Financial Shakeup this weekend

[Darren]

catchacab wrote:

It comes down to there is a sense of entitlement. Too many people feel that they are entitled to have more money, more vacation time, working from home (this is a good one, one of my wife's friend who works from home is able to during "working hours" go to the gym, go food shopping, make trips to the mall, during the summer go to the pool, get her hair and nails done), shorter work days, a bigger TV, and less responsibility.

There is something else going on here too. I work in the IT industry and do OK, yet I live in the same house that a blue collar factory worker owned in the 50's. Yes, the area is nice, but the reality is that in the IT industry, we are the new blue collar class. Many of our jobs are lost to people on H1 visas. H1 people typically work for less money because many of them want permanent residency (and many of whom live in a 2 bedroom apartment with 5 other guys), so the rates drive down for everyone. Companies treat IT workers like workers in a factory -- they see us more as cogs in a machine that a unique person with a set of skills. Chris probably has my back on this one....

The housing expansion really messed up the economy. Think of how much "fluff" value was added to the economy from everyones' houses in the country going up 20-50%. And much of that money came out in home equity loans/cash out refi.

My father was an accountant and advised me never to get an ARM/no principle loan/etc my primary residence, especially when interest rates are low, which they were a few years ago when EVERYONE seemed to get an ARM. That drove the housing market crazy, and essentially penalized the rest of us. I remember a realtor telling me I should spend 3x what my house cost -- it just didn't make any sense!

I say let the housing market crash so I can buy a nicer house.

All in all I can't complain too much though I really feel that it's difficult for my generation (I'm 34) to do what our parents did.