Comments on: Is Generation X Responsible for the Real Estate and Mortgage Problems? http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/ Helping a unique generation achieve financial independence. Thu, 18 Mar 2010 20:31:53 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Splaim Chulundrk http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-129265 Splaim Chulundrk Thu, 18 Mar 2010 03:41:16 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-129265 It looks as if the hate-filled, snotty Grungers (Generation-X) are the source of all the world's evil. Of course its amusing to see how much energy they expend blaming others for the damage they've done while always stealing credit for the good works of others of which they are incapable. As a matter of fact, I don't think amy Gen-X grunger has the ability to be anything but a snarky backstabber. It looks as if the hate-filled, snotty Grungers (Generation-X) are the source of all the world’s evil.
Of course its amusing to see how much energy they expend blaming others for the damage they’ve done while always stealing credit for the good works of others of which they are incapable. As a matter of fact, I don’t think amy Gen-X grunger has the ability to be anything but a snarky backstabber.

]]> By: Do You Really Need a Mortgage In Your Twenties? http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-128423 Do You Really Need a Mortgage In Your Twenties? Mon, 08 Mar 2010 14:01:15 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-128423 [...] through their twenties, buying a home simply became apart of life. Well, that is until the recent mortgage and real estate problems. Now the 20-something crowd is starting to challenge the home ownership axiom. Young people are [...] [...] through their twenties, buying a home simply became apart of life. Well, that is until the recent mortgage and real estate problems. Now the 20-something crowd is starting to challenge the home ownership axiom. Young people are [...]

]]> By: OliverTwist http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-127981 OliverTwist Tue, 02 Mar 2010 19:12:42 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-127981 I'd really like to know how Generation X can be blamed for ANYTHING at all. We turned 18 in a world that already completely belonged to someone else, a world in which men like Alan Greenspan were purposefully holding down wages while the housing market was jacking up the rent. We grew up in the "Greed is good" at underfunded schools while both of our parents worked full just to barely pay the rent. Most of Gen X never had a chance: forced into food service work in return for NOTHING at a young age. You're going to say, what about Gen X's credit debt? Well guess what. Those of us who borrowed money we couldn't afford to pay back lived much better lives than those of us who were very responsible and lived on nothing without borrowing money, dreaming of saving up enough to make a difference. I did not borrow money for college, or take out a mortgage on a house. If i had, I'd have had to leave college anyway when cost of living exceeded my borrowed funds. If I'd gotten a mortgage, when the market crashed I'd have had a house that I couldn't buy yet couldn't sell. And no, after growing up in poverty I could not work all day in a restaurant and then pass college courses at night-I'd have flunked either when I was too tired to concentrate, or when I genuinely needed some kind of activity in my life outside my responsibilities. At a young age my capacity for manual labor got used up without giving me anything in return but next month's rent. Now I'm exhausted, and being told that I'm too old to begin my chosen career path. So what am I supposed to settle for instead of my chosen career? More of same kind of job that used up my one and only lifespan. Those of us who grew up under Reaganomics don't owe this society anything. We watched our parents get turned into slaves in the modern economy, and then we became slaves ourselves. Want to know who the smart kids were? The ones who made a few thousand extra dollars dealing drugs and hiding the money away. Those are the ones who were able to maintain a good standard of living while they were in college so they could focus on their classwork. Because they had money and were part of the party culture, they also had their pick of the most attractive mates. All the most desirable of Gen X are already married now, mostly to those who were in the right place at the right time or had money in their backgrounds to help them become $ecure at a young age. If I could live my life over again, I would deal enough cocaine in high school to fill the financial gaps when I started college. Then, I wouldn't be burned out from restaurant work as I approach middle age. Of course, nothing in the world is as abhorrent to me as cocaine, I've never touched the stuff in my whole life. However, the street market for coke was the Gold Rush of my generation. We were in an ecosystem in which going to work just didn't pay off. I know one thing: the next rich man to tell me I need a better "work ethic" is going to get punched in the nose. They need a "pay ethic", a belief that we need to get paid for going to work rather than just paying our landlords instead of us for housing us workers. Between "tenant" and "employee", the Citizen has vanished. Caste system relationships have replaced our civilization. It's just a huge debt cage now. I’d really like to know how Generation X can be blamed for ANYTHING at all. We turned 18 in a world that already completely belonged to someone else, a world in which men like Alan Greenspan were purposefully holding down wages while the housing market was jacking up the rent. We grew up in the “Greed is good” at underfunded schools while both of our parents worked full just to barely pay the rent.
Most of Gen X never had a chance: forced into food service work in return for NOTHING at a young age.

You’re going to say, what about Gen X’s credit debt?
Well guess what. Those of us who borrowed money we couldn’t afford to pay back lived much better lives than those of us who were very responsible and lived on nothing without borrowing money, dreaming of saving up enough to make a difference.
I did not borrow money for college, or take out a mortgage on a house. If i had, I’d have had to leave college anyway when cost of living exceeded my borrowed funds. If I’d gotten a mortgage, when the market crashed I’d have had a house that I couldn’t buy yet couldn’t sell.

And no, after growing up in poverty I could not work all day in a restaurant and then pass college courses at night-I’d have flunked either when I was too tired to concentrate, or when I genuinely needed some kind of activity in my life outside my responsibilities.

At a young age my capacity for manual labor got used up without giving me anything in return but next month’s rent. Now I’m exhausted, and being told that I’m too old to begin my chosen career path.

So what am I supposed to settle for instead of my chosen career? More of same kind of job that used up my one and only lifespan.

Those of us who grew up under Reaganomics don’t owe this society anything. We watched our parents get turned into slaves in the modern economy, and then we became slaves ourselves.

Want to know who the smart kids were? The ones who made a few thousand extra dollars dealing drugs and hiding the money away. Those are the ones who were able to maintain a good standard of living while they were in college so they could focus on their classwork. Because they had money and were part of the party culture, they also had their pick of the most attractive mates.

All the most desirable of Gen X are already married now, mostly to those who were in the right place at the right time or had money in their backgrounds to help them become $ecure at a young age.

If I could live my life over again, I would deal enough cocaine in high school to fill the financial gaps when I started college. Then, I wouldn’t be burned out from restaurant work as I approach middle age.

Of course, nothing in the world is as abhorrent to me as cocaine, I’ve never touched the stuff in my whole life. However, the street market for coke was the Gold Rush of my generation. We were in an ecosystem in which going to work just didn’t pay off.

I know one thing: the next rich man to tell me I need a better “work ethic” is going to get punched in the nose. They need a “pay ethic”, a belief that we need to get paid for going to work rather than just paying our landlords instead of us for housing us workers.

Between “tenant” and “employee”, the Citizen has vanished. Caste system relationships have replaced our civilization. It’s just a huge debt cage now.

]]> By: Jane http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-123093 Jane Fri, 20 Nov 2009 23:09:41 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-123093 I think your definition of Gen X is a few years off.... Most of my peers in their late 30s and early 40s are still renting. Buying to flip? You must be kidding - Try 'still paying off student loans'! I think your definition of Gen X is a few years off…. Most of my peers in their late 30s and early 40s are still renting. Buying to flip? You must be kidding – Try ’still paying off student loans’!

]]> By: Jacqueline S. Homan http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-107781 Jacqueline S. Homan Wed, 25 Feb 2009 09:46:34 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-107781 If you want to know where the root of the problem lies, try economic cannibalism in a vulture capitalist society where cheating is considered a sign of "good work ethic" and of "valuing one's education"; where nepotism, not merit, determines who gets the chances for the good jobs and all the money and who doesn't. For clarification, take some time to watch this video clip and the 4 that follow it: <a href="http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoid=52828499" rel="nofollow">Classism Part 1</a> If you want to know where the root of the problem lies, try economic cannibalism in a vulture capitalist society where cheating is considered a sign of “good work ethic” and of “valuing one’s education”; where nepotism, not merit, determines who gets the chances for the good jobs and all the money and who doesn’t. For clarification, take some time to watch this video clip and the 4 that follow it:

Classism Part 1

]]> By: Dale http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-106913 Dale Wed, 18 Feb 2009 21:53:45 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-106913 Let's look at this historically. There's plenty of blame to go around. This all started back in the 1970's with Congress. Certain members felt everyone should own a home no matter their income, etc. They passed the Community Reinvestment Act which was designed to pressure financial institutions into making loans for this purpose. They also pressured Fannie Mae and other central mortgage purchasers to find "ways" to accomplish this mission. Community activists in organizations such as PolicyLink.org (see their website) also pressured banks, etc. to lower underwriting standards to allow more people to buy homes. Since Fannie Mae and others would now purchase these lower underwritten loans, greedy mortgage brokers and bankers jumped in with both feet seeing the opportunity to make a lot of money. Multi-optioned payment mortgages were made with adjustable rates. It was inevitable that this was a house of cards and it started at the top, with Congress. So why are they getting a free pass here while the middle men, the bankers, etc. are the bad guys? They all share in this mess. Let’s look at this historically. There’s plenty of blame to go around. This all started back in the 1970’s with Congress. Certain members felt everyone should own a home no matter their income, etc. They passed the Community Reinvestment Act which was designed to pressure financial institutions into making loans for this purpose. They also pressured Fannie Mae and other central mortgage purchasers to find “ways” to accomplish this mission. Community activists in organizations such as PolicyLink.org (see their website) also pressured banks, etc. to lower underwriting standards to allow more people to buy homes. Since Fannie Mae and others would now purchase these lower underwritten loans, greedy mortgage brokers and bankers jumped in with both feet seeing the opportunity to make a lot of money. Multi-optioned payment mortgages were made with adjustable rates. It was inevitable that this was a house of cards and it started at the top, with Congress. So why are they getting a free pass here while the middle men, the bankers, etc. are the bad guys? They all share in this mess.

]]> By: Private communities http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-102201 Private communities Sat, 17 Jan 2009 17:13:28 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-102201 I completely agree with you. It truely depends on the type of the person or family. We are facing crisis now which was not in 90s everything was booming. I admit few people of this generation are very irresponsible. I completely agree with you. It truely depends on the type of the person or family. We are facing crisis now which was not in 90s everything was booming. I admit few people of this generation are very irresponsible.

]]> By: Chris http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-101951 Chris Fri, 16 Jan 2009 14:56:10 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-101951 To George: Ask you yourself which generation has controlled this country politically over the last two decades and look where the country is today. Here's a hint: the Baby B------. How is Generation X responsible for this mess when we haven't been setting the policy (regulation, spending for wars, growing gov't spending, etc.)? To George:

Ask you yourself which generation has controlled this country politically over the last two decades and look where the country is today. Here’s a hint: the Baby B——.

How is Generation X responsible for this mess when we haven’t been setting the policy (regulation, spending for wars, growing gov’t spending, etc.)?

]]> By: Molly http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-91629 Molly Sat, 25 Oct 2008 16:00:08 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-91629 I have to agree with Jim. I am 30 I have been planning on not getting Social Security since college. I learned many of my financial ideals from rich friends in college and my grandparents. I will be supporting my parents(frankly I already am) I have a rainy day fund, already paid off student loans, a funded Roth and a 401k and insisted on a 30yr fixed mortgage. The last few years all of my friends thought I was crazy. Many of the smartest people I know did no down, interest only, adjustable rate loans and no savings. Some walked away from homes. I don't think it is any one generations fault however, it is everyones personal responsibility or lack there of that has caused this. A college graduate knows what they can afford and shouldn't let someone talk them into something they can't afford. We as Americans need to hold ourselves accountable. Frankly, I teach night class at a junior college(in addition to my day job) and the 17-20 crowd looks like they have even less personal responsibility. This is the real crisis. I have to agree with Jim. I am 30 I have been planning on not getting Social Security since college. I learned many of my financial ideals from rich friends in college and my grandparents. I will be supporting my parents(frankly I already am) I have a rainy day fund, already paid off student loans, a funded Roth and a 401k and insisted on a 30yr fixed mortgage. The last few years all of my friends thought I was crazy. Many of the smartest people I know did no down, interest only, adjustable rate loans and no savings. Some walked away from homes. I don’t think it is any one generations fault however, it is everyones personal responsibility or lack there of that has caused this. A college graduate knows what they can afford and shouldn’t let someone talk them into something they can’t afford. We as Americans need to hold ourselves accountable. Frankly, I teach night class at a junior college(in addition to my day job) and the 17-20 crowd looks like they have even less personal responsibility. This is the real crisis.

]]> By: Recent Links Tagged With "mortgage" - JabberTags http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-89988 Recent Links Tagged With "mortgage" - JabberTags Sun, 12 Oct 2008 10:49:14 +0000 http://genxfinance.com/2008/03/25/is-generation-x-responsible-for-the-real-estate-and-mortgage-problems/#comment-89988 [...] mortgage Anaheim company sues Ed McMahon over mortgage Saved by Teminator863 on Sat 11-10-2008 Comment on Is Generation X Responsible for the Real Estate and ... Saved by Jelloooooo on Fri 10-10-2008 Mortgage Market and Rate Forecast - Week of August 25th [...] [...] mortgage Anaheim company sues Ed McMahon over mortgage Saved by Teminator863 on Sat 11-10-2008 Comment on Is Generation X Responsible for the Real Estate and … Saved by Jelloooooo on Fri 10-10-2008 Mortgage Market and Rate Forecast – Week of August 25th [...]

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