a friend’s parents bought their house in 1993 for $67,000 same house is worth $1,200,000 today he’s their only son spent years quietly knowing that house was coming to him someday they sold it last week to fund their retirement he found out over dinner just sat there nodded said “that’s great mom” went home and did the math $1,200,000 gone before he ever touched it boomers didn’t just win the housing market once they won it twice

@jeremyct Who else remembers when mortgage interest rates were 10% or higher when boomers were buying houses? Who else remembers when the value of houses didn't increase for 20 years after boomers bought them in the 80s?

@morrismd1918 @jeremyct Savings rates were also much higher though, with 3 month CDs around 18% APY. Lots more opportunity to grow ones money in those days, making it easier to save for a large down payment.

@VanDyarMaker @morrismd1918 @jeremyct I seem to remember that causing a banking crisis because banks were investing heavily in junk bonds and lost it all. Lots of people lost everything invested in those CDs when it all came crashing down. I also remember stories of retirees eating cat food in the 80’s

@saveUSvoteBlue @morrismd1918 @jeremyct FDIC has insured accounts since the 1930s, so it is impossible to “lose everything” you have deposited in a CD. Anyone who puts more than the insured amount into an account like that is taking a risk. Buyer beware, but can lose everything. Nice try tho.

@VanDyarMaker @morrismd1918 @jeremyct I recall this discussion starting because you were talking about the high CD rates as an offset to the high interest rates for home loans people were paying in the 80’s. Except CDs weren’t the golden goose you assumed. Nice try tho.

@saveUSvoteBlue @morrismd1918 @jeremyct Lmao you don’t understand anything, clearly. Dumb bitch.