State of AC gaming regulators

[JT]

 i see the same things that olds mentioned, here is the question i have. how do these young people afford it? many of them get rooms,  and that cannot be cheap.  i know i am old, but at their age, we went out to some dive bar and drank $3-5 pitchers of beer. and, gambling consisted of playing cards at someone's house and maybe losing $20-30. i can only assume they are not making mortgage payments and raising kids.They usually come down in big groups -- they might pile 6 into to a room, and then a $300 weekend room becomes $50 a person.   Most of those 20-something kids are from New York or North Jersey,  come down to go to the clubs, and spend their money on drinks. They might throw $200 at a blackjack table or craps, which is usually done in a few minutes.   It's not that hard at typical New York area wages to save up $500 or $1000 for a special weekend if you're a working young professional, nor is it too difficult to afford a $500/month lease on a baby Benz or Bimmer.  

[olds442jetaway]

Hmmmm....500/mo car payment. That is almost 3 times my original mortgage payment. The wife and I couldn't stand to owe anybody anything plus our original mortgage was 9%. Not bad though in the early 1970's. It bothered us so much we lived like paupers for a few years, refinanced for a smaller amount and lower rate, then it still bothered us so we scrimped and saved to pay it off in my early 30's. Granted a small house in a blue collar neighborhood, but a great view of the water and we have everything close by that we need. I wish my vp discipline was as good as it was nearly 40 years ago when saving to knock off the mortgage. Both of our paychecks were well under 10k a year too at the time. Of course our folks had survived the depression and we had all of those stories first hand and carried them with us in our minds to this day.

[JT]

Which, with all due respect, Olds, was probably 40 or more years ago.   If you convert for constant dollars, it probably isn't all that different. 

[notes1]

jt, i think you make some good points. we have a niece who has made NYC her home, makes above national average income. but, their expenses are also well above average. $2+ grand a month rents for a small place, everything is over priced. i also see casinos as a hangout for young folks in many other places i visit, where incomes are more down to earth. the stats tell us that many of the younger generation are delaying marriage, children and houses. this leaves more money available for 'experiences'. the day will come when they will want this stuff and they will end up being much older when they are done paying for those houses and kids.

[olds442jetaway]

Which, with all due respect, Olds, was probably 40 or more years ago.   If you convert for constant dollars, it probably isn't all that different. 



     Probably right of course. Money just seemed to go further back then. What really hurts seniors nowdays and even young people too is the lack of returns on fdic insured instruments. IMO for most seniors, it is just too risky to invest money they cannot afford to lose. The good bank interest just a few years ago used to pay taxed and insurances for many. Not so anymore. Anyway, back to vp topics I guess.

     Edited to add just a couple of notes for those that don't go back that far. In the Jimmy Carter days, you could get bank CD's paying over 18 percent. Of course inflation was bad too, but if you had no debt, you made out like a bandit. Some years later when rates had dropped back down the the 8 percent range, there was fierce competition for your money. Gifts of the latest gadgets like Microwaves, VCR's, as well as the usual toaster for small accounts. Both the VCRs and Micros we got were heavy and well made lasting many years. The bad part was we got 1099s at the end of the year for 400 or 500 bucks for each one which was the retail value back then. I never wanted to be a landlord, but over the years until the Real Estate boom, houses came up for sale on my street in the 25k-35k range. They were all older, but very well built. If I had a landlord mentality, I could have made a few home runs, but that is ancient history. I'm just glad we and hopefully most of the gang here has their health as that is everything.

[notes1]

Which, with all due respect, Olds, was probably 40 or more years ago.   If you convert for constant dollars, it probably isn't all that different. 


 it is indeed important when comparing costs from one era to another, to consider inflation. it is also important to compare apples to apples. according to the census dept, the average square footage of a house from the early 1970's to 2010, rose by 50%.  at the same time the average household size decreased.  average household debt, as a percentage of income has increased, while household savings rates have decreased. it is continiued evidence of folks wanting more, not living wihin their means and i/m/o, a major cause of the great recession. overspending, overborrowing and under saving.  household income has neither kept up with inflation or people's spending.

[DaBurglar]

it is continiued evidence of folks wanting more, not living wihin their means and i/m/o, a major cause of the great recession. overspending, overborrowing and under saving.  household income has neither kept up with inflation or people's spending.100% correct, although it was not the ONLY major cause of the crash in 2008....as we all know, it was not just individual consumer & household financial irresponsibility, it was also the corporate/financial markets who actually set everything on fire, which quickly spread .   The investment banks who flooded the markets with mortgage backed securities (i.e. CRAP-mortgages), combined with the moronic individuals at AIG who "insured" all these crap-mortgage securities (the "insuring" of these pieces of shiite securities is actually a huge reason why the recession/crash was so severe and fast....normally, the scope of the garbage would not have been so bad if not for the so-called "insurance", which we now know was nothing less than a ponzi scheme, all done because since 2002, there was virutally NO regulation and oversight of all these greedy, idiotic bankers and financial bandits.)Truth be told, this mindset and lack of concern for the future started in the late seventies, morphed into several forms during the go-go, greed-is-good cocaine fueled 80s, and matured in the 90s with generation X and the whole bill clinton immorality is what you say it "is" crapola......people just do not care anymore.

[olds442jetaway]

     If it is not the latest gizmo, the young folks don't want it. They spend more per month on their phone bill than our original mortgage. I understand the value of the dollar is different, but the point I am making is that the younger set is never satisfied with what they have. If we couldn't fix it it got replaced. Otherwise we kept things forever. Actually, I still do. I know that makes me a bit of an oddball, but so be it. The Mrs. of course has a few different ideas and she does her own thing when something is needed. Me, I am quite content with my 1998 Saturn, 1960's vintage lawn mower, Hand tools that are so well made and go back to the late 1800's, Power tools that are over 40 years old, and so on. Around here, any new home with less than 2,000 square feet won't sell. At least it won't sell at a price the builder wants or needs. Anything more than 1 bath in a home years ago was a luxury. Many families though had only the husband working. With 2 working and kids in the house, I agree that 1 bath is torture, but everyone made due back then. Bottom line is the younger set always want more, better, and want it now no matter what the cost or how they finance it.

[notes1]

the great recession was not caused by the younger generation.  i have seen firsthand that those who overspent, overborrowed and under saved were of all races, sexes, education level and incomes. if i were to pin point  a specific group, i would blame boomers, my generation.   many younger folks may be spoiled, but they did not rack up $19t in national debt, the boomers did. the boomers elected the ones who gave them bloated government/incomes/pensions that are strangling many states and local economies. savings rates and debt levels began to head in the wrong direction starting in the 80's, the young folks were not even born yet.  boomers may have begun the racial and sex equality movements, but they have a lot of negative stuff to answer for. their grandkids will be paying their bills.  

[olds442jetaway]

      Probably right notes. There is certainly a lot of blame to go around and the boomers are certainly part of it. What I see first hand as to the young people comes from my own relatives and their friends. Can't blame them for wanting to keep up with the Jones's so to speak, but be content with what you have for awhile. Saving for more than one rainy day is important as they will come no matter how big your golf umbrella is.