Millennials

Millennials?

  • Total voters
    125
Status
Not open for further replies.
**POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT** **POLITICS ALERT**
 
John23 said:
To be fair I don't think work ethic is their major problem. Its more they just can't take abuse off us seventies crowd. I had to take it when I was their age. Deal with it. Sure we didn't even have mobile phones ffs. World was probably a better place in terms of human interaction
Click to expand...
How about just not abusing people
 
"If you’ve ever made the mistake of trying to debate generational inequality with a baby boomer – by pointing out, say, that they benefited from cheap housing, generous welfare and free university places, before voting consistently for governments that have denied those things to their children, all the while calling millennials lazy and entitled in an infuriatingly faux-indulgent way, as if their kids’ requests that their salaries bear some sort of relation to their actual living costs makes them the sort of spoiled divas who’d call a gold-plated Uber to take them to the lavatory..."

https://www.theguardian.com/comment...w-mortgage-rates-bubble-interest-house-prices

Anyway. If you’ve ever had this annoying row with an ageing relative, then you’ll know that they have one last trump card, one last line of defence for their privileges. Interest rates, they’ll say. None of this 0.25% Bank of England rate in our day. We had proper interest rates. You don’t know you’re born.

And it’s not an entirely unreasonable point. Between autumn 1977 and Christmas 1979, interest rates rose from 5% to 17%. If you were a young boomer whose biggest cost was a variable rate mortgage, that would have hurt. In 2009, by contrast, interest rates were cut to a record low of 0.5%, and stayed there for the better part of a decade. When eventually they did move again, it was down. You don’t know you’re born.

Except, of course, you do – because, if you’re reading this and you’re under 40, there’s a pretty good chance you’re still stuck paying rent. Yes, interest rates are low; no, this is not particularly helpful. Even if you do have a mortgage, it’s probably a fixed rate one because, let’s be honest, those rates are going up again one day.

But not, it seems, today. The Yorkshire Building Society has just launched a new mortgage that charges an interest rate of just 0.89%. “We are very pleased to offer borrowers the lowest mortgage rate ever available,” said a spokesman. “The cost of funding has fallen in recent weeks and, as a financially strong building society with no external shareholders to satisfy, we have the ability to pass this on to borrowers.” (“We used to dream of mortgages at under 1%,” say the boomers.)

So does that means that owning a home is now cheaper than it’s ever been? Well, no, of course not. For one thing, this isn’t a fixed rate deal. It’s actually a (bear with me on this) two-year-long discount of 3.85% to the standard variable rate (SVR) of 4.74%. That means it’s very, very unfixed indeed: a normal tracker mortgage moves in response to Bank of England rates; an SVR one moves in response to the lender’s whims. Accepting this mortgage means placing a bet that the Yorkshire Building Society will be nice to you.

It also comes with an unusually high arrangement fee of £1,495, but this shouldn’t bother you, because you probably can’t get that rate anyway. To even be considered, you need a deposit worth 35% of the value of your home.

All of which makes me think that YBS’s main motivation for offering the lowest-ever mortgage rate was as a marketing stunt. Fewer people are buying homes. That, in turn means that lenders have to fight harder to get the attention of those still in the market. We all have our targets to hit.

But there’s another, more sinister, reading of the recent rash of ultra-low mortgage rates: it suggests we may be in the latter stages of a bubble. As prices rise further and further out of reach, lenders need to find more and more ingenious tricks to keep rich people pumping their cash into an overheated market. The punch bowl has to keep going round, or the party stops.

But bubbles tend to burst. Prices can’t rise forever: one day, interest rates must surely rise. When the inevitable happens, there is a danger that those who took advantage of this deal may find their equity wiped out – and the rate they’re paying will shoot through the roof.

That would obviously be very sad for those who are affected; for those shut out of home ownership, though, it may be no bad thing. That’s because nine years of record-low interest rates have probably contributed to the fact that house prices have soared out of reach; and higher prices have meant increasingly unattainable deposits. A rise in interest rates could, paradoxically, make housing more affordable.

In other words, interest rates and house prices are two sides of the same coin. Boomers may have faced higher interest rates, but in return they got to buy a house. I’m not saying this was ideal, but ... well, they don’t know they’re born, do they?
 
So Milennials get a lot of bad press for their excessive use of social media, some criticism is fair whilst some isn't. It can be intrusive, addictive and incredibly narcissistic to name a few things. But one thing I've noticed recently is the potential it has for good.

For example, I've noticed on Facebook a lot recently when a news story is posted about a controversial topic, the comments sections are full of people criticising the actions of who were involved, the publisher for misleading information or something which is just plain wrong. Never before has there been a public platform so widely used and easily accessible for billions of people to make their voices heard. Bad news spreads like wild fire. Imagine if someone hadn't filmed that poor Vietnamese man being assaulted and hauled off a flight due to no fault of his own. It would have been likely brushed under the carpet and forgotten about.

Like it or not young people are using social media to learn about what's going on in the world and what their friends' and family's opinions are. People are more aware of what's happening in the world now and aren't afraid to express their opinions. Personally I think it's great.
 
abelard said:
"If you’ve ever made the mistake of trying to debate generational inequality with a baby boomer – by pointing out, say, that they benefited from cheap housing, generous welfare and free university places, before voting consistently for governments that have denied those things to their children, all the while calling millennials lazy and entitled in an infuriatingly faux-indulgent way, as if their kids’ requests that their salaries bear some sort of relation to their actual living costs makes them the sort of spoiled divas who’d call a gold-plated Uber to take them to the lavatory..."

https://www.theguardian.com/comment...w-mortgage-rates-bubble-interest-house-prices

Anyway. If you’ve ever had this annoying row with an ageing relative, then you’ll know that they have one last trump card, one last line of defence for their privileges. Interest rates, they’ll say. None of this 0.25% Bank of England rate in our day. We had proper interest rates. You don’t know you’re born.

And it’s not an entirely unreasonable point. Between autumn 1977 and Christmas 1979, interest rates rose from 5% to 17%. If you were a young boomer whose biggest cost was a variable rate mortgage, that would have hurt. In 2009, by contrast, interest rates were cut to a record low of 0.5%, and stayed there for the better part of a decade. When eventually they did move again, it was down. You don’t know you’re born.

Except, of course, you do – because, if you’re reading this and you’re under 40, there’s a pretty good chance you’re still stuck paying rent. Yes, interest rates are low; no, this is not particularly helpful. Even if you do have a mortgage, it’s probably a fixed rate one because, let’s be honest, those rates are going up again one day.

But not, it seems, today. The Yorkshire Building Society has just launched a new mortgage that charges an interest rate of just 0.89%. “We are very pleased to offer borrowers the lowest mortgage rate ever available,” said a spokesman. “The cost of funding has fallen in recent weeks and, as a financially strong building society with no external shareholders to satisfy, we have the ability to pass this on to borrowers.” (“We used to dream of mortgages at under 1%,” say the boomers.)

So does that means that owning a home is now cheaper than it’s ever been? Well, no, of course not. For one thing, this isn’t a fixed rate deal. It’s actually a (bear with me on this) two-year-long discount of 3.85% to the standard variable rate (SVR) of 4.74%. That means it’s very, very unfixed indeed: a normal tracker mortgage moves in response to Bank of England rates; an SVR one moves in response to the lender’s whims. Accepting this mortgage means placing a bet that the Yorkshire Building Society will be nice to you.

It also comes with an unusually high arrangement fee of £1,495, but this shouldn’t bother you, because you probably can’t get that rate anyway. To even be considered, you need a deposit worth 35% of the value of your home.

All of which makes me think that YBS’s main motivation for offering the lowest-ever mortgage rate was as a marketing stunt. Fewer people are buying homes. That, in turn means that lenders have to fight harder to get the attention of those still in the market. We all have our targets to hit.

But there’s another, more sinister, reading of the recent rash of ultra-low mortgage rates: it suggests we may be in the latter stages of a bubble. As prices rise further and further out of reach, lenders need to find more and more ingenious tricks to keep rich people pumping their cash into an overheated market. The punch bowl has to keep going round, or the party stops.

But bubbles tend to burst. Prices can’t rise forever: one day, interest rates must surely rise. When the inevitable happens, there is a danger that those who took advantage of this deal may find their equity wiped out – and the rate they’re paying will shoot through the roof.

That would obviously be very sad for those who are affected; for those shut out of home ownership, though, it may be no bad thing. That’s because nine years of record-low interest rates have probably contributed to the fact that house prices have soared out of reach; and higher prices have meant increasingly unattainable deposits. A rise in interest rates could, paradoxically, make housing more affordable.

In other words, interest rates and house prices are two sides of the same coin. Boomers may have faced higher interest rates, but in return they got to buy a house. I’m not saying this was ideal, but ... well, they don’t know they’re born, do they?
Click to expand...

Is that article basically a way of saying everyone is entitled to a moan?
 
Have we actually got to the point yet where everyone has twigged that most of the people complaining about millennials are actually millennials themselves? Or should I be posting this in the common misconceptions thread? :)

As someone who is supposedly just outside of this group I would like to state for the record that although it was a while back, I can't actually remember when I left home someone handing me the keys to a free house, a car, stuffing an envelope of £5000 in my coat pocket, telling me where to turn up to work in the morning and sending me on my merry way with a cheerful handshake.* I say this as reading some of these posts gives me the impression that should have been the case. I think life is tough for the majority no matter what age or generation you orginate from and it is kids what you do with it that counts.

Look after yourselves and each other.

*I was quite drunk that decade so I suppose it is entirely possible that happened and I lost it all peeing it up the wall...
 
jackyboy said:
Is that article basically a way of saying everyone is entitled to a moan?
Click to expand...

nah, more like "everyone moans regardless, but the old-timers are much less entitled to it than they feel they deserve to be"

i am just about young enough to qualify as millennial - so obviously an entirely upstanding salt-of-the-earth type, suffering valiantly under the ruthless yoke of sociopathic neo-liberal global capitalist technocracy.

it's those nineties children where things start to go astray. sit up straight and put the phone down, ya delicate book-eschewing selfie-stick-brandishing Snapchat-comprehending beard-mimicking inadvertent Nathan Barley plagiarists!

humph
 
Status
Not open for further replies.

Welcome

Join the Everton conversation today.
Fewer ads, full access, completely free.

→ Log in 🔑 Register
🛒 Visit Shop

Support Grand Old Team by checking out our latest Everton gear!
Back
Top