Quote:
Originally Posted by Tyrone Slothrop
I would assume that the people who feel most threatened by this are not the richest, but rather the people whose house constitutes the highest proportion of their net worth.
Not that it helps to point it out to them, but those people are enriching themselves by using the government to prevent other people from exercising their property rights.
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2. The monied don't look at homes as investments. That's the language of the guy who probably HELOCed himself underwater in the run up to 2008. And that boomer can't find a buyer now for the price he needs to get away from his big home because the kids have no money.
And why don't the kids have money? Because that same boomer and his ilk perverted the stock market, and then the housing market, into mechanisms that only value delivery of gains to asset holders on a short term (quarterly for stocks) basis. Hence, wages stagnated while investor gains and housing values soared.
The boomer out there whining about negative impact to his home value is just now paying for the boat and lavish vacations he enjoyed in the past, and he doesn't like it very much. Because he's a boomer, dammit, and he gets to have everything he wants all the time. He gets to have his portfolio rise as a result of buybacks while wages for the kids flat-line and also sell his home to one of those same cash-strapped kids for a huge gain.
Sorry old chap... You've had your cake. Now die, will you please?
