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Most baby boomers canât afford assisted living and are weighing on the housing market by staying in their homes, âOracle of Wall Streetâ says
Baby boomers are dragging on the housing market because most can't afford to move out of their homes, according to Meredith Whitney, the âOracle of Wall Streetâ who predicted the Great Financial Crisis.In an interview on Bloomberg TV on Wednesday, she said many cash-strapped Americans have been borrowing against their homes, and 44% of home-equity loans are being taken out by seniors, "which is counterintuitive. It's crazy, right?"
That's contrary to the typical narrative of baby boomers sitting on vast amounts of wealth accumulated over their lifetimes, which spanned unprecedented economic expansions and stock market booms.
https://finance.yahoo.com/news/most-baby-boomers-t-afford-220048092.html
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Jay Bryant
in reply to Lisa Stranger • • •like this
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Tom Grzybow
in reply to Lisa Stranger • • •44% of home-equity loans are being taken out by seniors, âwhich is counterintuitive. Itâs crazy, right?â Thatâs contrary to the typical narrative of baby boomers sitting on vast amounts of wealth accumulated over their lifetimes
What this means is that the generational passing of wealth is a thing of the past - for anyone other than the wealthy.
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Lisa Stranger
in reply to Lisa Stranger • • •I mean, and I cringe as I say this, it's a side effect of women being in the workforce rather than being at home taking care of everybody. Not that I'm suggesting that we go back to the former system of indentured servitudeâwell, crap, it's only abated by death, so slavery?âfor women, but clearly the current system is not working. The people doing the caregiving make next to nothing while TPTB siphon off most of the money. And little actual "care" is received. And we have yet another spot in the system getting constipated by boomers and silents not moving along as expected.
it's almost as if it would have been easier to value women's labor instead of holding them hostage...
/rant
(if that doesn't make sense, it's not you... I'm sick with some crud and have slept about 4h in the last 2 days)
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Kenny Chaffin
in reply to Lisa Stranger • • •A LIVING WAGE!
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Mark Wollschlager
in reply to Lisa Stranger • • •The "financial industry" just needs to fine tune the vampire bat blood sucking apparatus for current market conditions.
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Jay Bryant
in reply to Lisa Stranger • • •Time to break the system.
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