Oldfags, what was the 2008 crash like?

It sucked and made be do one of my lifes biggest mistakes.

The continued policies of Clinton era finally caught up to the real world and mortgage backed securities did take a huge hit. That is why alot of civil servants pay was frozen for years waiting for the market to bounce back.

That and they killed the greatest car ever made, the Pontiac G8.

The largest effect I remember from the crash was how quickly all companies panicked and began tightening ship. It was next to impossible to find work, even shitty wageslave gigs. A lot of companies took advantage of the situation with layoffs and started doubling or tripling individual workloads blaming 'muh economy' and 'if you don't like it, leave'.

A great buying opportunity for many.

>most of the shit we deal with now that the boomers are ignorant of happened because of 2008
Jesus. Go get an education and come back and post.

Which was?

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I was working in the grocery industry in a area that was hardest hit. Shit sucked so bad.

it was unironically worse than the Great Depression simply because people didn't understand the long-term ramifications

It wasnt worse it was just different

Lost my house due to a 3 year arm loan that the crash wouldnt allow me to refinance. The arm was designed to get you into a home and allow you to prove you pay your loan and then refinance at a low interest rate before it balloons. Well the crash forced me into forclosure as a first time homebuyer.

glorious, triple short made 25k a day.

who cares about the world stock index?

Oh and I lost my job because it supplied products to contractors that built homes.

they didn't have 3x leverage instruments back then fren

buy high sell low

A little nicer than 2019's

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I was in college when the 2008 crash happened. I graduated in 2011. I mostly lived off grants and loans in college.

I had a bunch of debt when I got out but I was able to find a job because I majored in computer science. If I majored in some retarded shit like sociology then I would have been fucked.

It would have been worse for me if I was older. A lot of people who bought houses in like 2006 or 2007 had their lives fucked up for a while. Suddenly your house is worth 1/3 of what you paid for it and you lost your job. You can't pay your mortgage and you can't sell because you owe 3 times what it's currently worth. Fucked.

It took me 3 months of full-time searching on foot to get a job and my two roommates at the time could not find enough work to continue paying rent, but other than that I just sat in the park and enjoyed the birds and the sun and everything was fine.

in 2008 i was 24. I lost my job, went on benefits and moved back in with my mum. I was unemployed for 18 months.

I spent all day playing call of duty and shitposting on IGN and SomethingAwful. At the weekends i used my doll money on nights out with the lads (half of which were also unemployed). Beer was cheaper, everyone was angry and violent, the women were easier.

Those were the best days of my life.

fucking awesome, graduated that same year. Thanks again kikes for all you've done.

there were entire streets where every house had a for sale sign
I wanted to get a picture of it but didn't

Sounds like you couldn't afford the house to begin with.

Sounds like a normal year in the UK.

Not one of them bought what they could afford.

Subprime detected

thinking back, it might have been.

baby's first redpill

Literally nothing happened here. Some lost money with stocks but that's it

>>Oldfags, what was the 2008 crash like?
The crash of 2001 is the one that mattered. The 2008 crash was due to and artificial economic recovery after 2001.

I see a lot of poorfags posting on here saying they weren't affected, so I'll give an honest summary of what went down back then for me...

backround:
>be me
>good career making six figures
>have good investment accounts
>401k maxed out every year
>live frugal life so I can save for kids college and retirement

real estate 2005:
>(((financial advisor))), (((cpa))), etc all tell me that real estate is booming and I should invest in single and mutli-family housing
>use extra investment capital to purchase rental houses (12) and invest into a 200-apartment multi unit

real estate 2008:
>it all collapses
>start selling properties to try and recoup before its too late, take a 60% overall loss
>401k takes massive hit
>stocks/bonds/t-bills take massive hit

Over 10 years later and I am almost back to where I started
>tfw lose 10 years of wealth growth in a few months
>tfw kids have to take partial loans for uni
>tfw retirement is going to have to wait 13 more years (present/future value of money)
>mfw

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>tfw your conservative investor friend put his shit in mutual funds and here I am sitting in crypto with 100% ROI

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At 8% I could, not 13.5%. Nowadays faggots like you can get 5% or lower pretty easily.

a bunch of gm car brands got shut down

I graduated college in July just before it really tanked. With the market crash oil soared. My conspiracy theory is Bush, Cheney, et. al. cashed in.

I ended up working a temp job for four years

Never seen so many bright futures get flushed down the toilet so fast that didn’t involve drugs.

Before the crisis, people widely had the attitude that nearly any path in life would lead you to a two-story house in a sitcom.

The crash was memed into existence h the media. Basically every media outlet said that “credit was drying up,” and then people believed it and the cycle started.
Property valuations were high as fuck (as a percentage of annual income aka cap rate), but that’s nothing that could t have been solved with better monetary policy.
All the big banks were aware of a happening at least six months in advance.
I interned at an I-bank in undergrad.

i got mad at /b/ for cheering it on because i couldn't find a job anywhere

3-year ARM sounds like you didn't have a down payment and wanted to take the First Time Home buyer Credit nigger gib handout. You sound like one of those niggers that was getting sub-prime and got primed for being a degenerate with bad credit and no savings.

we got to see the culmination of 8 years of GOP economic policy

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It fucked me over gloriously. The start of the worst few years of my life.

since 2008 life got shitier with every passing year
2010-2011 was still good
2012 everything has started changing
almost as if everything was pre-planned

I had been following/investing in apple stocks from about 2004. I read every financial report and news article I could get a hold of, every day. Market crashes in 2008/09. Everybody panics. Even good stocks drop to 52+ week lows. I think to myself, apple is a great company with tons of value in cash alone. It will recover, people are overreacting. I buy $50,000 in stocks at about $10 per share (stock split a few times since then). I ended up selling when I reached 15X what I put in.

I paid off my mortgage and have no debt. Started two businesses and still work full time for a stable organization (six figure salary). Feeling pretty good. Will retire in 6 years, probably still making $250k a year with my new businesses.

When there is bad times, that’s when you need to buy and wait it out.

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>gm brands shutting down
This was part of (((they're))) plan. Cash for clunkers was handing out gibs to every nigger with a hooptie. Then GM got bailed out, dumped a bunch of brands, and kiked the country into having to buy new cars at higher prices and (((profits))) because the used market dried up. Fuck, I had a 2003 Toyota Tacoma and sold it USED in 2009 for more than I paid for it in 2002.

very difficult to get a job because everyone was nervous, people thought we were going to have a double dip recession and that it was going to be even worse. people upside down on their houses, lots of suicides

If you dont have anything invested in the ponzi scheme it matters very little what the stock market does. Mostly it was head shaking at the vast capital dumped into a financial black hole using a currency that literally loses purchasing power by the day they were doing it. Then it started started getting weird in the news and the boating accident happened. All hell broke loose then...

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>Property valuations were high as fuck (as a percentage of annual income aka cap rate)
That's not what a cap rate is. Either you're lying about working at an investment bank, or you're some hot bimbo the hiring manager wanted to fuck.

Corporations became people and got the largest bipartisan bailout in the history of bailouts, to the benefit of the elite working there and in washington. Look up AIG. The bailout was timed so that they would gain a profit.

Also, every American car brand sucks ass nowadays and I will never purchase one until they stop breaking down every 20,000 miles. Those companies should have been allowed to implode so their successors would be forced to drop the planned obsolescence game. They havent, so now I buy American made Toyota exclusively.

i remember used prices going up but it was all a scam. cash for clunkers didn't really destroy that many cars but prices on used cars skyrocketed and stayed there for a long time.

if you think American cars are bad now you should have seen them in the 90s.

It was all high and then it went low. Just like Trump.

If you compare the average price of a used car now in 1970 dollars to a used or new car in the 1970s we're back to normal. It was rough buying secondhand for a few years though.

it only affected the rich, because everyone else was already being kept only just slightly above the line of revolution.

Yeah, they still haven't fixed the rust problems, or the transmission problems, or the steering system that's as loose as a 65 year old boomer's sphincter.
They make the interior all fake leather though, so you feel like you've moved up.

in this case i'm literally talking about people born between 1945 and 1965
do you just not understand my post or what?

T-bills did not take a hit

A golden age of buying real estate and stocks at a discount.

Happened to my parents. Bought a house in New Jersey in 05 but job opportunities meant we were moving to NY in 08. Wasn't able to move until 11, but we still sold it for half of what we bought it for

The only way it affected me was that retail went down the gutter.
Two of my favorite things in life were going to the shopping mall (fuck off it wasn't about soulless consumerism it really was an experience back in the day to walk around and see what was new) and the closure of record stores.
Other than that I wasn't really affected.

th..that's exactly what cap rate is

/Thread. This man is a microcosm of what happened

Barely even noticeable. Now the triple whammy of the dotcom bubble, Enron, and 9/11 that was some shit, especially living near Houston.

Bought 4 properties in gated communities in Florida for all-in $500k. Resold 3 of them at 530k/pop and kept one. Took a few years for them to appreciate in value and during that time I rented them out to people who were displaced by the massive downturn and could no longer afford their own homes.

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pretty awesome , I made millions

I lost literally everything but Ives climbed back up.

These days I think its even worse for us youngish people than it was in 2007-2008

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you're only supposed to drive it until your lease or loan is up then you get a new one, duh.

It's a really linear decline from then. The decline from 1970 to 2008 (when the USD started losing value) was very subtle to the point very few noticed. From 2008 on, it get's measurably worse every year. I'm surprised we made it to 2019 without any major interruptions, it feels like it's all being head together by duct tape and increasingly desperate manufactured consent.

It totally fucked me. Couldn't find work or anything. In the meantime my parents sold their house for quadruple its worth after owning it for only 13 years. Hahahaha I don't know why I choose to stay alive.

>Oldfags, what was the 2008 crash like?

Had just graduated high school back then.
As a resident of a country which was less affected by the global crash than the US and Western Europe, but still touched by it, I consider it a time of my life in which things for me personally got.... better.
As a person opposed to materialism and from a generally lower-middle-class background, I saw a lot of rich kids and their families get destroyed. It felt good.

That's not what a cap rate is. The term is only used for real estate investments, not owner occupied real estate. That user talking about "annual income" instead of "noi" makes it clear he was talking about owner occupied real estate.

>most of the shit we deal with now that the boomers are ignorant of happened because of 2008
it is a fucking terrible sentence.
>most of the shit we deal with now, stuff that the boomers are ignorant of, happened because of 2008

>2008 was 21 years ago
Damn

>edit: t-bills did not take a hit
I should have put that in my background.. that I had t-bills. I believe they actually jumped a point or so in the scramble, but still only like 2-3% rate, so not really raking it in.

Gas prices dropped over $1. Housing bubble popped, lots of suicides. Prices on commodity actually dropped. Some fat-cat wall-street execs OD'd in bathrooms and jumped from buildings.

I was 17 so nothing changed from my perspective. I've only known adult life after that.

damn bro good for u

what broker is that

>gas prices dropped $1
Idk where you live nigger, it jumped to almost $5 in parts of Florida

My 401k took a dip and life went on, better actually. What's bad for bankers is good for the working man

For now.

It hurt people who bought houses they couldn't afford, the people who built them, real estate agents, and low level bank employees. In other words, people who don't matter.
However, that nigger Obama made taxpayers pay for the bailout, and that hurt everyone. Fuck that fucking nigger faggot.

>Some fat-cat wall-street execs OD'd in bathrooms and jumped from buildings.

not really

Bush bailed them out pretty quick

Based

I lived in Mississippi at the time. When gas was over $3.60. It literally dropped $1 down to $2.60 the very next day. I shit you not. I even remember watching CNN(Before they became the shitty network that they are now) Showing and talking about families committing suicides because their mortgages and financing went through the roof and couldn't afford it. Their savings got wiped out when Wachova went belly-up and all.

Yeah, some. Not all Leafy.

the crash is not over ,in fact it is the reason why interest rates are still low .we have been sitting on a nuke since 08 and I dont use "we" very often .
I think the whole identity politics and lgbtszdfgzrf bs is being shilled so much to memory hole this.

I was in my 4th year at walmart when this shit happened. It wasn't fun. Overtime went away and seldomly returned. The job hasn't gotten any better.

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Alex Jones was still taking phone calls live on his stream. What a time to be a live

i was in law school when the crash hit. before the crash i was getting a call a week with job offers. after the crash i had to beg to get a customer service job.

that shit fucked me up and set the foundation of my consciousness. i constantly think the next crash is just on the horizon. i make money now but constantly live like a poor person. the fear fucked me up. i know i'm not alone in this. you call millennials weak but i'm hard as fuck. and i can survive anything.

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It was so fucking hard to find a job. I was even getting turned down from fast food jobs, though this may have been due to the fact that I was living in Mexic- I mean Texas.

The job market was a bloodbath back then. I was supposed to graduate in 2009. I couldn't get an internship to save my life and had to settle for volunteering.

I pushed graduation forward to 2010 hoping things would improve. LOL nope. Most of the companies at 'career fairs' were under a hiring freeze. I don't even know why they showed up. By 2010, only executives were getting hired.

There was nowhere to go, so I took up a "trade" and got my CDL. Drove for a year, saved some cash and paid down my student loans. In 2011 I got out and was finally able to get a professional job.

If it ever happens again, I'll be prepared. I'd LOVE for another recession to happen tomorrow. When a recession occurs, credit markets freeze up. Dumbasses can no longer over-leverage to buy that Escalade or overpay for a house. For a brief moment, real estate prices come back down to reality to appeal to the few cash buyers left in the market. Cash buyers get spoiled for choice, between the foreclosures, short sales, and sad souls who lost it all and need to sell in a hurry.

Right now things are good. This is the time to get a good job and stack up some cash. When the economy goes south, that's the time to start shopping for some discounts.