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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: yard_man who wrote (61856)5/24/2006 2:56:38 PM
From: kikogrey  Read Replies (1) of 110194
 
I think there is a huge generational gap when it comes to money. My nephew (30s) came to visit and was bragging about his recent purchase of a 100 yr old house in the Chicago area. I told him how lucky he was to be in the midwest, here is So. Calif. ballpark figure is a million and that might be a fixer-upper and half the loans are these crazy interest only. He looked at me in disbelief and told me that although he put a down payment, his loan was interest only. He then told me his brother in law in the NY area just did the same with an interest only loan. He really just felt like for his generation that was the norm. We then started talking about vacations, I said I thought I'd pass on Hawaii this year as hotel rooms seemed to be in the $300 plus range. He didn't think that was high at all. My home is paid for. Clearly there is a different meaning to what one considers they can "afford."

Anyway we ended up vacationing in Europe, spend Sunday night in London on a flight layover. All Americans should be sent there on a field trip just to knock them in the head on how trashed their American dollar is! We spent most of our time in Italy and So. France--I always make a point to go to local (non-tourist) shops. Interestingly I didn't see anything made in China whereas in the US it's difficult to find anything NOT made in China.
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