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Old 12-31-2008, 01:45 PM   #41
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..... It just felt like the scammed were trying to scam.
I didn't mention this in my original post, but the fact that the man was a retired Corrections Officer from NYC (I'm retired from the NYPD) also meant that he should have more then the "small" pension" they alluded to from that job. Again, neither here nor there in relation to the crime Madoff committed, but their representations had me wondering.

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Old 12-31-2008, 02:06 PM   #42
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I disagree..... up until NOW, each successive generation usually had it better than the previous ones... it is US that wants it all but don't want to pay for it....
For those focused on the "better/worse" debate, two most excellent books on the topic are "The Way We Never Were" and "The Way We Really Are".

Essentially for the last century it's been really good to be middle-class, white Anglo-Saxon, male, Catholic or Protestant, and a citizen of a country whose infrastructure wasn't destroyed by a world war. Pretty much everything else has been anecdotal (luck or individual hard effort), not statistical.
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Old 12-31-2008, 02:36 PM   #43
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Well, I'm talking about *now* -- and in the last few years, and into the future.

The problem is that even after the economic/retirement "deal" some were getting decades ago became unsustainable in the face of the changing global economy, they just borrowed from the future prosperity of their kids and grandkids to maintain the unsustainable good deal for themselves.

This, IMO, is dooming each successive generation -- starting with the younger half of the Boomers on down through Gen X and beyond -- to a less prosperous and secure financial future than the generation which preceded them.
So you are saying the older baby boomers are the problem? That they want to much and are unwilling to pay for it... at the expense of the young baby boomers and younger?

If that is what you are saying, I will tend to agree with you... I am one of the younger boomers and most definatley have a better life, but that is from education that my parents did not have..
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Old 12-31-2008, 08:46 PM   #44
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So you are saying the older baby boomers are the problem?
We prefer the term "greedy geezers"...
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Old 01-01-2009, 06:59 AM   #45
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We prefer the term "greedy geezers"...
Hey. I resemble that remark.

I don't think SS is in as bad of a shape as people think. It's "failure" if you believe in the trust fund approach is all based on some very conservative assumptions about mortality, wage growth and inflation. The big problems I see are Medicare which is horribly underfunded the way it's currently set up and the total absence of an actual SS trust fund. SS depends on our elected reps continuing to pay out tax money to non-workers.
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Old 01-01-2009, 10:05 AM   #46
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So you are saying the older baby boomers are the problem? That they want to much and are unwilling to pay for it... at the expense of the young baby boomers and younger?

If that is what you are saying, I will tend to agree with you... I am one of the younger boomers and most definatley have a better life, but that is from education that my parents did not have..
I don't blame any one generation or look to point fingers; it is what it is. But I do think we've been in denial that the largesse we've given out in past decades is no longer sustainable, and we've been borrowing from future prosperity to keep the illusion alive that we can still afford it.
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Old 01-01-2009, 10:07 AM   #47
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I don't think SS is in as bad of a shape as people think.
Well, now that the cratering of 401K plans is going to keep a lot of boomers w*rking longer, it may not be as dire as it was a couple years ago. I guess that's one silver lining about the terrible market in '08 -- it may keep Social Security a little more solvent for a few years...
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 01-01-2009, 12:54 PM   #48
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There is no Mr. Vanguard. No mythical figure at the helm who can fudge the numbers, undetected.
Besides that, Jack Bogle is looking over their shoulder and does not hesitate to ask the tough Q.
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