Mark Blyth – What's wrong with the boomers

"And then in the 70s you have to get real, so you start to accumulate assets, there's a lot of inflation, means your nominal wage is going up, your real wage is going down, but if you buy debt instruments it means the holder of the credit, the creditor is eating it 'cause of inflation. Hence boomers have big houses as we said before. [...] here's the thing about banks. Assets and liabilities for a bank are different from you and me. My asset is my condo in Boston. That's the bank's liability 'cause they don't wanna own a condo, they want the income from the mortgage. So their asset is my liability and vice versa and it all sums to zero."

From:
Mark Blyth’s State of the Union - 2018 Open Source With Christopher Lydon
https://youtu.be/TdivPhu-jTQ

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