What was the 2008 mega-recession like?

What was the 2008 mega-recession like?

Oldfags please respond

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If you had a house you were fucked.
If you wanted a loan you were fucked.
If you wanted a job or wanted to keep your job you had to either
1) Be extremely valuable
2) Willing to work harder for less

i bought a house in 2008, now its worth almost double. shadilay!

>tfw things are no different 8 years later

Most of my family lost their jobs. A few lost their houses.
Fallout 3 was a disappointment.
My goldfish drowned.
Someone stole my sanity.

It was the slowest happening ever. Everyone saw it coming.
Our houses dropped in value. The weak amongst us foreclosed like pussies. People with self worth paid their bills.

I did see a lot of good workers get laid off. That was stupid and short-sighted.

Owned a restaurant/bar and was living like a rockstar
2008 rolled around, business was cut in half and the value of my real estate was cut in half too
By 2010 I had lost my business, my home, my 401k and every penny I had
The banks that caused the trainwreck got billions in bailouts and I still get bills from the IRS
Fun times

I married a rich bitch in 2008 and haven't bothered working since then. Her family moved all their assets into banking and financial stocks after they bottomed and preceded to buy foreclosures until about 2012. She divorced me last year and now I live on a sailboat. I drink a lot, shoot skeet off my boat, and shitpost. Comfy threads are based threads. Oh, I turn 40 next month. That old enough?

Why did you get divorced? How much did you get out of it?

>dubya had muh stimulus, well that was 2007
>be in middle school thinking stimulus was gov't just giving people money
>parents got stimulus moneh and I realized that year that gov't was just a big fraud and money just circulates back to them in the end
>recession hit, for some reason housing market in upstate ny was unaffected I think not sure
>freedom aint free barack aint my president dad was talking about how idiots who bought big houses without making good money got fucked and was pissed that the idiots brought down bigger economy
>Obama came onto scene and won, conservative radio predicted apocalypse under Obama, wasn't like dubya that made us thought merica was great for awhile
>be in middle school and US history class involved section about politics, teacher did a thing where we wrote about who we thought was better McCain or Obama
>normiefags all said Obama
>me the autist said McCain to be that edgy kid
>fastforward to past 2012 election got a lil older and realized McCain was an old fraud piece of shit

sorry for the storytime just brought back olddays OP

Wrath of the Lich King was great! And you had a lot of extra time to really sink into the game.

I don't know.. I was white so it didn't affect me

my company laid off 25% of employees, about 1000, 4 businesses near my condo stayed vacant for 5 years, both brothers in law unemployed for 3 years, my condo dropped 200k in value

As a newfag I need to know in case it happens again:

Is a 401k the same as a retirement fund/Vanguard investment portfolio? I was going to start dumping as much as I could into govt. bonds for retirement. When you say you lost your 401k, are you saying you were forced to spend it, interest ate it/devalued it, or that the govt seized it etc. If I'm saving into a portfolio religiously and another recession hits, assuming I don't pull out, will it still be there when the economy recovers?

Joined the military the year before and was living in Japan at the time. Recession had literally no real effect on my life. Feels good man.

My company laid off 80% of my group. Somehow I made the lifeboat.

It saved me a world of shit - some of the folks were out of work for 2 years.

How did it affect the jobs market? I was a middleschooler back then and most I really remembered was the housing market changing. Then Obama smooth talked his way into office and the bush hating militia voted Obama into office.

It seems like the banks didn't. There's a certain narrative told in movies like The Big Short. What do you think?

You should probably go ahead and kill yourself now, because if your asking user advice on this rather than fucking googling the shit, you probably aren't clever enough to live to retirement anyway.

I like making threads about the 2008 crisis because in my opinion it was the most important event in world history since the collapse of the soviet union, people seem to underestimate the effects it created on western society, the precarious political situation we're in today is a direct result of the 2008 crisis and subsequent "recovery"

Those bonds will not be available to you because the boomers took so many fucking gibs.
You're better off storing $100 in your mattress every month.

She got fat, and I stopped fucking her. I never cheated on her, or made her feel bad about being a chubbles, but I just couldn't duck her anymore...so she left me. I suppose I could have taken her for a lot of money, but I settled for 5 years of spousal support, my sail boat, and a two unit rental property in Seattle. All of which was her idea, I would've been fine with just the boat.

>people that can remember the 2008 recession are oldfags

Was just starting college. Really hard to find a job, jobs that I had would get would get cut. Just had to keep on hunting. I eventually graduated without a dime in loans but it seemed a hard road.

>is a 401k the same as a retirement fund/Vanguard investment portfolio?

It can be. Vanguard also offers IRA's/Roth Iras
user might mean that whatever he had his 401k invested in, nosedived in value.

>govt. bonds
hahaha

Nothing happened. I ate some mac n cheese. Shit was cash yo.
As long as you don't have a shit job you'll be fine.

Just like over at Sup Forums, Sup Forums is passing us by user.

Obama took it why do u think everyone ironically thanks him

if you owned a house you lost a couple hundred grand

or if you bought one at the peak of the bubble you got fucked hard

This actually explains it very well.

youtube.com/watch?v=UC31Oudc5Bg

How old are you that you dont remember fucking 2008?

Big league.

The ARRA that was dumped into the economy to stimulate it was spent 7 times over because once government budgets were artificially inflated for one year, they rolled over to the next year. This meant that the national debt was going to skyrocket.

Remember all of that controversy over the debt ceiling and the government shutdown? That was just a practical effort by a small group of Republicans to shut down the spending madness and put the brakes on ballooning government spending. Except they failed, the debt ceiling was removed, and any stopgap measure to force the government to sit down and write a budget was removed.

That's one of the largest reasons we're in the situation today -- $20 trillion in debt. The government has created a giant slush-fund for Obama to use in his projects like propping up Obamacare when it falls short of the millions of people registering in insurance companies necessary to keep it afloat.

Bitcoin senpai. The fucking inflation on your $100 will rekt your shit.

This There weren't any jobs anywhere. Couldn't even afford to move to look for work. Spent six months living off credit cards only to find a single part time job. And that was the best I could do for a year.

That's a sad story. Glad you two are separated without too much drama.

It wasn't so bad. I wasn't an alcoholic back then. Also hadn't given up on life yet.

Obama basically won 2008 by saying bush is an idiot in every possible elaborate wordy way and everyone drank the koolaid. Its funny cause now we can say bush was a soros puppet like Obama.

>2008
>oldfags

Basically dumb boomers had taken out massive loans on their houses, either by buying houses at the peak of the bubble or by refinancing, either way they owed nearly 100% or more on their house's valuation at the top of the bubble.

Then it crashed and everyone was immediately underwater on their mortgage.

NOW that's not necessarily catastrophic. But then a lot of people lost their jobs, so houses got foreclosed on when they didn't pay their bills.

This led to a contraction in the economy, and a lot of financial instruments were tied up in the mortgages that went bust, so all the finance firms panicked and froze credit, which hurt even more businesses.

NOW that's not necessarily a bad thing. You could have a year or two of pinch where shit sucks and lots of bad companies go bankrupt and die off, then the good companies pick up the pieces and life goes on. But the government stepped in and decided to drag everything out by bailing out every bad company instead of letting them dissolve and get bought up by good companies.

So we were basically trapped at the bottom of the pit, with bad companies, very tight credit, housing market trashed, and everyone had basically ruined their credit by treating their home like free money. So jobs never came back like they should have.

If you had cash, it was a glorious time to buy up cheap real estate and stocks. If you were underwater on a mortgage and working a marginal job like construction, you were utterly fucked and things never got better. If you came of age between 2008 and roughly 2015, you were fucked in trying to get a good job with any kind of career potential.

>If you had a house you were fucked.
I think you meant to say: If you over-payed for a house during the bubble, you were fucked on resale value.

Everything went to shit-1/2 the stores and restaurants closed. Everyone suddenly were either slow or out of work. I bought a house cash for 1/2 of what it was originally listed at. We are in a massive bubble right now so you'll see first hand pretty soon.

I wonder what will happen when the Student debt bubble bursts

My body is so fucking ready.

Everybody I knew overpaid on a house. That was conventional wisdom at the time. It was in all the financial books. Borrow big and "invest" in amenities, you can make it up on the backend. Hell, banks were giving loans at 125% appraisal with no money down.

render unto Caesar that which is caesar's (shrug)

The area I was in, liquor stores and bars went under.

fallout 3 came out so it was pretty good

We're still friends, and she remarried less than a year after we separated. She found someone who loves BBW's, and money probably. She paid for some of the best captains in the world to teach me how to sail, and kept me safe from the collapse. I never made more than $30k a year before I met her, and now I can go anywhere in the world whenever I want. I'm forever grateful.

Based on past trends(doubling debt every 8 years) the USA will be 40 trillion in debt by 2025

everyone who decided to pay their way through university or not go at all gets to laugh at the cucks who got student loans.

here in australia when it hits the government will start to lower the repayment threshold for debts, before lowering it to $0. then they'll start to take it out of people's benefits, then they'll start to take it out of their estates.

probably the same in canada. i bet in the US it'll be a lot more bloody.

>We are in a massive bubble right now so you'll see first hand pretty soon.

What bubble?

this and now the economic establishment is desperately trying to hold things together with the ponzi scheme of mass human migration capital although there is only so much people and resources in the world. As soon as the mass migration of peoples is cut off everything is going to unravel all over again and we will be likely in a deeper hole that the World was in 2008. We will all likely just to have to start over and reset everyone's wealth or try something new.

You ever suck a dick for some weed DUDE ...it was exactly like that.

I think I was playing Pokémon simulators online and was learning how to play competitively for the first time.

Met a bunch of cool people on a Pokémon forum called smogon. It was a good year for me. My parents were poor and divorced I was like 16 so it was alright for me I guess. Although that led to my internet addiction that spiraled out of control.

>>fastforward to past 2012 election got a lil older and realized McCain was an old fraud piece of shit

I was 18 in 2008 and regret every day voting for that fat fucking faggot. I should have wrote in Ron Paul but I wasn't fully woke yet.

Because of it, entry level jobs were cut and the whole experience required for entry level positions meme was created. The new entry level is internships. What used to take a bachelors in some fields now requires a masters if you're starting fresh with no experience

>I married a rich bitch in 2008 and haven't bothered working since then. Her family moved all their assets into banking and financial stocks after they bottomed and preceded to buy foreclosures until about 2012. She divorced me last year and now I live on a sailboat. I drink a lot, shoot skeet off my boat, and shitpost. Comfy threads are based threads. Oh, I turn 40 next month. That old enough?

>My gf says i am too old to be on Sup Forums
>tfw i'm not alone

I think growing up thru the recession mainly taught us how brittle currency value really is. True value is within one's self: how marketable you are physically, mentally and how connected you are to your community/ family is where we need to focus first and foremost for when shit hits the fan. Because when it inevitably does, you want to be living in a place where you know generally everyone and can trust most ppl (midwest and the souf) and be willing to physically work/hunt and help your community. Don't count on capitalism or your govt to supply you with a job. If you do, you're just a sucker

>We will all likely just to have to start over and reset everyone's wealth or try something new.

This is honestly a scenario I see happening sometime in the next 20 to 30 years.
They'll be a huge revolt to the level of the French Revolution and after its finished we'll pick up the pieces and try to put it back together

A 401k is a business assisted retirement fund. Whatever you put in, they match a certain percentage of it, so it's essentially two entities putting in money. There's a limit to how much you can each month of course but it's better just to look this shit up since

>>We will all likely just to have to start over and reset everyone's wealth or try something new.
>This is honestly a scenario I see happening sometime in the next 20 to 30 years.
>They'll be a huge revolt to the level of the French Revolution and after its finished we'll pick up the pieces and try to put it back together

>'08

>old fags

huh?

>bank comes after parents home
>job that was suppose to last for years suddenly starts laying people off
>people quit all luxury activities and hobbies overnight
>entry level jobs suddenly want 10 years of experience
>gas prices $5 per gallon
>literally going to work to pay for gas to go to work

Yea I was doing good 2000-2012, that's when my company started to feel it. Was laid off in 2014 and quickly realized things were different. I spent a year total looking for work and then only got part time. Things are a little better now, working full time again, but I'm still living in a shack behind my parents house.

>I should have wrote in Ron Paul but I wasn't fully woke yet.

I remember Paulposting. To this day he's still the only Republican I would ever vote for. He wanted to audit the fed. Unlike Trump, I honestly think he was against jews and would've done great for the country.
But he didnt even get pass the primaries..

>people who had careers and mid-upper tier jobs that didn't involve being a burger; people who would now likely be in their late 30's early 40's

>my dad lost his job and got depressed
>i completed my degree and slowly realized there was a wasteland ahead of me, where i could become a drone or just accept unemployment
>small/medium entrepreneurs in my country started an heroing

it basically felt the end of a dreamlike illusion that went on for 20 years, where you "could be everything you wanted to be if you believed hard enough"

Which is why Americans don't want their guns taken away. I town full of good folk gun toters can keep looters and bums away as they rebuild and insulate themselves from society's collapse

if you weren't an idiot you were fine

if you bought a house during the bubble despite how glaringly obvious it was what was gonna happen, you deserved to lose your shit

i grew up in this period and still dont have a job despite my math/physics (((university))) education and knowing like 4 programming languages and full-stack engineering skills. When things recovered employers focused on new grads from (((ivy league))) schools and not people like me. the trump recession will be much worse

It'll be very similar to 2008, but only for millennials that went to college and pulled student loans.

When it all collapses again and the city folk come sniffing at your doorstep for crumbs and gibme, be glad you invested in a small town mentality and stockpiled guns am ammo along with your fellow townsmen.

Bluewater boat? I have a Derecktor.

How the fuck do I get a rich fatty for a wife?

>What was the 2008 mega-recession like?

I was trying to day trade at the time. So luckily I had pulled all my money out of stocks.

basically what happened was that mortage backed securities that were trading on the market with AAA ratings suddenly became worthless. Nobody wanted them.

Lehman brothers was holding a lot of these. And it went bankrupt instantly. To prevent other firms going bankrupt, the government made big banks buy these firms. Bank of america bought countrywide and merril lynch, for example.

Then we had tarp and the government just bought all the bad assets and that's that really.

seattle bro on /pol

R A R E
A
R
E

If you can't pay your loans will they take away your master's degree along with the knowledge acquired in college? Does the IRS come and repo your brain? How do you unlearn 8 years of college?

It still boggles my mind how hillbillies found their way to Sup Forums.

it wasn't really just massive loans, it was due to speculating on speculating of home loans that were drastically riskier than ratings agencies were rating and a bias and false sense of security in the housing market. There was also a high level of separation of the people in finance from the people buying homes so their awareness of the housing market was far separated from reality. It was very similar to the separation of reality that journalists and political pundits had regarding the Trump election, none saw it coming. In reality in the 2000s, home loans were being given to low agency niggers and beaners by naïve and predatory lenders. These houses were never going to paid off and the trillions of dollars being speculated on these home loans were worthless when everything started to unravel and reality caught up with the banks.

it was fucking awesome, stocks crashed and lots of people were spending money

Worked as an independent contractor, business had been booming up until late 2007. Then work became scarce, it got tight but I made it through with my emergency funds and savings. Held onto my house, got a job working for a company that was contracted through Ford Motor Co, 4 years later, got job at Ford Motor Co. My wife was pregnant with our first son in 2008. Alot of mixed emotions thinking back, as we were elated to start our family, but feared the unknown and uncertainty.

Fucking hell I was on Sup Forums in 2007

It's way beyond a movie script and there wasn't any recovery...people are too dimwitted to see that they just fed more junk to the junkie so he wouldn't go into WDs and stuck the taxpayers with the bill in perpetuity.

Trump is not opposed to auditing the fed. He's talked about it once or twice. But that was probably during 2015. He re-blogged (or whatever) a guy with the name AUDIT-THE-FED or something to that effect on Instagram, early in his primary run.

But again, he only did it during the beginning. Likely to scare some of the higher-ups, as well as to attract the Rand Paul voters.

I do whatever I want...I did then and I do now...

Why do people keep on insisting it was completely obvious to most? Not everyone follows markets or is even slightly financially literate and even those who are still got fucking rekt by the stock market.

Hindsight is 20-20

My uncle had business in ny , he said he gets 30 customers a month, during the recession he said he got 1 customer in 3 months

no, they do some (((investigation))) into (((who can pay their loans back))) and after discarding all chances of all of these niggers and mid 30s women alone in apartments with cats paying back their loans, they (((raise the payment rates))) for those (((able to pay))).

aka everyone who actually caused the fucking problem gets off because they can't pay back a cent (keep in mind their credit ratings will be forever wasted and they most likely will never get a decent job in the first place, they'll be on benefits because the moment they start earning the banks will come knocking), and everyone else who is paying back their debt while working or is currently in college will be forced to pay out the fucking ass.

it will not be pretty.

it was obvious to most, they just decided to discard all evidence because their portfolios were going through the roof. there are numerous books on this exact psychological phenomena.

I had to sell most of my belongings at garage-sale prices, move out of my (rental) home into a seedy studio apartment, and work two part-time jobs for a fraction of what I had earned the previous year.

The US economy is literally like a Chink condo...looks fit until you start taking a very close look.

Yeah I'm curious as to how this is going to all work out as well. I think one thing is for sure though, student loans will likely be a thing of the past and college enrollments will fucking plummet. These are good things.

Lmao a lot of us who were fired from our jobs raided Tribal Wars and sat in streaming sites for days on end and repelling each other. We are so redpilled it actually makes everything incredibly funny. It's as if we see everyone as the same, even ourselves so we can't help but laugh at the chaos

>home loans were being given to low agency niggers and beaners by naïve and predatory lenders.

Yeah but I'm pretty sure this only happened because the government forced them to do it. Before banks just denied them because obviously they couldn't pay the loan back. The government said it was racist and made them do it anyway.

is the 2008 collapse really the reason for the push for migration? hasn't mass migration been ongoing for decades?

I distinctly remember 2009 having almost no illegal immigration at all.. no jobs anywhere.

>leaf

This is true and it was a Bush policy, actually. I remember seeing the article in the newspaper about it, that his goal was to expand home ownership and force banks to loosen lending standards, and even then I knew it was a bad idea because owning a house isn't for everyone.

I was utterly unsurprised when the hens came home to roost.

TARP was total insider scam I received a heads-up call two days before the Citi bailout. Now the markets are artificially inflated by private optical fibre networks front-running trades. SAD!

HOLY FUCK I FORGOT ABOUT THE GAS PRICES

this guy didnt buy a house. he also was living in his mothers house.

We've been getting invaded by Mexico for a long fucking time.
Yes, since at least the 60's.

You are full of shit and poor.