a nuclear war at any moment. However if it's such a big deal then get off your arse and do something about it. You have the voting numbers, all you need is the political will. The world wants action not words, anyone can make a speech, but people of action deliver.

Your complaint is that you don't have the guts to fix what is a fairly easy problem to sort out - previous generations have sorted out much bigger issues, but you can't even fix a tax issue. What a disappointment - are you a generation of fizzers with no backbone, or are the majority just fine with it as it is.


Quote:
 
Have a nice day, or not - depending on your age.

You betcha.........
Any expressed market opinion is my own and is not to be taken as financial advice
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Glenn Stevens
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There may be some implications for intergenerational equity if first home buyers increasingly rely on parental assistance or bequests to fund larger deposits (and thus higher prices) than they could sustain from their own resources, because such assistance may not be available to the children of renters. I'm very much sympathetic to inter-generational issues about whether our children will be able to afford to live in the same city as their parents.
Edited by Glenn Stevens, 3 Nov 2014, 12:59 PM.
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herbie
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I've known the occasional person in my life I regard as evil. Not many of them. Just a few. As by and large people do seem to mostly just be products of their times. And by and large, in my times (as a boomer) and in Gen X and Gen Y times I've seen to date, things have been pretty OK - In the West. Compared to what they might have been/regularly were before maybe 1945 even? Though reckon it's not a good thing at all that our housing prices have got as excited as they have over the last 15 years or so.

But maybe that's just what happens when govs run out of other options for getting growth; Apart from ever increasing debt driven by ever decreasing interest rates? With said govs being democratically elected, so also having to rip more out of their systems to feed their non-productive/non-contributing voters?

But anyway, I'm a live within ya means type of bear 'n a lifelong saver; So I obviously know fuck all about how to capitalise on the system - Just best ya ask supposed smarties like Shady 'n Skamy 'n Mike how such shite goes at going on forever maybe?
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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