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PostPosted: Thu Nov 30, 2017 7:08 am 
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Don't let people like nolan fool you into believing its simply because they have different tastes. The truth is, they are killing industries because they are broke and are in a sea of debt. Most of which is so they can pay off the student loan they had to take out to pay for their degree in social justice & minority studies.



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PostPosted: Thu Nov 30, 2017 7:20 am 
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People like that are why we don't hire millennials.

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PostPosted: Thu Nov 30, 2017 8:00 am 
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Isn't "Cracked" like "Mad Magazine"?
Didn't watch the whole thing. I have no problem seeing the decline of the diamond engagement ring business. My generation didn't buy as many formal men's hats as the last one. Oh well.


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PostPosted: Thu Nov 30, 2017 8:46 am 
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RiverguyVT wrote:
Isn't "Cracked" like "Mad Magazine"?
Didn't watch the whole thing. I have no problem seeing the decline of the diamond engagement ring business. My generation didn't buy as many formal men's hats as the last one. Oh well.


The difference is, diamonds are not just some fashion fad. They have been a symbol of wealth & prosperity since antiquity. Millennials aren't buying them because they can't afford them.

Trust me, if they were flush with cash, they would be buying them because like most precious gems, they tend to appreciate in value over time. Whereas a hat will most certainly depreciate.

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PostPosted: Thu Nov 30, 2017 8:50 am 
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UpstateSCHokie wrote:
RiverguyVT wrote:
Isn't "Cracked" like "Mad Magazine"?
Didn't watch the whole thing. I have no problem seeing the decline of the diamond engagement ring business. My generation didn't buy as many formal men's hats as the last one. Oh well.


The difference is, diamonds are not just some fashion fad. They have been a symbol of wealth & prosperity since antiquity. Millennials aren't buying them because they can't afford them.

Trust me, if they were flush with cash, they would be buying them because like most precious gems, they tend to appreciate in value over time. Whereas a hat will most certainly depreciate.
They're both right in this one. Diamonds are a racket. Millennials also can't afford them and so the reasons why they don't buy are irrelevant. You also need a girlfriend or wife to receive said diamonds...

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PostPosted: Thu Nov 30, 2017 8:54 am 
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UpstateSCHokie wrote:
RiverguyVT wrote:
Isn't "Cracked" like "Mad Magazine"?
Didn't watch the whole thing. I have no problem seeing the decline of the diamond engagement ring business. My generation didn't buy as many formal men's hats as the last one. Oh well.


The difference is, diamonds are not just some fashion fad. They have been a symbol of wealth & prosperity since antiquity. Millennials aren't buying them because they can't afford them.

Trust me, if they were flush with cash, they would be buying them because like most precious gems, they tend to appreciate in value over time. Whereas a hat will most certainly depreciate.


A lot of questions and comments here, but the first: why do you give a excrement?


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PostPosted: Thu Nov 30, 2017 9:10 am 
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UpstateSCHokie wrote:
Don't let people like nolan fool you into believing its simply because they have different tastes. The truth is, they are killing industries because they are broke and are in a sea of debt. Most of which is so they can pay off the student loan they had to take out to pay for their degree in social justice & minority studies.




Lack of money to buy diamonds, marriage rates less and less and at older and older ages, and lack of placing a value on material items, as much as our generations did. I'd say it's a function of all those things likely in order of importance though 1 and 2 could probably be argued in reverse order.

I'd also like to submit, AWESOME! One good thing the millennials are doing is hurting the diamond industry. Good for them, about time! The diamond industry sucks for many of the reasons she notes and my opinion as I've aged is that expensive jewelry as a status symbol is beyond stupid.


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PostPosted: Thu Nov 30, 2017 9:43 am 
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I was about to say. I thought it was a good thing not to waste money on nonsense like this. We invested our savings into a house when my wife and I got married. We spent very little on our rings and didn’t have an expensive wedding.


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PostPosted: Thu Nov 30, 2017 10:14 am 
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BG Hokie wrote:
...I'd also like to submit, AWESOME! One good thing the millennials are doing is hurting the diamond industry. Good for them, about time! The diamond industry sucks for many of the reasons she notes and my opinion as I've aged is that expensive jewelry as a status symbol is beyond stupid.
Exactly :!:

Diamonds have never been a part of our life. Gold :?: That's another story. :mrgreen:

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PostPosted: Thu Nov 30, 2017 4:34 pm 
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Major Kong wrote:
BG Hokie wrote:
...I'd also like to submit, AWESOME! One good thing the millennials are doing is hurting the diamond industry. Good for them, about time! The diamond industry sucks for many of the reasons she notes and my opinion as I've aged is that expensive jewelry as a status symbol is beyond stupid.
Exactly :!:

Diamonds have never been a part of our life. Gold :?: That's another story. :mrgreen:

You in tight with William DeVane?


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PostPosted: Thu Nov 30, 2017 7:32 pm 
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133743Hokie wrote:
You in tight with William DeVane?
Who do you think got him his jerb :?: :mrgreen:

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PostPosted: Fri Dec 01, 2017 7:43 am 
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BG Hokie wrote:
UpstateSCHokie wrote:
Don't let people like nolan fool you into believing its simply because they have different tastes. The truth is, they are killing industries because they are broke and are in a sea of debt. Most of which is so they can pay off the student loan they had to take out to pay for their degree in social justice & minority studies.




Lack of money to buy diamonds, marriage rates less and less and at older and older ages, and lack of placing a value on material items, as much as our generations did. I'd say it's a function of all those things likely in order of importance though 1 and 2 could probably be argued in reverse order.

I'd also like to submit, AWESOME! One good thing the millennials are doing is hurting the diamond industry. Good for them, about time! The diamond industry sucks for many of the reasons she notes and my opinion as I've aged is that expensive jewelry as a status symbol is beyond stupid.


The declining "moral compass" in America is why people don't get married. When you can get knocked up by the hot guy at the gym and "co-parent" with baby daddy while screwing other hot guys at the gym, why get "married"? Marriage is for old white rich evil lame people. And of course Floho argues that two men can have a "biological" child and be better parents than narrow minded, racist mom and dad (what aggressive hetero-normal terms- wow) that doesn't help the whole "marriage" thing. The declining morals and societal norms in America means less weddings- less weddings means less diamond purchases - simple. And YES BG, I know people get divorced and some traditional marriages don't work- I know-so spare that canard.


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PostPosted: Fri Dec 01, 2017 8:29 am 
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A shift in the demand curve could be good for industry that uses the stuff.
Not to mention, it could throw a kink into the African slave trade, which would be a real good thing.


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PostPosted: Fri Dec 01, 2017 12:57 pm 
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RiverguyVT wrote:
A shift in the demand curve could be good for industry that uses the stuff.
Not to mention, it could throw a kink into the African slave trade, which would be a real good thing.

That can't be true. Slavery ended in 1865 when that last bastion of slavery, the confederate states, were defeated.


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PostPosted: Fri Dec 01, 2017 7:35 pm 
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CFB Apologist wrote:
BG Hokie wrote:
UpstateSCHokie wrote:
Don't let people like nolan fool you into believing its simply because they have different tastes. The truth is, they are killing industries because they are broke and are in a sea of debt. Most of which is so they can pay off the student loan they had to take out to pay for their degree in social justice & minority studies.




Lack of money to buy diamonds, marriage rates less and less and at older and older ages, and lack of placing a value on material items, as much as our generations did. I'd say it's a function of all those things likely in order of importance though 1 and 2 could probably be argued in reverse order.

I'd also like to submit, AWESOME! One good thing the millennials are doing is hurting the diamond industry. Good for them, about time! The diamond industry sucks for many of the reasons she notes and my opinion as I've aged is that expensive jewelry as a status symbol is beyond stupid.


The declining "moral compass" in America is why people don't get married. When you can get knocked up by the hot guy at the gym and "co-parent" with baby daddy while screwing other hot guys at the gym, why get "married"? Marriage is for old white rich evil lame people. And of course Floho argues that two men can have a "biological" child and be better parents than narrow minded, racist mom and dad (what aggressive hetero-normal terms- wow) that doesn't help the whole "marriage" thing. The declining morals and societal norms in America means less weddings- less weddings means less diamond purchases - simple. And YES BG, I know people get divorced and some traditional marriages don't work- I know-so spare that canard.


Yep. No sympathy for the diamond industry, but a ring is a commitment - a pledge. People are less committed to marriage than ever. They're broke too, but that's not the only piece.

Another piece, IMO, is the death of the mall and brick and mortar stores in general. Millennials are used to buying everything online.

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PostPosted: Sat Dec 02, 2017 8:01 pm 
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People’s level of affluence in this country is dropping like a rock for many reasons, but student loan debt is certainly one of them. I work in lending and I can’t begin to tell you how many kids only make $50k but have $100k in student loans. I developed all the underwriting software for my company when it first started so I have read literally thousands of credit reports. It is tough out there. I would not be long any old school affluent product or retails firms any more. I think the party is over for Tiffany, Coach, Hermès, etc, unless they either shrink their overhead to match a smaller footprint, or make cheaper products for the masses while maintaining the illusion of exclusivity.


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PostPosted: Sat Dec 02, 2017 11:38 pm 
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Bay_area_Hokie wrote:
People’s level of affluence in this country is dropping like a rock for many reasons, but student loan debt is certainly one of them. I work in lending and I can’t begin to tell you how many kids only make $50k but have $100k in student loans. I developed all the underwriting software for my company when it first started so I have read literally thousands of credit reports. It is tough out there. I would not be long any old school affluent product or retails firms any more. I think the party is over for Tiffany, Coach, Hermès, etc, unless they either shrink their overhead to match a smaller footprint, or make cheaper products for the masses while maintaining the illusion of exclusivity.


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The overall level of affluence in the US continues to rise. We are the worlds number one consumer per capita.


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PostPosted: Sun Dec 03, 2017 12:02 am 
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THe start of this thread about diamonds and affluence might be the dumbest one I've seen on here. Do you work for De Beers? Are you on their payroll? They created the demand via a brilliant marketing effort. Large diamonds have no industrial use and no practical use.

In my case we used her grandmothers diamond and my grandmothers sapphires. Why pay for some stooge mining engineer in the Canadian arctic when I don't have to?


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PostPosted: Sun Dec 03, 2017 2:57 am 
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ElbertoHokie wrote:
THe start of this thread about diamonds and affluence might be the dumbest one I've seen on here. Do you work for De Beers? Are you on their payroll? They created the demand via a brilliant marketing effort. Large diamonds have no industrial use and no practical use.

In my case we used her grandmothers diamond and my grandmothers sapphires. Why pay for some stooge mining engineer in the Canadian arctic when I don't have to?



Booo. This thread was funny. The idea that diamonds are some ages old symbol of affluence is priceless.

Get it, priceless.


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PostPosted: Sun Dec 03, 2017 8:07 am 
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ElbertoHokie wrote:
THe start of this thread about diamonds and affluence might be the dumbest one I've seen on here. Do you work for De Beers? Are you on their payroll? They created the demand via a brilliant marketing effort. Large diamonds have no industrial use and no practical use.

In my case we used her grandmothers diamond and my grandmothers sapphires. Why pay for some stooge mining engineer in the Canadian arctic when I don't have to?


LOL! Looks like I touched a nerve with someone. No I don't work for De Beers, and I don't even really care about diamonds. So way to purposely ignore the underlying point.

I'm simply calling out this Millennial BS that they are not buying certain things because they are somehow smarter or have better taste. The truth is, they are not buying certain things (things that, rightly or wrongly have historically been associated with status) because they are broke and most of them are broke because they made stupid decisions to take out huge loans to get useless college degrees.

If you think diamonds are a scam, then you should look into the college tuition industry. Diamonds can't hold a candle to the racket that colleges and government are involved with in getting young people to go into years of unnecessary debt. And the cost of these degrees is artificially inflated due to the ease with which the government provides borrow-now / pay-later loans. If this industry did not financially benefit the left, then this might even be called "predatory lending."

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PostPosted: Sun Dec 03, 2017 10:19 am 
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Upstate, you are right on. College are predatory lenders, although technically the govt is the lender. The college is the receiver of the loan proceeds, but Sallie Mae is the lender. On any loan doc you sign, there is a TILA doc(Truth in Lending Act),which shows you the payment, interest rate, and total amount of interest paid over the life of the loan.

For education loans, it wouldn’t be unreasonable to include historical ROI info for the school and degree to the TILA form. That will never happen though.


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PostPosted: Sun Dec 03, 2017 11:13 am 
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This Fed report, "Survey of Consumer Finances" is usually excellent. I have read the last few, and one just came out which I haven't read yet. The couple I have read have given a great overview of the net worth and various account balances of Americas(Savings, checkings, stocks, 401ks, etc).

Regarding the new one just release....

"The Federal Reserve's just-released Survey of Consumer Finances, done every three years, tells a stubbornly grim tale. Median net worth for all families, measured in 2016 dollars, dropped 8% since 1998."

What a kick in the ass. Here's the story on it I quoted, http://www.businessinsider.com/the-grim ... ve-2017-11

The limousine liberals refuse to believe this cause they all live in Nova, SF and NYC, where the streets are paved with gold.


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PostPosted: Sun Dec 03, 2017 11:16 am 
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ElbertoHokie wrote:
THe start of this thread about diamonds and affluence might be the dumbest one I've seen on here. Do you work for De Beers? Are you on their payroll? They created the demand via a brilliant marketing effort. Large diamonds have no industrial use and no practical use.

In my case we used her grandmothers diamond and my grandmothers sapphires. Why pay for some stooge mining engineer in the Canadian arctic when I don't have to?
#triggered

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PostPosted: Sun Dec 03, 2017 3:22 pm 
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Bay_area_Hokie wrote:
This Fed report, "Survey of Consumer Finances" is usually excellent. I have read the last few, and one just came out which I haven't read yet. The couple I have read have given a great overview of the net worth and various account balances of Americas(Savings, checkings, stocks, 401ks, etc).

Regarding the new one just release....

"The Federal Reserve's just-released Survey of Consumer Finances, done every three years, tells a stubbornly grim tale. Median net worth for all families, measured in 2016 dollars, dropped 8% since 1998."

What a kick in the ass. Here's the story on it I quoted, http://www.businessinsider.com/the-grim ... ve-2017-11

The limousine liberals refuse to believe this cause they all live in Nova, SF and NYC, where the streets are paved with gold.


That's pretty incredible. There's a big problem in the higher education system in the US.

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PostPosted: Sun Dec 03, 2017 6:01 pm 
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USN_Hokie wrote:
...There's a big problem in the higher education system in the US.
5 out of every 4 Millennials agry with this statement.

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