What was the 2008 recession like? Oldfags please respond

What was the 2008 recession like? Oldfags please respond.

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Ay Kafir! If ya can't even 'membah 2008 then I guaran-fuckin'-tee yer underage!

I lost my job and my girlfriend, stalked my ex on Facebook yesterday she is currently dating a refugee from Pakistan

Didn't study for exams. Watched 40 episodes of one piece a day

Pretty comfy overall

i would assume you are trolling but then i saw your flag

#justswedishthings

a 10 year old kid in 2008 wouldn't know what the fuck hit him in the face when recession hit.
>1990 was 40 years ago

I lost about 300k in investments

I had a gf during it.

We kind of knew it was going to hit in 2007. I can give you an American perspective if you want

Oldfags here. 90% of the houses on my block got bank owned signs out out front and the Sherriff kicked everyone the fuck out. It was bad.

Please do

Housing prices got fucked, so while people who already had jobs and houses and didn't lose them were okay, but if you were 26 and looking to get a house, shit out of luck till 2012 when the massive housing bubble cooled down


Some areas like mortgage brokering got gutted


Inflation went upwards to the situation you feel today

I was a junior in college. Anyone who graduated 06-07 got fucked

It was a good old laugh

Homeless and jobless rates almost hit 50%

sory senpai, blame the boomers

I was in college during '07 recession, '08 crash, and '09 stabilization. My family is middle class and has always been very secure. But I knew a few people who didn't come back to school because their family had serious money trouble. I knew a lot of people who graduated and had to work as waiters or take jobs that were beneath their qualifications.

In retrospect, the recession merely accelerated trends that were already occurring like people being unable to work due to earning useless degrees.

Careful user you could trigger Obamaleaf

Terrible. Young people got the worst of it. If you were under 30 it's almost certainly you lost your job or at least took a pay cut of some sort.

The trade education system here went from "Guaranteed to find a place somewhere" to "GL HF" from 2007 to 2008

growing up in the 90s rocked..

one day suddenly you weren't allowed to say "fag"
and they started playing canadian kids news for us


Beginning of the end.

Same thing happened here in Alberta in 2015 with the oil industry collapse

Trade schools suspended co-op programs and refuse to update the starting salaries and employment prospects for programs

The recession took massive effect due to media over-exaggerating the whole situation. Every news was darker than another and people got scared shitless and stopped spending money which resulted in poor monetary politics which further lead to even bigger crisis.

If it was lowkey and out of the normies horizont, it would have had ended much sooner.

oh yeah and the national debt reached Kafkaesque levels

>I was in college during '07 recession, '08 crash

Me too, I was also investing on the side for no other reason than because I could; I was being a sporadic moron, and the gamblers bias didn't help.

It was ironic because I was studying economics at the time, and everyone knew that the crash was inevitable, but I was blindly investing in stocks nonetheless, I got hit pretty badly, but not enough to render me bankrupt, I recovered a few years later financially.

At least it served as a good life lesson.

I quit my job in 2008 and started a better job making almost 3x as much. I moved to a new apartment, then moved states, then moved states again.

I bought two new cars and some guns while getting drunk and high fucking cheap hookers.

8/10 would recession again.

Home prices went down but the severity and length of the downturn was geographic. Some places got trucked while others weathered it pretty good.

>It was ironic because I was studying economics at the time, and everyone knew that the crash was inevitable

Elaborate please

businesses stalled, no one knew what the fuck happened

Oh God. I remember thinking, "Times like these are when fortunes are made" and I still failed to invest in the market. FUCK!!!

Not exactly old, also, we're still feeling the effects from it. You literally wouldn't have Trump , Bernie, or Jeremy Corbyn if it weren't for the 2008 recession.

At the time in 08/09 I was leaving high school. It was extremely difficult to get a job, so I went to university instead. That mitigated it for a while and I worked part time minimum wage while at uni.
Upon finishing my courses it was about 2013/14 and still pretty hard to get a job but things had changed by then. Prices (of everything) had gone up, and in '08 you had smartphones and you obviously had Internet but it wasn't so ubiquitous.
That meant that things were a bit less knee-jerk. Being able to instantly reply to anyone, anywhere, with no repercussions, is in many ways good but in many ways completey debases the debate.
In '07-08-09-2010 that wasn't so much the case and there was much talk of Keynesian economics. An interesting time.
We are still in the aftermath of it. Was the biggest recession in a long long time, these things have effects for years.

>Seeing the Lehman Brothers bank staff leaving with their office belongings in boxes was priceless
These banker types had it coming. Even after the recession, they're still taking the piss with bullshit mortgages and undeserved bonuses.

But yeah, also, it isn't exactly 'oldfag' unless you're like, 15, in which case gtfo this is an adult website.

This

I remember no one was hiring. College educated people couldn't find job at target, wall-mart, and fast fast food., me included.

Still warms my heart to see help wanted signs ANYWHERE because of this.

There were no such things as call backs or even interviews, resumes went right into trash bins.

rich ass Boomer parents that can't even understand how e-mail works and got on job training from day 1 tell you to just hit the pavement, managers just tell you to apply online.

>young self starter needed to do 3 people's jobs, 5 years experience required.

>dishwasher wanted, must have masters in soap and water and 3 years experience minimum.

>daily articles how millenials are lazy, entitled, bootstraps etc.

Anything that was hiring was a scam door to door sales job that ended up costing you more than you could hope to make.

peaceful protests on wallstreet were met with violence and arrests from cops.

Apartments new you couldn't get a house and jacked prices up to 1,200 a month for run down shithole.

Honestly the most depressing time in my life. I graduated college in 2008, effected my proffessional mentality for the worse.

>2017-1990= 27
>40 years
Did you not pass 3rd grade math

I had just turned 18. Couldn't find any jobs, even shitty menial jobs. Dad lost his too, so we moved to another state to live with family for a while.

Fast forward to now, and businesses can't hire enough help around my town.

Help wanted signs in every window, and yet all the people that I knew from high school complain about being jobless, yet won't do anything "below" their useless degrees.

Hello newfag

It was literally a 50/50 game of either making a fortune, or losing everything, I invested quite a handsome some of money into a few companies that I thought were going to profit from the crash, but that turned out to be bullshit.

I envy the people who gambled into the right markets, like pawn shops, debt companies, and law firms that deal with foreclosure.

Warren buffet made 10 billion dollars from that crash.

The rent issue never went away is the issue. Doesn't matter where you live, if you're going to live near a decently sized town, you're looking at paying way more than any place is worth, and good luck having any maintenance come to actually fix anything.

That and like I mentioned in my other post, people are now lazy and don't want to work because there was no work back when they were younger. It's partly to blame for the extended youth and childhood we're experiencing today because people escaped into fantasy land to cope.

over the space of 1 month everything turned from hope to fear.

Unemployment went up, people lost even more jobs on the heels of the NAFTA evisceration of manufacturing, home ownership rates declined, real earnings declined and somehow Obama has made things "better." People who graduated around 07 - 09 got royally fucked over.

they cut my NEETbux in 40%

I was in Florida. A nightmare. Population went down for the first time in decades as people fled a sinking ship. Construction is the main industry in Fl. So the housing market collapsing destroyed entire families. People who had contractor businesses in the trades folding and losing everything they had, when only a year before they had been making record amounts of money.
It's difficult to tell the story in a succinct way, as you'd have to describe how crazy things were before the bust, to properly give context for how bad it got. It changed the workforce and the economy of entire cities is the short version. Moved to Austin myself, never looked back.

Fucking parasite, off yourself.

my dad was a house framer and mom left right before the gas prices shot up so i was poor as fuck. contractors that hire illegal spics should be shot for being race traitors. along with the welfare agencies that decided we were too white for gibs.

How to spot the newfag: the post

this guy knows whats up. jacksonville became a real shithole and never really got better.

>tfw 2004 was 19 years ago

wagecuck detected

I worked on Wall Street at that time. If a Croat gets to WS then he knows shit. There's something nobody ever talks about. The biggest fraud there was.

When the recession happens, value of the goods decreases but the amount of debts increases. This is ideal for the banks two-ways; their requirement reserve goes up which means more money to invest and more bonuses for the employees.

The other one is, people can't pay debts but at the same time the value of their property decreases drastically. What lost the most value ? Property. What did banks take when people couldn't pay debts ? Property.

The property usually had up to 10x more value than the nominal debt.

The idea is simple: get as much property/real estate as possible when the prices are low and sell them back when the prices go up. It was like buying houses for free because all the money lost by the banks was returned by the tax-payers. Remember, the monetary multiplicator changed along with the reserve requirements. Only this time, their reserve got 500x bigger.

Back to ledd.it with you.


~

I was 14/15 during that time. Life was shit to dirt poor and too many problems at home to care.

>wagecuck

If making 6 figures a year makes me a wagecuck, then sure, I guess I am.

It was like going on a vacation you never wanted to go on and when you got there you realized you had no money.

I was getting ready to go to college, recession hit and I joined the marines. Downside was people I graduated high school with have started their lives while I'm just about to finish school. Plus side is I have gi bill, pension and living stipend so I'm sitting comfy while they are thousands in debt1

Thats the saddest fucking .gif on the planet

fuck women

>right to peaceably assemble in protest.

*meant to say reserve goes down, brain typo

Fuck me, user. I was literally
Talking about Jacksonville in particular. I'm sure we could trade stories.

It's like 2017 but better.

Press F to pay respects to the Gen Yers who graduated around 06-09, it must have been absolute shit

Sure I was 27. I took all my 401k money out in 2007. The houses I looked at were insanely expensive. Then I saw the market in the news. Sales were down but prices were nuts and millions of owners were in horrible debt. I knew banks owned mortgages and turned them into bonds. So basically I knew the bonds which propped up the stocks were all bullshit.

Things got very bad 2007-2009. I mean people were going to banks to take all their money because of fear of bank failures, stocks collapsed, old people had to go back to work, everyon lost money no one could but anything. Jobs became scarces because all these old people hit the market, all these students had to drop out because of lack of funds, republicans were predicting the end ofvobams took over. Unemployment went up. Bush bailed out his cronies buying up toxic assets from multi mollinaires, the ultra rich made money fast and first
Obama came into office, unemployment hits double digits his first year, Detroit auto is failing complete, Obama buys stocks assets everything, demand starts going up, oil frakking picks up, 2010 we are up on our feet, tremors are still coming in, the new group of billionaires, zuck, musk, Google bros, Apple start pushing innovation dropping cash in,
By the end if 2010 unemployment dropping, momentum is going
2011
Iraq we are out
Gas prices slowly dropping
We get Osama
We are in bull mode
2012

>implying marxists have the right to protest anything

Nice, keep paying does taxes, I need my NEETbux.

Thanks bro
This is how I see boomers now. because of that shitty period in time I lived through.

I'll probably always hate them now.

>wasted ages 23-28

they wanted jobs

It was so bad.

Man the 90's were so awesome to be a teen and a college kid

I fucking hate cockroaches like you, "uhh i need my neetbux because muh anxiety"

Fuck you. You are literally a sub-human.

Went from turning down job recruiters that called every day.
To begging to take an unpaid volunteer internship

It sucked. Huge red pill.

Now I don't take things for granted. It sort of fucks with you mentally, like I should be grateful for job and should be willing to suck (((their))) dicks. That is now the norm. You will be lucky to ever experience the unbridled optimism that was prior to 2007 or 2008.

I was living in a country that was 60-70% fueled by new home construction. It was brutal. Cars abandoned all along the side of the road. I had a job where I would drive around to customers midday, some days on major highways I'd be the only car on the road. It was really eerie. You could do a route that would usually take 30 minutes in 10.

County*

But I don't have anxiety goy, don't get mad you have to stay productive.

Most of them majored in gender studies, or under water basket weaving, tax payers are not going to pay for their debt, nor are we going to insinuate affirmative actions programs, I hope they die in a gutter, cold and poor, fuck' em.

SJWs hijacked the movement and they lost legitimacy amongst the greater public. The 1%/99% bit was a bad idea from the start. There was so much anger against the banks that they really could have gotten somewhere if they hadn't been so combative/divisive.

>got laid from sweet job that alternated from Burgerstan to Japan
>got newer higher paying job not as much fun
> watches younger generation not have jobs or have 3 jobs to make up hours
>listens to them for five minutes decides they deserve to live like that.

>implying being productive is a bad thing

consider suicide

look at this fucking baby nigger posting

Awesome investment opportunity. Been making $$. QE helped a lot too. Thanks feds!

Its still hard. Recovery hasn't been good.

So true. The original movement had a point.

Why are the banks up big to fail, but people aren't? Why is he valued 1,000,000,000 what I am? Why is someone allowed to be given 7,800,000,000,000 at birth but to want a raise from 10-12 is a problem

I can tell you right now that the crisis of 2008 isn't going to look like a picnic compared to the coming economic catastrophe. Nothing was solved in the aftermath, all the problems are *much* bigger now and most people are completely oblivious to them.

Make sure you have a rainy-day "fund" containing physical, tangible assets (not just cash) - things are going to get pretty rough over the next 24 months.

* is going to look like a picnic that should say

Nah the USA will be fine. We've got oil now and cheap Mexican laborers and a bunch of smart Asians

You guys...
Yeah trumps going to fuck you

My wife and I fantasized about being born old enough to be 20 in the 80s

The original cancerous millennial """"""movement""""", which later gave rise to BLM in Obongo's second term

It didn't really hit Texas until about 2009 or so. The housing market fell through and my mother's job in real estate basically ground to a halt, whereas the year before she had made something like 50k within 5 months due to all the closings she made, she was now doing a closing worth barely 3k or so at a time every month or two.

Jobs were near impossible to find for average people. You had to bust balls trying to find one. I got lucky and got professor assistant positions at my college and small research positions that paid a small amount of money, but it was enough to pay for gas and food getting to college from mom's house.

>They're going to blame it all on Trump and we'll get another 8 years of Democrats and open borders

Fucking Jews, you just can't win

Remember when we used to ban these?

Predicting market catastrophes is one step higher than predicting the end of the world. Because some chicken little out there is bound to be right.

If you can't predict how the crash will happen, how can you predict the strength of the crash? It's obvious another recession will hit, because there's a cyclical nature to it, but can any of you fucks actually put up the reasons why it will happen. I mean hard data, numbers and reasoning. Not a fucking hilly graph of the market or stocks.

How many of you chicken littles predicted the flash crash? None.

see living without power for weeks at a time teaches you a few things about being grateful.

I was laid off of my job at the factory and I decided to NEET it up and go to university full time (while living at home).

>this

They also planted cops in the protestor side to insight violence so they would have an excuse to crush them with militarizes police

I met a guy in Florida who did exactly this with 4 or 5 quality properties. He basically invested everything he had into keeping those properties and hanging on to them for a few years. Worked a few different jobs in the meantime to get by, then sold them for a gorgeous profit.

His job when I met him was being a waiter at a lounge on the beach. He looked like someone who'd be in one of those hippy drum circles for Occupy Wall Street, but once i got to talking with him he was not at all what you'd expect in a guy like that. He was fine with the waiter job because he knows to be fiscally responsible with the profit he made. He knew what was up when the recession hit and capitalized on it as best he could.

My area didn't feel many of the effects.
I live close to DC and the people that do work typically have a government job or a private job that supports the government or government workers.
I was a mechanic for a euro repair shop and I'd say at least 80% of the cars we worked on had DOD stickers in the windshield and the owners had plenty of disposable income still.
If you want stable income get a government job.

>pic related dod sticker

Ive been living with my family, and/or homeless ever since 2005 so its been shitty for me ever since 2004 to be quite honest.

I heard Rumors that something was going on in 2008. But I didnt see any of it personally.

My mom worked as a cashier at a grocery store, its a career for her. Nothing changed for her.

Dad got laid off in 2009 but its because the electronics place he worked for - those people decided to retire. After that he just did telemarketing from his basement.

I would say the only shit I noticed change was... within a few years:

* Everything got abit more expensive, stuff that used to be $1 flat was suddenly approaching $1.60.

* Gas went through the fucking dylan roof. I remember buying gas in college (~2003) for $1.40 per gallon . . . but until last year the gas was going strong at like $4+. My car died and was not replaced in 2004 but the gas prices hurt my Mom&Dad.

* Gradually a fair number of businesses around town started drying up.

* The $5 Footlong at subway was discontinued (~2013ish? not sure).

Obama fixed food stamps though. Under Bush a single unemployed person was getting $150 maximum, and they started having these funky rules come out about how you have to be working or volunteer work just to get them (which defeats the purpose, if you had a job you can feed yourself).

Lost my food stamps for 3 months over that motherfucker.

But Obama? He put it up to $200 and those rules went away.

>I remember no one was hiring. College educated people couldn't find job at target, wall-mart, and fast fast food., me included.
>Still warms my heart to see help wanted signs ANYWHERE because of this.

I knew this feel. It was fucking insane going through job postings and seeing the requirements. Every fucking manager was trying to get the most educated person they could because they KNEW those people had lost their jobs in the recession and had to look for work. It also meant that people getting educated or without one had no chance in hell of getting a job.

I graduated college into the mess.
Fucking sucked finding a job. Put in ten applications a day to places even not degree related for roughly seven months until I got a job cooking for a hospital because my sister was banging the head chef.

Where do you even fucking start with what a completely depressing time to be trying to start your life. I really despise some of the attitudes millenials have, but they will never get even close to the amount disdain and hate I have for fucking baby boomers.

There were no jobs, and you learned very quickly that any place accepting applications wasn't actually hiring, it was a practice used by HR for their dumb fucking HR reasons. This was a time when the positions in the field you got you degree where being cut or downsized just so the business could survive. Most work being part-time or contract (with awful rates) only, and there was no shot at getting more hours because companies didn't want to spend on the healthcare. The only friends of mine who got jobs were all cases of Nepotism, so unless your family was in/or ran a business that wasn't also crushed, you were completely fucked. This wasn't a case of just some whiny fucking kids with liberal arts degrees bitching about jobs, although they existed, this was in every field of study. Students graduating with $50,000+ in debt and their parents there to shrug and say they didn't know, even though it was the Baby Boomers who decided, for pride's sake, that their kid HAD to go college. You HAVE to have a college degree! Follow your dreams!! Oh, it didn't work out? Try harder, I guess.

youtube.com/watch?v=i2-yRBGfuGU

THREAD THEME

>How many of you chicken littles predicted the flash crash?
>predicting
>flash crash

Nobody can predict flash crashes by their very nature.

As for reasons for the next crisis:

- Corporate debt is at all time highs
- The stock market has only ever had a higher P/E in the bubble of 1999/2000
- Interest rates are still at emergency lows and will cause huge numbers of bursting bubbles as they rise by even just a little
- Bubbles in CRE, multi-family RE, sub-prime auto and auto as a whole, among other sectors
- Massive bubble in bond market with over $10tn worth of bonds yielding negatively
- Huge amounts of debt worldwide, dwarfing 2008

I could go on and on...

Prof in one of my socio work classes was talking about how the graduates of 08/09/10 got absolutely fucked

my condolences

Basically Obama did an excellent job

When you've got a thoughtful smart president who actually had to build themselves up, they are good presidents
Reagan, Clinton, Obama in my life

I've been short the NASDAQ 100 since September 2016, which is the index that is weighted the most in tech stocks like Facebook and such.

Ultimately it will probably go above 5,000 for a new record high sometime soon but once Trump is at the wheel and the Federal Reserve starts doing interest rate rises, I don't see things being that good.

If you're not in cash right now waiting for opportunities to arise (low-priced securities, $10 silver/$800 Gold/$27 oil) you're doing it wrong.

12 months ago the world was imploding again and everyone acts like it never happened.