Here’s a short video featuring Peter Thiel, President of
Clarium Capital Management. The question about whether or not baby
boomers were ‘dumb’ not to see the housing bubble looming so soon after the
burst of the tech bubble is moot in my view.
For most folk, their house is their home. Most are not and were not property
speculators. They simply aspired to own
their own home, and rising house prices merely
reassured them that borrowing large sums to pay for them, was scary, but a fairly low risk. Very few
people I think relish taking on a massive loan to buy anything.
So in my view, you cannot blame a whole generation as
individuals for a global economic problem.
I’ve posted this clip for a different reason. Peter explains
here why what happens in the next six months is less of a concern than what happens
in the next twenty years. And I agree with him.
We are already undergoing a global transformation that will sweep away the world that western baby
boomers accepted as normal for their whole lives. That world will never return.
This raises big questions about what we can do about it. We
are burdened with debt, our children are finding it as hard as we are to find
work, let alone buy a home and the prospects for economic growth to enable these aspirations seem at best to be
shaky. Career security is gone forever and we boomers need to wake up to this
new reality.
It’s this generational crisis which has prompted me to set
up 40pluscareerguru. And my mission is to provide every insight and opportunity
I can to help my generation survive and thrive through their middle age and
beyond.
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