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Trulia Pushes The Panic Button As Young Adults Refuse To Move Out Of Parents' Basements, Get Jobs
Well over a year ago, we first suggested that the conventional wisdom thesis for the bounce in home prices - namely a spurt in household formation - was dead wrong. Sure enough, as has been confirmed empirically, the only reason for the latest dead cat bounce in home prices has been the Fed, and banks complicit in engaging in "foreclosure stuffing." And while it was easy to deflect the topic of just what is driving the housing market (because none of the bulls would want to admit it is just another credit and liquidity-driven bubble) for over a year, with the traditional "things will be back to normal soon" fall back used every time, as time passed and none of the traditional ingredients for a housing recovery fell into place, some started scratching their heads. This came to a boiling point today, when real-estate firm Trulia, looking at the latest Census Bureau data on household formation, finally threw in the towel and rang the panic button as not only have young Americans set anchor in their parents' basement, but even refuse to get a job.
That, and the "foreclosure stuffing" of course, with 53% of vacant homes helf off the market, "the highest share since before the bubble."
Below, courtesy of Bloomberg, is the summary of what Trulia chief economist Jed Kolko wrote in a note.
- Census 3Q homeownership, vacancy survey shows household formation “alarmingly slow,” vacancies “remain stubbornly high,” Trulia chief economist Jed Kolko writes in note.
- "Slow household formation number is one of the most alarming housing indicators to come out this year"
- Share of millennials living with their parents rose to 31.6% vs 31.4% y/y
- Household formation 380k in yr leading up to 3Q vs L-T “normal” increase of 1.1m
- No increase over past yr in young adults moving out of parents homes or getting jobs is “most worrying”
- Vacant homes still pose “problem” for recovery
- 53% of vacant homes were held off mkt in 3Q, highest share since before bubble
- 10.2% of all housing units are vacant, unchanged y/y, higher than pre-bubble level of 8.9% in 3Q 2001
And yet:
- Oct. Trulia price, rent monitors show asking prices rose 0.6% m/m in Oct., prices up 11.7% y/y, rents up 2.7% y/y
Why? Just ask Mr. Chairwoman. After all Mr. Chairwoman has been rumored (wrongly) to be very oracular when foreseeing housing bubbles. Like last time supposedly.
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Are you living in a van down by the river?
I think I will park it by a river one night just to say I did it. Most nights it's at a big box hardware store that leaks its free wifi outside. Other times it just a side street in an industrial area. A few times its been right in the work parking lot. Trying to avoid pissing right where I eat though...
You Sir, have big cojones!!. I salute you.
if the 70s are correct, a chevy van will increase the odds of getting laid
and thats alright with me !!!
I lust after the Chevy and Sprinter vans. Being able to standup in my mobile man cave would be a nice feature. I found the ford with 90,000km's on it for a decent price. Was in a bit of a hurry to get going on the project once our house was listed. Next version a few years from now if needed, will probably be a used ford with one of those new eco boost deisels.
A lot of this story makes no sense. The family is living in the country on acrage? In a house or a tent. You live in a van? WTF? You stay in the van to stay in the city to work at your job? Does the employer have a shower or do you shower at the gym? Best of luck and I hope it works out. Hopefully you can work from home 2 days or more soon.
We sold our house in the city for top dollar, bought a newer one with 3 acres of land that is two hours away from the city on a huge irrigation reservoir with first rate windsurfing and skiing. Shaved a big chunk off of our mortgage in the process.
I make and eat 3 meals a day right at my desk.Here's the recipe: http://diy.soylent.me/recipes/oat-flax-whey-brown-sugar
The van is a Ford e150. I can park and sleep any where I want. Usually a block from work. So far I have a fully insulated setup with a bed, heater and electrical. The shower and toilet is pretty close to being finished. Propex propane heater is first rate and safe. It looks
like a regular work van, no neo has a clue a dude is sleeping in there.
I shower at work now under the radar, should have my system finished in two weeks. It will be a sit down unit. The seat is a Thetford curve port a pot (seriously awsome). I need to run it all winter in up to - 30 C, so no external grey or fresh water. Using a Mr heater base camp shower with a 12volt marine sump pump for the return *drain* right into a container beside my fresh water.
When I was younger I tree planted for eight years, lived in a tent for most of it.
I was commuting 1.5 hours every day in rush hour to cross the city to my job, now I walk to work and commute home on the longer weekends. My contracts last about a year, it's hard to predict which part of the city I'll be in next.
Hardest part is missing the family, but I will be able to do three days in city in a couple of months.
A Generation of Americans are refusing to place the yolk of serfdom upon their shoulders. Lazy bastards ;-)
personally, I prefer egg white serfdom
Is that why they were always whipping and beating slaves?
May your yolks rest lightly upon you.
"Come to me, all you who are heavy laden, and I will give you rest. Take my yolk upon you, and learn of me, and I will give you rest; for I am meek and lowly in heart: and you will find rest in your souls. For my yolk is easy, and my burden is light."
Matthew 11:28-30
Who can blame them....all that gooey sticky stuff - and on your shoulders, like a cross between a HeadnShoulders ad and a Gaudi painting........and what are they doing with the egg whites, pray tell? Beating them into meringue? Let those kids eat cake, I say!
I like your sunny side up attitude!
But please try to go over easy on the young ones today.
Their lives are scrambled enough as it is, even if some of them are overly coddled.
It's increasingly difficult to poach a decent wage in today's market.
That's what probably leaves so many of them with that hard-boiled cynicism.
You're cracking me up.
don't let the jokes run a fowl of good taste
This current stock market ponzi is going to take a breather. Check it out.
The Blue Line is the Bernoulli 133, obvious support, until it breaks. maybe one more bounce, but methinks not, see it is "out of time" on the Blimp. Down she goes.....ES that is
http://oahutrading.blogspot.com/2013/11/spx-and-es-both-displaying- clear.html
It's hard to live with out a future... Which is what most people are going through...
Young people that hide in their parents basements or attics, if their fortunate enough, are the gutless American citizenry that we are supposed to pass the torch of freedom to?
Young people are the cowardly problem we are facing today that are bringing our country to it's knees.
Re: pass the torch of freedom to?
Funny one. More like the brick of debt serfdum. If the young people were smart they'd refuse to pay for the OldFart's welfare scam and let the entire scam collaspe.
They are refusing, and refusing or unable to form couples and families, but Congresscritters have a plan to bring in lots of desperate people from the third world to fill in. So we are saved. Whew!
I strongly disagree. Young people have been dealt a rather awful hand at a poker table and they cannot fold! I think the future looks somewhat bright in the longer term for them because adversity is the best teacher. I do not envy them at all however. It's tragic that they have such a rough start in life. Do not blame them. Blame the real cowards. Our leaders.
What fucking fantasy torch of "freedom" are you talking about? This country is fucked up beyond repair and it sure as fuck wasn't some kid born in 1990 that fucked it up.
Wait, so the young people, who are just entering the workforce now, are the reason the USA has been brought to its knees?
Not the older generations who constantly voted their way into this mess?
Hmm.
I can't wait until the Millenials can start throwing their weight around in the voting arena.
UH, they just got through "throwing their weight around in the voting arena" and so they own; Obummer.
Anyone still watching TV or Hollywood's crap supports the elites in control. Keep up the good work.
Git some RJohnny!!!!!!!!!!
RICO all banksters and their political hoars.
Anyone know if it's possible to forward sell off my Social Security benefits, or short them ?
1-800-Goldman. They can answer your questions and offer you guidance on their line of Social Security Investment products.
All hail to TPTB!
Working is overrated.
The young people who learn to live off "the system" will be doing exactly what the OldFarts are doing getting their "free" hip-replacement surgery.
Here's my advise. Delay working as long as possible. Avoid debt. And remember that accumulating crap just rewards the slime at the top.
Young people are losers.
Young people are bringing us down.
OldFarts are welfare leaches living off the younger generation.
OldFarts are duplicitious assholes.
You describe yourself.
It takes no skill or intelligence to get old. You just have to not die.
Re: You just have to not die.
And it helps having a socialist medical scam keeping the OldFarts alive to drag out the process longer than the country can afford it.
Quit whining and suck it up.
We had to pay for the ones before us and so do you.
Cuz that's the way a Ponzi works.
It's people like you that is why we put airhorns on our scooters.
Get out of the way, sucker.
Hey fellows, I think this is a good debate , I like the up and down arrows percentages, seriously ..
Gotta go now...battery dying
Hope Tyler's take note of % stats and keep debate going :)
Say What Again!!
http://www.youtube.com/watch?v=UPHuE5pDlEs
With the I-GENERATION in control, we're all headed into the crapper.
With a dollar a tune in your head, texting as you walk through a busy intersection with a blank stare, unable to respond to a friendly
'hello' what chance to we have as a Nation going forward?
None.
Re: None.
Talk to the OldFarts who mortgaged the future to spend it on bling and now expect the get free medical care for the rest of their useless lives.
You know, kids grow up on TV and social media. In that world, all the niggas is got 100 dollar bills coming out of their asses. Everyone is a glamorus singer or Victoria's secret model, actress on broadways, an MTV host or a budding movie super star. But when kids leave the house and their protective unrealistic schools, the world they step out into bears not resemblence at all to what their minds have been fed for 18 years!
The real world is ugly. The jobs scene is a disaster. Imagne these kids who plan on hosting an MTV reality show "MTV Cribs" or something similar, start to get turned down for menial jobs. Many with these college degrees are still too in debt to know which side is up and that corporate whore job they treasure is not there for them. They had planned on mocing into a cubicle at a major retailer's home office, expecting to sit at a computer and design marketing stratedgy for sporting clothes. But those jobs are already taken. Buy the sons and daughters of corporate management!
Just picture growing up on MTV and then seeing that McDonals ain't eating burgers, it is standing in the back flipping that disgusting slaughter house floor sweepings into carmel colored chemically flavoer filth in a bun.
The expectations of fame and fortune on the back of a media world they grew up on die a hard death. Maybe if they sleep in Mom's basement till they are 30, the talent scouts at MTV will give them a call begging them to host "The Real World".
Let's face it, the corporations raise most kids, they feed them a message to consume, but when the kid groows up the reality that you must earn first before you can consume hits them. Fuck that hurts! And the corporate media didn't tell them all the jobs are overseas with a dollar an hour people, many of them glad to make that wage. Our kids are fuucked. The only door to the good life is to find a government job, get into health care [which many kids hate with a passion], or sell dope.
The military offers a decent life, if you want to do that for 20-30 years. Frankly, after 6 years of that, I was ready for civilian life. But today's military pay much better, the life style is much more rewarding economically. So kids are faced with Government as their only way out to a middle class good life. Only a handful of young folks with connection can enter the corporate inner cricle. Look at any corporation, go through the offices, you will find family and friend's kids man most of the jobs there. I have a few family members who entered the corporate ranks, both of them had a personal inside connection up the management ladder. In fact, this corporation wil nto even accept an application for a job unless it is brought into personel by a management person.
One can still work one's way up, or not, by choice, in oil field work. The operative word being: WORK. It's a killer but anybody that wants it; anybody that is hungry, can WORK in the oild field and make 140K driving a truck, or on the drilling deck, or on a service rig, or as a roustabout.....etc.
Been there, done that when I was young.
RICO all banksters and their political hoars.
or the fishing boats-- or the mines or putting up micro wave towers. It's tough and a killer but the money's there. Also it gives life more meaning and zest working in life threatening conditions.
"The military offers a decent life"....
as long as you're not the ones we liberated
as long as you don't do repeated conflict tours at a return rate never seen before in our military history
as long as you dont come back, become a worse drug addict and commit suicide at new record rates
........
Not to mention missing pieces of your head and body, or suffering long-term illness from the mandatory injections.
"Dealt a bad hand?"
Never had a chance because of what their elders have left them?"
Our youngsters are weak.
Rather than stand up to fight the 'Machine," they'd rather just roll over and bring the rest of us down with them.
Don't count on our youngsters to stand up and fight.
They are gutless.
If your generation is so strong, why did you let this mess happen?
Same reason YOUR generation continues to ALLOW it to happen.... /s
This us vs. them mentality plays right into their hands. It's a divide and conquer strategy that's easy to fall for.
Two questions: (1) which generation gets to choose the hand they're dealt? (2) Does any generation as a group exert any meaninful control over the political and financial processes?
Re; They are gutless.
Yeah, unlike the heroic OldFarts who bravely borrowed the country into oblivious.
They are just smart enough to know that the only way to beat the machine is to not play. Starve the beast.
If you still believe that you can beat the system from within, then it's you who is stupid.
If you are suggesting that participating in a broken system is the only way through life, then it is you who is gutless.
To be well adjusted to a sick society is not a sign of good mental health.
IMHO,
the majority of folks have embraced "starve the beast" by not signing up for the greatest scam of all time, Obummercare.
Then, the Obummercare mandated tax increases if not enought people sign on; on all wealth, will really wake people up.
Pull the plug on TV, Hollywood and any of the media companies properties like Disney World, Universal plus casinos and Vegas. TV and the media control the masses and shape their opinions aka brainwash the masses.
Unless you start by at least taking these small steps then you are talking shit.
well said alien
starving it is the only method that will work
they can't compete at that level
Why work?
The government would just take my money and give it to people like me.
I see a nation in decline. The desperation of our youth is just one of the measurable signs.
Re: I see a nation in decline.
The top 10% are doing very well, and their kids are doing well too (as they have access to the connections the top 10% are expected to have).
We have more than one "nation" in this great-n-glorious country.
The top 10%, the middle 10%, and trash at the bottom. Survival of the fittest is a bitch if you can't start at least on 2nd base.
I'm sure the bottom 90% will take care of the top 10% when the time comes.
they always do
Thanks, Bath House
You sick twisted Fuck!
This is a racial demographic shift so they'd better get used to it. As a white kid from a big family, every single one of us was moved out from home by 18. It was just out of the question to stay living at home back in those days, just a short 30 years ago.
Fast forward today "Nguyen" is the most common surname in America. Families named Trinh Nguyen Cao Manh raise kids who STAY HOME. I should know because a very, very close relative is from SE Asia and the mother is raising kids with zeor independent skills even though they are in USA. Back in SE Asia every single relative of mine has elders, parents, kids all under the same roof. ALL OF THEM.
Indians are no exception, and USA is getting hoards of Indian immigrants every day. Indians don't even go out in public alone. Mother-in-law is always in tow. You think those people are going to buy a house on Trulia and start a new family? LOL.
Property taxes make the picture even more bleak, who wants to buy a house and take on $6500 per year in prop taxes? Stay home.
What does it spell? D.E.F.L.A.T.I.O.N. Sorry goldbugs.
If you live in Norcal I will buy some of your gold for spot minus 5%.
Exactly...
Hell....I would be happy to buy ALL of his Gold Bullion at 95% Spot. Why stop at some?
Hey Daddy-O I don't wanna go down to the basement
http://youtu.be/CEONkKSYxEE
I'm probably one of the few millennials that's not living with parents or in school right now. As I mentioned in another millennial story, I'm living in a small apartment with my girlfriend. Both of us have jobs, and we're just getting by. We can service our student loans without much trouble and we have a decent amount of money left over each month for savings and entertainment stuff. Even at that, we have joked from time to time to join the free shit army since we'd almost certainly be better off.
The vast majority of my friends are either A) living with parents or B) keep going to school and racking up more debt after their first degree didn't work out. It is HORRIBLE right now. The media is drastically underreporting just how bad it is for millennials. Few of us are buying houses or having kids because both of those are stupidly expensive. It will result in a lost generation when it is all said and done.
it's not just horrible for you. it's horrible for everyone. and, yes, the media is underreporting it primarily because they have a vested interest in the status quo. alternatively, most of the journalism types aren't terribly bright and just read their teleprompter. but they sure look pretty.
so, with that being said, do we continue to accept the status quo or get off our asses and do something about it?
Re: it's horrible for everyone.
Well, it's actually pretty good for those of us living off the Big-Gov scams. The top 20% of the county is doing pretty good actually.
There are two separate economies. Those in on a scam, and those who can't get in on one.
People won't get off their asses until they no longer get bread and circuses.
I hear you, man. I don't know how old you are, but I was born in 82, and I did the 4 year university thing to my eternal chagrin. What can I say - my dad had a government job, listened to Limbaugh, and I honestly believed anybody with a brain and a pulse would make $120,000 a year by default. I grew up in suburbia and never saw any different.
The only reason I have a decent lower middle class standard of living is because my girlfriend and I both (fortunately, after long searches) have 40 hour corporate jobs. My parents ended up eating my student loan debt because I called the bank and told them how much I had in my bank account, said I'd give them all of it, and they literally told me not to bother talking to them unless I could make the full monthly payment.
I wish I'd known about Zero Hedge in 2001, but I guess it didn't exist back then!
I'm 23, having just graduated college. I remember when I first started as a freshman the banks were getting bailed out and job losses were mounting. I was told that everything would be back to normal by the time I would graduate in 2012. LOL. So much for that.
Thanks for the support though. We're hanging in there and doing well for now. At this point it's just a matter of when this game of musical chairs stops.
Congratulations on your graduation.
If I was you I'd start thinking about what to do when the game of musical chairs doesn't stop and the music tempo increased and every time a chair is taken away, 10 more undocumented dimocrats are added to the HOPEfuls looking for "their" chair.
RICO all banksters and their political hoars.
Hey, very proud of you. Have you considered an Appleseed course?
The point is that you can't afford children and you know it. That's where this story ends. Importing illegals will not fix the problem, as they cannot pay taxes.
I apologize. I can't imagine being your age and terrified of starting a family.
The Army of hard working Oldsters has been thoroughly defeated by the movers and shakers on this planet.
The rising generations of youngsters don't even realize they are about to be screwed all over.
What chance do we have when the young and virile amongst us don't give a shit?
None.
Re: The Army of hard working Oldsters has been thoroughly defeated by the movers and shakers on this planet.
Nice self-delusion there. The OldFarts happily lived off of 60+ of a debt-fueled ponzi scam and never asked who was going to repay the loans.
The BEST thing the young people in this country could do would be to not pay the debts of the OldFarts and let the battery run-down on their socialist motor-scooter scam.
The world's greatest generation screwed this country, the follow generations turned a blind eye because we could live of the debt scam too.
Well, time to pay of up, and if I was a young person I'd be trying to figure out anyway possible NOT to pay for the debts dumbed on me.
Paying for your time on this planet is positive.
Looking for a free ride, no matter what the circumstances, as you recommend, on this planet, is a negative.
Different generations face different challenges.
Turning your back on them is not productive.
Turning your back on them leads to disaster.
Re: Looking for a free ride, no matter what the circumstances, as you recommend, on this planet, is a negative.
The boomer generation got their free-ride. Now, they've got to get the young people to pay for the price of the ticket.
Sorry, life is about running scams on dumbasses. Eventually, the dumbasses figure out the scam. I suspect the younger people by-n-large have NOT figured out the scam and the system will keep going, but hopefully they'll realize just how badly they've been screwed by the worlds' greatest generation of free-shit leachers and crash the system by not participating in paying for the OldFart's debt.
Part of the Old Farts debt was funneled in the direction of feeding, clothing and providing the funds for the education of their siblings.
You suggest the youngsters turn their backs on their parents?
Re: You suggest the youngsters turn their backs on their parents?
Gimmy a break. The OldFarts (which I nearly am) cleaned-up economically from 60+ years of debt fueled hedonism. Period, end of story. If we could removed the debt (and the off-the-books promises to pay) from the last 60 years how would the country look today?
The young people are expected to pay-off this debt. In a couple of years I'm going to be on the greatest socialist medical scam in the world and I'm expecting MY unlimited hip-replacements surgeries because I'm ENTITLED to that welfare from the young people.
Humans are sociopathic assholes, and if the people in a nation turn on each other we get exactly where we got now. Nobody gives a crap about the future of the nation, it's just: me me me, I'm entitled, and FU-charlie. Well, guess what, that's how it's been for 60+ years and debt made it possible and it was the ONLY path possible in a country like this one where everybody hates each other so much and they voted for sociopaths to keep the free-shit flowing.
As always, your demagoguery grows tiresome and boring. Being repetitive isn't eloquence.
You can take your disrespect of us boomers to where the sun don't shine. We've been scammed as much as anyone. I worked 3 jobs to pay for my college, had 3 careers, got laid off 2 times and paid 450000 total into SS and medicare, AT the point of the government gun. I have a daughter and two children living at our house because she doesn't make enough to pay for an apartment, utilities, insurance and a car to go to her job. We, the folks, boomers and everybody else, have all been screwed over by the political/government class of royalty, whom, once they have been corrupted/accepted into the .o5%, do any and everything to maintain their status quo for themselves and their children and childrens children. There is only one answer. I end most posts with:
RICO all banksters and their political hoars.
That would be a great start on solving this bs mess we are in.
"Paying for your time on this planet is positive."
Indeed it is. However, paying for someone else's time on this planet (if it's against your will or without your consent) is slavery.
the next three generations are already fucked if the fed doesnt go away
Why not live in the basement? Fully stocked beer fridge down here. No money. No problems.
It wasn't long ago when people lived with their family until marriage. Pitting one generation against the other is what .gov wants. Everyone needs to realize it is US versus .gov
If you're living at home provide value for the family. Mow the lawn. Do the dishes. Feed the animals. Do the grocery shopping. Do the cooking. Offer to manage the family finances.
A "good" job with "good" pay; that is like winning the lottery in today's world. The only way it ever changes is getting rid of the Fed. They have destroyed the value of the dollar to something like one cent, while inflating fixed costs. It seems eventually .gov and the Fed will put out a plan to end student loan debt. Create a false recovery for a few years.
"Pitting one generation against the other is what .gov wants. ..."
You're getting warmer. .gov is the outward/visible face. Look behind the .gov curtain to who is pulling the strings, and you'll be closer to the truth. Think about it. Who benefits from intergenerational warfare? Or put it this way, if the oldsters are busy fighting the youngsters, who's not being beaten up? Keep your eye on the ball.
doubled
I'm 23 and I would never willingly enslave myself to the banks by taking out a mortgage loan or a loan of any kind for that matter. By the way since Janet Yellen will be running the Fed I would like to give an honorary f*ck you to Bernanke as well.
credit is for pussy sell outs if u use a credit card you are defrauding society because every swipe is new money in circulation
Credit is okay if you can pay the bill on time when it's due.
Trulia will feel lucky if they really threw the towel among the first ones to do it
It's a sad state of affairs when are youngsters are fixated on the older generation's inability to supply them with a life of luxury, rather than focusing with a laser-like intensity on how to create a better world for themselves.
The blame game leads nowhere.
Picking the gauntlet up and running for a better future leads everywhere.
Re: Picking the gauntlet up and running for a better future leads everywhere.
Well, as the guy above said: picking up the gauntlet and participating in a corrupt system means you're either just participating in the immoral corruption.
The best thing for the young people to do is create their own system - which will also be corrupt (as humans sociopaths) - but at least they'd get even with the OldFart assholes who screwed them.
The young people will have to create their own system. The present one cannot last.
My father, a wwII vet, didn't understand politics, he was a simple baker. He got his social security benifits. I learned what was going on in government, and I voted libertarian my entire voting life to no avail. I might not get my social security for long and if I do it eventually won't buy diddley.
Young people are going to vent. Can't blame them. Let's hope the liberty minded get the upper hand when the SHTF.
I saw a headline about a bunch of earth-like planets having been discovered....perhaps an alternative if things don't work out so well.
we re all animals who pretend they arent animals. We are "sociopaths", as we all defend our survival and own interests before those of the others, and we all think we deserve to live more than others. We re all "mentally" ill, some just hide it better than others. Again never forget, we re all animals first and foremost.
I'm not disputing the fact that everyone over the age of 35 has been taken for a sucker by the previous Administrations and that we have all sold our souls to Wall Street.
My concern is that our basement dwellers don't give a shit as to what happens.
Youngsters are supposed to pick up the ball and run towards a better future.
They can't even pick it up.
We're all screwed.
Re: My concern is that our basement dwellers don't give a shit as to what happens.
Simply because they refuse to participate in a corrupt system doesn't mean they don't care.
Your phrasing of "pick up the ball and run towards a better future" is simplistic. It implies we're in some sort of sporting event. We're not. It's world run by sociopaths and the sociopaths have won. Now, in a world run by sociopaths sometimes the best thing to do is try to keep from getting eaten alive by them; which means staying as invisible as possible.
"It's world run by sociopaths and the sociopaths have won."
Game aint over yet, chief.
BTW, I think the younger generation is playing this just about right. The refusal to participate in a rigged game is the only sane strategy under the circumstances.
You young bucks, don't feel so all alone. There are stories of people who worked their ass off all of their life, fought like hell for present and future freedom and prosperity, and then had to rein in their horses, or worse, lost their horses. These bastards ain't just fucking you. And some of us tried to rein in all kinds of spending, including "entitlements", because we understood the implications. We kept Jesse Helms undefeated as he fought to save social security (see his efforts from early 70's). Fought tooth and nail to cut spending. Tried to protect clients, family and friends at great personal financial and emotional cost, from the corrupt powers that be. You are wasting your own energy and also your life by coming here to try and place blame with the kind of people who fought it. You also come off as much more stupid than you realize. Try to stop being a one track poster. Bring something interesting and informative for our sake and yours.
I love to watch Real Estate parasites squirm for their meal tickets.
This is just another unintended consequence of not letting the 2008/2009 bubble fully pop. The economy never fully re-set itself to the point where the 'next generation' had any hope of participating. This cannot be ignored, as the econmic re-set will still happen -- only it will be much more painful when it does. Even if they can keep the stock market pumped up, the US Dollar is simply going to collapse to a point where any wealth generated in the market will simply be offset by a weaker dollar.
Exactly
Fuck the whiny-butt millennials.
Whaaaa. I'm old and I hate loud music and my back hurts. I paid into Social Security and I expect to get every penny back!
I have spent my entire life since the beginning of high school as a musician or working in other aspects of the music biz. I paid cash effort my modest house. Yeah, I hate loud music now, it fucks up your hearing 30 years later. I create music for fun over the cloud with two other old farts.
As I said, fuck the millennials. You don't want to work for minimum wage--fuck you. You feel entitled to home ownership--fuck you. Be glad you voted for Obama and it's Hillary in 2016. I'm too busy making music to care about you. Fuck you.
Yo geezer chill, maybe you need to up your meds or smoke anothe doob? why so antisocial?
We all live in a world we didn't create. We can bitch about it or we can do what we can to make it better.
I have a finite number of years left, and I'm not going to waste them bitching about shit I can't change or people who don't do what I think they should do.
Just enjoy the ride, check out the view and stay away from the open windows, there's always a CIA agent waiting to give you a push.
I am enjoying the ride. When creativity comes, which is rarer now, I embrace it. I also work at a part-time job that pays 1/10th what I used to make, but that leaves more time for music. And at the job, I help people to try to get ahead in this crappy economy.
Actually, we should expect to get back more than we paid in, as we would with any decent investment.
All you fucktard Americans, why don't you get up off your fat asses and have a revolution, take over District of Columbia instead of moaning like some under achiever CompSci fat fucks...
too chicken shit is my guess ... And too dumb ..
And too busy working to pay the bills.
Come lead us then. Wherever you are from
I love the real America...don't get me wrong...I really love it...
Some of my best times have been in America
This article has an excess of sarcasm. The monopoly practices of real estate speculators can only be indirectly affected by Federal Reserve regulation. Granted, the Fed must use its regulatory powers more energetically. Is Yellen anti-regulation? I have not seen anything that would support such an assertion.
it socal you get to pay $500K for a shack to live in "el norte"
"...Mr. Chairwoman has been rumored to be oracular..."
LMFAO. Made my day.
I'm shocked that young people don't have hundreds of thousands of dollars at their disposal to counter the all cash bids from Wall Street, foreign nationals, and house flippers. Fucking mess your leaders have concocted folks. And bitching on this board does ZILCH.
The bitching about kids living "at home" is odd. It is very common for 20-somethings and even 30-somethings to live in a mult-generational household. I know very substantial people in Sweden, Switzerland, and France who do this. The houses are big and maintaining a 3 or 4,000 sq ft home for one couple is uneconomic. Better to keep a small pied a terre in the city. Unless, of course, you hate your family...or they hate you.
Go Rogue Young Man, Go Rogue!
And you don't do it by staying in Mommy's basement. Get angry and live!
Curling up in a fetal ball and blaming the hand that life has dealt you will get you nowhere. Might as well pick up a revolver and end it now.
Be very smart and bust a move to do something, anything. You are wasting your life away letting TPTB win. They want to turn you into a slug. Stay in Mommy's basement, and you will become a slug.
The issue of lower household formation also has a lot to do with dysfunctional parents, in my opinion. It was wrong to burden children with adult fears before they were old enough to face the world with confidence, come what may.
I notice that many young people do find jobs and alternative ways of sharing expenses by living independently of their parents.
Shared apartments. Shared condos. Shared houses.
The problem with kiddults who are afraid to leave their parent's home and find it easier to receive free food etc is as much about the parents as their children, imo.
Children should be prepared for life as it is, not as their parents wish it to be. This wisdom was common in the past, but was lost in the mirage of feel-good, live today and rack up the credit card for tomorrow that is too typical among the 60s generation, and their children who have bred a generation of disabled children, unable to move on independently, whatever life brings.
somehow it is always the baby-boomers faults that are creating the problems of today.
whom shall we blame when they are worm food?
There is self responsibility in everyone and it will surface or not based on an array of response to simuli, its a survival mechanism that we all respond a bit differntly, mature at different rates and have different interests.
to map a widespread economic problem to the parents of the children experiencing the economic collapse is ludicrous.
The simple fact is there are not many good paying jobs, especially new good paying jobs open to young people. you can't buy a house and raise a family delivering pizza or working part time at retail like target or walmart. most new jobs are part time
I barely get by with a full time job, a paid off house and a paid off car and no debts, I can't imagine trying to make it in the world with a shitty part time job and up to my ass in debt to the banks.
Time are fucked, but the economy is not sucking wind because kids aren't looking for jobs, its sucking because there are no good jobs left.Suddenly Ketchup is a vegetable and making burgers is a manufacturing job.
Sorry I was going to make a comment much sooner but I can't seem to take my eyes off the girl in the Shocking French Video ad.
advertisements are designed for people who are too stupid to install adblockers.
Thinking with your dick is a great to learn about fractions as my 3 times divorced friend likes to say.
Kids cannot remain at home playing video games and collecting ACA until 26 years of age. Parent need to encourage their children to embrace building bridges to nowhere and digging holes while their PlayStation comrade fills the hole back up.
Collective Progressivism cultures will hunt down political figurehead once the money is gone.
/ munches on my popcorn, and sips on a 24 oz. NYC banned beverage.
last time i voted was for Ross Perot. So my conscience is clear. Ever single thing that non-ass-kisser said was true. You can only be president if you can lie enough.
The only houses I see selling are the new zero-down [or near zero down] houses using the builder's "own lender" who seems to hand out a mortgage to any warm body with a pulse.
The other handful of areas are the ones focused on by the Chinese and Indians who somehow manage to bring a suitcase of cash out of their country to the realtors here.
99% of the other neighorhoods are very, very slow, esp over $350k.
You can't afford a new tattoo if you don't live in your parents basement. Gotta have a tattoo and look like everybody else.
You also have a lot of disposable income so you can spend all your money ordering great gizmos at amazon.com.
Why work when you can hang around until you can retire from hangin' around all your life?
Actually, the problem is simple. The money is worthless unless you have millions of clownbux, so why bother to work?
People don't want to work when all a job does is pay worthless paper that doesn't buy a thing.
You have got to have good sound money as in minted silver and gold so people have something worthwhile when all the work is done. You have to open an economists skull and pound the useless brains they have with the real deal, the information worth knowing. It doesn't take rocket surgery to know what's wrong.
If the money isn't worth two shits, it is all one big pile of shit like it is now.
You can't blame the millenials for not wanting to work a job that is going to pay jackshit. Ain't nobody going to do it.
It's a no brainer.
'can't blame the millenials for not wanting to work a job that is going to pay jackshit. Ain't nobody going to do it.'
They will get by with that until there is no food and heat and electricity and they sit in the dark and they get hungry.
therevoltuionwas - you say that as if you're hopeful for that to happen. You know where that is happening now? China. People take slave wages working in unsafe conditions just to feed their family.
"...as not only have young Americans set anchor in their parents' basement, but even refuse to get a job...."
perhaps it is because there are no jobs to get!
Refusenics?
Hardly, nobody voluntarily lives with their parents longer than necessity, it's a matter of affordability.
Income is X living in your own home/apartment is 3X.
This is how most of the "built out" part of the world lives, you wait until your parents die, or you invade and kill your neighbors, fortunately America still has lots of open space and unused potable water, unfortunately we have a state policy of restricting that land and water "for future generations" or "the environment", particularly in CA where the state simultaneously allows mass immigration in the millions while restricting development and maintaining a huge unemployed population with unaffordable housing prices and low wages, a completely hostile psycho public policy.
All new housing in CA also gets hit with huge cost shift Mexican invasion housing taxes (they call it a low income housing fee, but all the public housing is occupied by immigrants and aliens.)
Exactly tony. I agree with that statement. There are no decent jobs. Why the heck would "millenials" go out and get a job paying minimum wage that hasn't kept up with inflation, isn't enough to support someone (nevermind a family) and working conditions are terrible?
There's a difference between "refusing to get a job" and refusing to accept a crappy job for slave wages.
<---------Collapse in Housing Prices
<---------Government Enforced Basement Exchange
There aint nothing like sitting down and reading Zero Hedge after a hard days work but before I read further..."MOM.. I need a refill on the milk and while you're at it bring me some more cookies"...
I won’t blame millennials for our effed up economy. But beware, the ride is never free. You are long-term care insurance now. Don’t even think about reneging if you ever want to own the home.
Isn’t that right Irwin (Throw Mamma From The Train)
What is this garbage you're posting?
well we re animals, so we adapt the way we can with what we have, the point is to survive just another day.
Oh btw, the human specie is just another animal specie that at some point wont be able to adapt and will disapear.
It's called getting the Family right during in the Occupation by the the Axis of Corporate Monopolies of US. See "Paisan" (1946) by Roberto Rossellini.
They're called 'command centers' now.
OMG Tyler!
You like poking at the hornet's nest, don't you?
I have a house and forty acres in the wilderness that I can not seem to give away. I just put a 15k roof on it. It's all solid. I am ready to leave to Midwest and this country forever. I don't care anymore, someone just make a fucking investment level offer. I'll even throw in some guns and ammo. Jesus Fucking Christ.
What kind of ammo?
Yo manip....I was wondering about this. I think...HOPE AND PRAY...that we have sold our house. I hear you. Do a "deed in lieu" i you must. That's our plan should this fall through.
Get the fuck over it Jed,
in socialism economic fundamentals do not matter anymore.
Fairly sure we sold our house....only took 16 months and a 30K hit. Currently in my parents basement with the wife, child and one on the way. We will be here for free until we recoup our losses in 7-9 months. This is my personal "shelter in place".
I'll put it on
Amen metal brother.
the kiddies were taught by militant socialist union-teacher types.......they know no other paradigm.
critical thinking (even for youngsters) is abhorently absent.
they are toast.
they go along to get along.
and many are on psych meds and are serious potheads.
just buy them the newest "grand theft auto" video game, and they are all good.
in the meantime.......see you in the basement.