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Boomers v. Millenials (and hey, did you know there's a Gen X too?)


Brisketexan

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Yeah, just kidding about Gen X.  We clearly don't matter, like at all.  We're the net in the tennis match between the old bulls and the young bucks.

Was sent a great piece from the Financial Times that I thought did a great job looking at what has happened between the two generations, objectively.  https://www.ft.com/content/cbed81fc-3b56-11e9-9988-28303f70fcff?fbclid=IwAR1HCiTQlDyaelaaYtYeYV-6I_XjSe272IwTasn_2u9MzyahhW1JQ_OsquY&fbclid=IwAR0GcIZ3HxF0r5fvO3hstag44j8kmaODEkzTOXg0WvR6D0YC0CHHMH3oU4k

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The 2008 crash itself didn’t destroy wealth, but rather revealed how much wealth had already been destroyed by poor decisions taken in the boom. This underscored the truism that the worst of investments are often taken in the best of times.  Mr Bernanke, a keen student of the 1930s, understood that a “balance sheet recession” must be combated by reflating assets. By exchanging old bad loans on the banks’ balance sheets with good new money, underpinned by negative interest rates, the Fed drove asset prices skywards.

However, such “hyper-trickle-down” economics also meant that wealth inequality was not the unintended consequence, but the objective, of policy. Soaring asset prices, particularly property prices, drive a wedge between those who depend on wages for their income and those who depend on rents and dividends. This wages versus rents-and-dividends game plays out generationally, because the young tend to be asset-poor and the old and the middle-aged tend to be asset-rich. Unorthodox monetary policy, therefore, penalises the young and subsidises the old.

Ten years ago, faced with the real prospect of another Great Depression, Mr Bernanke launched QE to avoid mass default. Implicitly, he was underwriting the wealth of his own generation, the baby boomers. Now the division of that wealth has become a key battleground for the next election with people such as Ms Ocasio-Cortez arguing that very high incomes should be taxed at 70 per cent. For the purist, capitalism without default is a bit like Catholicism without hell. But we have confession for a reason. Everyone needs absolution. QE was capitalism’s confessional. But what if the day of reckoning was only postponed? What if a policy designed to protect the balance sheets of the wealthy has unleashed forces that may lead to the mass appropriation of those assets in the years ahead?

I think it's a really interesting thesis.  And I think it's helpful in that it points out that BOTH generations have been acting -- and WILL act -- out of self-interest.   It demonstrates the downside of a naked "F you, I got mine" system -- eventually, when the "I got mine" demographic can't control the system.....the demographic that got hosed will just take their shit.  

There's a lesson here.  Ensure that the system is relatively balanced, doesn't play favorites, and doesn't allow people to utterly escape consequences (cushioning consequences is one thing, but eliminating them is a huge market distortion).  Of course, underneath that is the need to have a system that allows for and prompts intervention (legal, political, etc.), BEFORE the consequences of failure become so huge that they have to be staved off to avoid an even bigger disaster....which in the end, may simply postpone the day of reckoning.

Anyway, I thought that this was a pretty good take, without getting bogged down in the minutia of monetary policy.

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2 minutes ago, Brisketexan said:

Yeah, just kidding about Gen X.  We clearly don't matter, like at all.  We're the net in the tennis match between the old bulls and the young bucks.

Was sent a great piece from the Financial Times that I thought did a great job looking at what has happened between the two generations, objectively.  https://www.ft.com/content/cbed81fc-3b56-11e9-9988-28303f70fcff?fbclid=IwAR1HCiTQlDyaelaaYtYeYV-6I_XjSe272IwTasn_2u9MzyahhW1JQ_OsquY&fbclid=IwAR0GcIZ3HxF0r5fvO3hstag44j8kmaODEkzTOXg0WvR6D0YC0CHHMH3oU4k

I think it's a really interesting thesis.  And I think it's helpful in that it points out that BOTH generations have been acting -- and WILL act -- out of self-interest.   It demonstrates the downside of a naked "F you, I got mine" system -- eventually, when the "I got mine" demographic can't control the system.....the demographic that got hosed will just take their shit.  

There's a lesson here.  Ensure that the system is relatively balanced, doesn't play favorites, and doesn't allow people to utterly escape consequences (cushioning consequences is one thing, but eliminating them is a huge market distortion).  Of course, underneath that is the need to have a system that allows for and prompts intervention (legal, political, etc.), BEFORE the consequences of failure become so huge that they have to be staved off to avoid an even bigger disaster....which in the end, may simply postpone the day of reckoning.

Anyway, I thought that this was a pretty good take, without getting bogged down in the minutia of monetary policy.

That link is behind a pay wall.  Do you have a copy?

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1 minute ago, Incredulity said:

That link is behind a pay wall.  Do you have a copy?

Huh, FT makes me answer a question, then lets me in.  Here it is (shitty formatting):

Spoiler



Is Ben Bernanke the father of Alexandria Ocasio-Cortez? Not in the literal sense, obviously, but in the philosophical and political sense. As we mark the 10th anniversary of the bull market, it is worth considering whether the efforts of the US Federal Reserve, under Mr Bernanke’s leadership, to avoid 1930s-style debt deflation ended up spawning a new generation of socialists, such as the freshman Congresswoman Ms Ocasio-Cortez, in the home of global capitalism. Mr Bernanke’s unorthodox “cash for trash” scheme, otherwise known as quantitative easing, drove up asset prices and bailed out baby boomers at the profound political cost of pricing out millennials from that most divisive of asset markets, property. This has left the former comfortable, but the latter with a fragile stake in the society they are supposed to build. As we look towards the 2020 US presidential election, could Ms Ocasio-Cortez’s leftwing politics become the anthem of choice for America’s millennials? But before we look forward, it is worth going back a bit. The 2008 crash itself didn’t destroy wealth, but rather revealed how much wealth had already been destroyed by poor decisions taken in the boom. This underscored the truism that the worst of investments are often taken in the best of times. Mr Bernanke, a keen student of the 1930s, understood that a “balance sheet recession” must be combated by reflating assets. By exchanging old bad loans on the banks’ balance sheets with good new money, underpinned by negative interest rates, the Fed drove asset prices skywards. Higher valuations fixed balance sheets and ultimately coaxed more spending and investment. However, such “hyper-trickle-down” economics also meant that wealth inequality was not the unintended consequence, but the objective, of policy. Soaring asset prices, particularly property prices, drive a wedge between those who depend on wages for their income and those who depend on rents and dividends. This wages versus rents-and-dividends game plays out generationally, because the young tend to be asset-poor and the old and the middle-aged tend to be asset-rich. Unorthodox monetary policy, therefore, penalises the young and subsidises the old. When asset prices rise much faster than wages, the average person falls further behind. Their stake in society weakens. The faster this new asset-fuelled economy grows, the greater the gap between the insiders with a stake and outsiders without. This threatens a social contract based on the notion that the faster the economy grows, the better off everyone becomes. What then? Well, politics shifts. Notwithstanding Winston Churchill’s observation about a 20-year-old who isn’t a socialist not having a heart, and a 40-year-old who isn’t a capitalist having no head, polling indicates a significant shift in attitudes compared with prior generations. According to the Pew Research Center, American millennials (defined as those born between 1981 and 1996) are the only generation in which a majority (57 per cent) hold “mostly/consistently liberal” political views, with a mere 12 per cent holding more conservative beliefs. Fifty-eight per cent of millennials express a clear preference for big government. Seventy-nine per cent of millennials believe immigrants strengthen the US, compared to just 56 per cent of baby boomers. On foreign policy, millennials (77 per cent) are far more likely than boomers (52 per cent) to believe that peace is best ensured by good diplomacy rather than military strength. Sixty-seven per cent want the state to provide universal healthcare, and 57 per cent want higher public spending and the provision of more public services, compared with 43 per cent of baby boomers. Sixty-six per cent of millennials believe that the system unfairly favours powerful interests. One battle ground for the new politics is the urban property market. While average hourly earnings have risen in the US by just 22 per cent over the past 9 years, property prices have surged across US metropolitan areas. Prices have risen by 34 per cent in Boston, 55 per cent in Houston, 67 per cent in Los Angeles and a whopping 96 per cent in San Francisco. The young are locked out. Similar developments in the UK have produced comparable political generational divides. If only the votes of the under-25s were counted in the last UK general election, not a single Conservative would have won a seat. Ten years ago, faced with the real prospect of another Great Depression, Mr Bernanke launched QE to avoid mass default. Implicitly, he was underwriting the wealth of his own generation, the baby boomers. Now the division of that wealth has become a key battleground for the next election with people such as Ms Ocasio-Cortez arguing that very high incomes should be taxed at 70 per cent. For the purist, capitalism without default is a bit like Catholicism without hell. But we have confession for a reason. Everyone needs absolution. QE was capitalism’s confessional. But what if the day of reckoning was only postponed? What if a policy designed to protect the balance sheets of the wealthy has unleashed forces that may lead to the mass appropriation of those assets in the years ahead?

 

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2 minutes ago, Lobo said:

What are we calling the people in college now that were born after 2000?

 

One name that I've heard is iGen, as they are the first generation to come of age entirely in the smartphone/handheld computer everywhere you go era.

Quote

Generation Z (also known as Post-Millennials, the iGeneration, Founders, Plurals, or the Homeland Generation) is the demographic cohort following the Millennials.

And:

Quote

Generation Z, as they have been coined, consist of those born in 1995 or later. This generation makes up 25.9% of the United States population, the largest percentage, and contribute $44 billion to the American economy. By 2020, they will account for one-third of the U.S. population, certainly worth paying attention to.

They are DEFINITELY to be reckoned with....but not quite yet.  That said, I think that as they come to power, they will bring a "goddamned we're sick of the fucking Boomer v. Millenial bullshit, fuck all of y'all" attitude that may well just sweep a lot of bullshit off the table.

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5 minutes ago, Brisketexan said:

One name that I've heard is iGen, as they are the first generation to come of age entirely in the smartphone/handheld computer everywhere you go era.

And:

They are DEFINITELY to be reckoned with....but not quite yet.  That said, I think that as they come to power, they will bring a "goddamned we're sick of the fucking Boomer v. Millenial bullshit, fuck all of y'all" attitude that may well just sweep a lot of bullshit off the table.

95 seems like a very early cutoff. I think 2000 makes more sense. 

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The reason this Boomer vs. Millennial shit exists is because the Boomers refuse to exit the fucking stage. I say we (Gen-X) put them down and take our rightful place in the order of things and tell the Millennials to piss off for a couple of decades.

Shhhh.. shhhh.. you old fucking selfish bastards. Go to sleep now, embrace it.   NiftyWhiteBlacknorwegianelkhound-size_re

Seriously, it's time for the death panels or just shutdown social security and Medicare and wait a couple of years.

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55 minutes ago, Brisketexan said:

Yeah, just kidding about Gen X.  We clearly don't matter, like at all.  We're the net in the tennis match between the old bulls and the young bucks.

Was sent a great piece from the Financial Times that I thought did a great job looking at what has happened between the two generations, objectively.  https://www.ft.com/content/cbed81fc-3b56-11e9-9988-28303f70fcff?fbclid=IwAR1HCiTQlDyaelaaYtYeYV-6I_XjSe272IwTasn_2u9MzyahhW1JQ_OsquY&fbclid=IwAR0GcIZ3HxF0r5fvO3hstag44j8kmaODEkzTOXg0WvR6D0YC0CHHMH3oU4k

I think it's a really interesting thesis.  And I think it's helpful in that it points out that BOTH generations have been acting -- and WILL act -- out of self-interest.   It demonstrates the downside of a naked "F you, I got mine" system -- eventually, when the "I got mine" demographic can't control the system.....the demographic that got hosed will just take their shit.  

There's a lesson here.  Ensure that the system is relatively balanced, doesn't play favorites, and doesn't allow people to utterly escape consequences (cushioning consequences is one thing, but eliminating them is a huge market distortion).  Of course, underneath that is the need to have a system that allows for and prompts intervention (legal, political, etc.), BEFORE the consequences of failure become so huge that they have to be staved off to avoid an even bigger disaster....which in the end, may simply postpone the day of reckoning.

Anyway, I thought that this was a pretty good take, without getting bogged down in the minutia of monetary policy.

Negroes in Miami reading the Financial Times. Have to give you props for that as one of the all time best posts even though it was at my expense.

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1 hour ago, Brisketexan said:

There's a lesson here.  Ensure that the system is relatively balanced, doesn't play favorites, and doesn't allow people to utterly escape consequences (cushioning consequences is one thing, but eliminating them is a huge market distortion). 

It’s really unbelievable that this lesson hasn’t been learned yet. If it’s a fair game, everyone, for the most part, is ok with competing. But when the game is rigged for long enough, and the disparity gets wide enough, the players getting cheated eventually say fuck it, flip the table, and things get really really ugly. 

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1 hour ago, Brisketexan said:

They are DEFINITELY to be reckoned with....but not quite yet.  That said, I think that as they come to power, they will bring a "goddamned we're sick of the fucking Boomer v. Millenial bullshit, fuck all of y'all" attitude that may well just sweep a lot of bullshit off the table.

Gen Z are basically just super millennials.  Happened to be reading about it today.

 

http://www.pewsocialtrends.org/2019/01/17/generation-z-looks-a-lot-like-millennials-on-key-social-and-political-issues/

 

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1 minute ago, Onboard 2.0 said:

Gen x ? The x means you don't count.  STFU and go get yer shine boxes.

Very much so.  X is the forgotten generation and just a cog in the machine.  I don't even think we were hated when we were young, as is good and proper with every generation.  People just rolled their eyes at us sporting JNCOs as we walked around the malls.

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4 minutes ago, SuingToGetAMessageBoard? said:

Very much so.  X is the forgotten generation and just a cog in the machine.  I don't even think we were hated when we were young, as is good and proper with every generation.  People just rolled their eyes at us sporting JNCOs as we walked around the malls.

Yeah, it's like y'all are mythological beasts.

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27 minutes ago, SuingToGetAMessageBoard? said:

Very much so.  X is the forgotten generation and just a cog in the machine.  I don't even think we were hated when we were young, as is good and proper with every generation.  People just rolled their eyes at us sporting JNCOs as we walked around the malls.

And now nobody likes you because you're always whining. Knock it off.

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When it comes to politics because of demographics generation x never mattered and with the possible exception of today, never will. For our entire lives because of numbers our vote was completely overshadowed by the boomers, and going forward the same will happen for our vote versus the millenials. 

In fact, right now, at this very moment, generation X probably has as much influence as it ever has or ever will. That’s because our numbers are only slightly below both the boomers and the millenials at the moment who are currently evening themselves out, which basically means we are the swing vote.

Use this time well fellow x’rs, because in a few years nobody will give a shit about it because of the millenials just like nobody ever gave a shit about it in the past because of the boomers. 

Oh well, whatever, nevermind. 

 

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2 hours ago, Lobo said:

What are we calling the people in college now that were born after 2000?

 

Gen Z. And they're apparently even bigger than the Millennials. They feature Gen X's kids, kids from the Boomers' second marriages, and early returns from the Millennials. And I can confirm -- as a Gen X -- that I have a surprisingly large number of former classmates who have had more than a half-dozen kids each.

But yeah, Gen X here, and I've even seen from a fellow Gen X market researcher just how little we matter. We might as well not exist.

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3 minutes ago, Rimbo said:

Gen Z. And they're apparently even bigger than the Millennials. They feature Gen X's kids, kids from the Boomers' second marriages, and early returns from the Millennials. And I can confirm -- as a Gen X -- that I have a surprisingly large number of former classmates who have had more than a half-dozen kids each.

But yeah, Gen X here, and I've even seen from a fellow Gen X market researcher just how little we matter. We might as well not exist.

Chris Farley and Adam Sandler got fired from SNL for a reason, and it wasn’t because they weren’t funny. The boomers didn’t like the humor as much, so they were gone. 

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13 minutes ago, tjhooker said:

Can you imagine what a kid being raised by a young Millennial parent would be like?

 

9 minutes ago, elfenix said:

all of your fears wrapped up into 1?

I was going to go with an individual not taking any shit from you by age 3.

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23 minutes ago, tjhooker said:

Can you imagine what a kid being raised by a young Millennial parent would be like?

Pretty fuckin' awesome, if the millennials in question are any like the ones I now work with on a daily basis.

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4 minutes ago, RDCanecutter said:

What do you call 500-year-old beings who survive through the ages taking an occasional (voluntarily proffered!) sip of Life Force? I do so hope you can help determine a name for... my friend.

Pinus longaeva?

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21 minutes ago, Rimbo said:

Pretty fuckin' awesome, if the millennials in question are any like the ones I now work with on a daily basis.

Yep. Overall they are good people and would seem to be good parents too. It’s fitting that one of our resident trolls thinks otherwise. 

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6 minutes ago, JimmyJames said:

Yep. Overall they are good people and would seem to be good parents too. It’s fitting that one of our resident trolls thinks otherwise. 

"Entitled." That's the word they use. It's like when they described us Gen X as "lazy." As far as I could tell, Gen X was pretty much the opposite of that. Same seems to be true of Millennials -- they expect nothing, because they can already see how things their parents' generation took for granted are so much further away from them.

But I experienced this through one of my lawyers. All the kids that age in her neighborhood were entitled. And I'm like yeah, of course they are -- you live in La Jolla. All the kids you know have parents whose worth are in the tens of millions, if not more. The kind that get a 7-series for their first car...

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5 minutes ago, Rimbo said:

"Entitled." That's the word they use. It's like when they described us Gen X as "lazy." As far as I could tell, Gen X was pretty much the opposite of that. Same seems to be true of Millennials -- they expect nothing, because they can already see how things their parents' generation took for granted are so much further away from them.

But I experienced this through one of my lawyers. All the kids that age in her neighborhood were entitled. And I'm like yeah, of course they are -- you live in La Jolla. All the kids you know have parents whose worth are in the tens of millions, if not more. The kind that get a 7-series for their first car...

Spot on. When I moved from Texas to San Diego in the mid 90s, I was looking in the San Diego paper classifieds one day and found a cheap private car service advertising for rides in his car to the San Diego airport. A low tech uber so to speak, run by some fellow gen x’r, competing with the dominant cabs. Used him to go to the San Diego airport everything time I wanted to go back to Texas. The guy didn’t probably make a ton of money doing it, but he was hustling to get some with a pretty good idea, albeit probably before its time and technology. 

As for the millenials, they are not nearly as cynical as our generation and despite the odds and the shit heaped upon them like completely outrageous student loans, seem to remain optimistic anyway in a way that I know our generation would never fucking even tolerate. So kudos to them for that. Because there’s nothing wrong with optimism and hope in the face of complete shit. 

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48 minutes ago, Js1 said:

Tolerant, accepting and not filled with fear and hate

That happened with Gen X.  The last 15 years have been about boomers freaking the fuck out.  No one under 50 gives a fuck is your white, brown, gay, straight.......

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"The first generation makes it, the second generation spends it, the third generation blows it and the 4th generation saves it."

 

I always grew up hearing the "Greatest" generation made it, the Boomers would spend it and the Gen Xers would blow it." They hadnt named the millenniels yet.

 

Like many of you I am a gen Xer. 

 

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5 minutes ago, UTGrad98 said:

"The first generation makes it, the second generation spends it, the third generation blows it and the 4th generation saves it."

 

I always grew up hearing the "Greatest" generation made it, the Boomers would spend it and the Gen Xers would blow it." They hadnt named the millenniels yet.

 

Like many of you I am a gen Xer. 

 

You got some blow? 

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22 minutes ago, UTGrad98 said:

"The first generation makes it, the second generation spends it, the third generation blows it and the 4th generation saves it."

 

I always grew up hearing the "Greatest" generation made it, the Boomers would spend it and the Gen Xers would blow it." They hadnt named the millenniels yet.

 

Like many of you I am a gen Xer. 

 

Gen X aren't the children of Boomers, though. We're the children of the "Silent Generation," those born during the Depression and leading up to WW2. We are notable by being basically nonexistent.

Basically, if you were old enough to see Return of the Jedi when it first came out in theaters -- even as a baby -- you're Gen X. If you're not, you're at the leading edge of Millennials or younger.

 

Yeah, the oldest Millennials are in their late 30s.

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18 minutes ago, longhornmatt said:

Gen X needs to stop being pussies and take charge instead of humoring the senile Boomers and the idiotic/naive millennials.  People in the age group that Gen X is in now are who historically have been in charge of government, businesses, etc.

Like fuck we are. There are two few of us to elect any of us. We're powerless.

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5 minutes ago, Rimbo said:

Gen X aren't the children of Boomers, though. We're the children of the "Silent Generation," those born during the Depression and leading up to WW2. We are notable by being basically nonexistent.

Basically, if you were old enough to see Return of the Jedi when it first came out in theaters -- even as a baby -- you're Gen X. If you're not, you're at the leading edge of Millennials or younger.

 

Yeah, the oldest Millennials are in their late 30s.

My mom is a Boomer and my dad is a Silent. 44 and 36. I'm early Gen X 67. I think there's a range for us. Later X might be mostly Boomer spawn. 

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Gen X aren't the children of Boomers, though. We're the children of the "Silent Generation," those born during the Depression and leading up to WW2. We are notable by being basically nonexistent.
Basically, if you were old enough to see Return of the Jedi when it first came out in theaters -- even as a baby -- you're Gen X. If you're not, you're at the leading edge of Millennials or younger.
 
Yeah, the oldest Millennials are in their late 30s.


I’m Gen X, born in 1972, and my parents are Boomers, both born in 1950.

And Gen X aren’t “whiners”.

We’re cynical and jaded.

We bitch about whatever is fucking us over to our friends, keep our rage internal, and then shrug our shoulders, mutter “Fine, whatever dude.” and go about our business.

All we want is for the idiot Boomers is for them to retire/die/just go the fuck away, so we can be left alone to do our thing.

Most of us are looking to Millennials to be on our team and be our energetic allies in fixing what the Boomers fucked up.

We know y’all are more technologically savvy and have more energy than us - we’re middle aged and tired, dude.

Just let us finally get to those jobs we’ve been eternally waiting for and we’ll be more than happy to have you join us in changing the world.

Don’t expect us to let you jump the line to be fully in charge just yet but we aren’t ego freaks like the Boomers. We’ll allow you to try new ideas and methods and totally share the credit and praise with y’all.

Just let us finally get to the top of the food chain and leave us to our peace and quiet. We don’t have the desire or energy to micromanage you or make you conform to some bullshit.

Do your job, do it well, and we don’t give a crap about the rest.

The Boomers are your overbearing parents telling you that you have no idea how the real world works and if you do things their way, you’ll be better off.

Gen X is your cool aunt or uncle telling you life is hard and sucks sometimes so live it your way. Your job isn’t all you are, so do it your way as long as you get it done and fuck all that other crap.
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20 minutes ago, Rimbo said:

Like fuck we are. There are two few of us to elect any of us. We're powerless.

True but not at this particular time and moment. We will never have more power than we have today because we are smack dab in the middle of two generations completely at odds with each other and were at the height of our limited power to actually make the difference. Generation X is the swing state that can actually affect the outcome. The time for us is now and it will never happen again. 

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5 hours ago, Lobo said:

What are we calling the people in college now that were born after 2000?

 

I am calling them the One-Handed Generation because they will not let go of their phones.  If they can't do it using a phone it is unlikely to happen.

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