This text is about the respect that elders and adults claim from teenagers, but they themselves don't respect teenagers. This is what "Lost Respect" means, inequality between generations regarding respect and morality.
Two teenagers were discriminated and accused of stealing some Compact Disks and it was proven that they were innocent, but neither the store nor the security apologized for the incident nor did they pay the Disk they broke.
The message is that teenagers should be treated with the same amount of respect coming from adults and elders as they expect to be treated with.