Zoomer here, what was the 2008 financial crisis like? I was only 10

Biggest thing I remember from it is that my back yard used to be farmlands that got turned into a neighborhood around 07.
The problem was that the crash happened immediately after they put down the starting pavement, which effectively put the entire project on hold right after they started.

There was a solid 5 years where my neck yard was nothing but asphalt and mud. Shit sucked but it made for good dirt biking at least.

Obama bailed all the jews out. Nobody responsible was punished. They blamed it all on one guy in Europe.

screenshot from the happening

Bunch of "middle class" people were crying and losing "their" homes because their fake lifestyle was financed by debt.

I closed on my second house the day before the crash.

my 401k balance fell by literally 50%. then it went back up. Hard to watch though. fortunately I was nowhere near retirement.

Prostitutes, strippers, & anyone with a pulse had been getting housing loans for years. Undermining the entire residential market. Even if you weren’t the majority of idiots that took out a variable rate loan, you still lost +20% of your home’s valuation and likely now owed more than the home was worth.
(This isn’t likely to ever happen again unless BlackRock has to liquidate their residential holdings for some reason)

No one felt secure in their jobs. Plenty of older folks got booted out of their career entirely, I know of at least 6 families who’s dads downgraded to working at Home Depo & other wagie jobbos. Young adults got screwed even worse. No one was hiring, their careers were delayed by 3-6 years.

My brother moved back in with my parents because he lost his house & his entire factory shut down for good. He had to leave the state to find work again.

Obama bailed all the jews out. Nobody responsible was punished. They blamed it all on one guy in Europe.

that was criminal negligence on Obama's part, but his training as a compliant black in white culture meant he didnt have the balls to stand up to Wall Street, they played him

I was like 21 at the time so I didn't notice anything really. I was just working restaurant jobs.

A good source to find out what it was like is Robert Peston's blog on the BBC website, if it's still archived. But to put it briefly, it felt like capitalism was going to end.

(This isn’t likely to ever happen again unless BlackRock has to liquidate their residential holdings for some reason)

there is an ongoing real estate crash just as big as 2008 but not as rapid, prices have dropped 20% and foreclosures are rising, buyers have fallen off

I made money on an ETF that shorted oil.
Felt good, man.
But then only one guy went to jail even though thousands of crooks were in on all the fraud that enabled the previous stock market bubble.

Jobs dried up but music got better for a bit. And you could buy up any asset for cheap if you had cash.

You're about to find out, thanks to our president.

Wasn't this a good thing since prices skyrocketed here? The same looks to be happening again now that investors are pulling money and looking to put it elsewhere.

idk about yurop but the only time Americans actually honest to god suffered was during the great depression.

Not saying you’re wrong. But the situations are fundamentally different.

Today the market is remaining relatively stable because people simple aren’t selling. America got bent over a barrel when the variable-rate toons were forced into foreclosure, they pushed the entire market off a cliff with no brakes.
What we’re dealing with today is aftershocks of rising interest rates. Demand is up, supply is down. Critically, wages are down too and we’re seeing a slow & normal adjustment to match.

The foreclosures were mainly because people were living beyond their means.
Using their house as an ATM to finance vacations. Buying a dozen properties in some new development because line always goes up.
People got greedy and then they got burned.
m.youtube.com/watch?v=VV7nE4BrzRw

Well its a good thing unlimited immigration is keeping up then the demand cannot possibly go down. Human imports are the only reason house prices stay high

Yeah pretty much this.
Jews kvetched, media panicked and everyone got bailed out by the US fed. Nobody lost their house, a bunch of ghetto residents got loans to buy homes and they never paid the loans so jews lost their credit default swaps and other jewish magic.

The only time shit was truly fucked was the last 12 years when everything became too expensive to even live. Even during the height of Stagflation during the 1970s energy crisis my parents said they lived comfortably because they had already paid off their $90k house so high interest rates didn't matter. That house is now worth $2.5 million.

almost like today except that we overdeveloped so far that if there is a housing crisis it doesn't matter because there's so many houses to go around now, it's just a manner of crashing to make them go around..

In 2009 I vacationed in Florida.
In a small city called Naples, just south of where we stayed, something like twenty thousand properties were for sale. Mostly in New subdivisions. You could buy a house for nine thousand dollars. Because no one was buying and you run the risk of owning the only house on the street.
Jobs were suddenly scarce though but I heard they already are in a lot of places.

you run the risk of owning the only house on the street.

What is the place like now?

Lots of layoffs.
I just finished school so it was extra hard to find a job.
Had to do part time jobs for 2 years.

Let me tell you some stuff: back then I didn't have a degree but I was fluent in English and knew excel well.
I went to get an assembly line job, there were 121 people applying for the 3 open positions. I did not get a job.
Later I applied for public work (so not even minimal wage), and due to my family's connection I could work in a kindergarten as a gardenkeeper instead of working on the asphalt/roads. This was what connections got you. The receptionist was a guy with two degrees, one of them IT. Shit was bad.

unless BlackRock has to liquidate their residential holdings for some reason

They might, though.
Blackrock have been big buyers of crypto and overvalued tech stocks. Their biggest clients are public sector pension funds so they probably think they can just get a big bailout for everything.

True on both points.
Though this was why it was so easy for wall Street crooks to play up black lives matter etc.

Best crisis ever, all burger blue collars to the street living on their cars begging for cash, dollar with no purchase power and mad chinese real state agents buying everything saying in 15 years all will be ours and burgers won't be able to afford a house

They said once we have the real state everyone will hate jews

House across the street from me sold for $15,000 & had the front blown off two years later in a meth explosion. Nextdoor homes sell for $300-400k today.

Cash is king in a downturn. You won’t be getting loans in an uncertain economy.

I don't know. I was in Iraq and Afghanistan for most of the late 00s and early 10s.

Booming after the last run up. Dunno about right now but not vacant like it was.
I'd have taken the chance if I were American.

This time though, the smart money will be on Detroit or Erie PA or anywhere along interstate highways that run north south down the middle if the North American Transportation Union becomes a thing.

That was the Euro sovereign debt crisis, different from the Lehman Bros collapse in the US.
What happened was the US jewish lending shenanigans caused banks to raise interest rates worldwide to avoid the same problem, and Yuropoors could not pay because of being their usual extremely high debt to GDP ratio due to handing out socialist gibs. Once interest rates went up then running a high budget deficit became impossible.

Yeah, drug dealers and druggies are a big factor for ruining property values. That is the one food thing about property bubbles before they burst - slumlords are cleared out.
Apparently in post WWII Berlin you could buy a city block for an ounce of gold.
if you have cash during a depression, you can build legacy wealth if you're smart.

good thing I mean

one uncle worked for lehman brothers and lost his job

other uncle killed himself

parents lost their home

pretty bad desu

it was bad. from 1990 to 2005 the guaranteed way to get free wealth was take out the biggest mortgage they'd let you, buy a most expensive house that mortgage could afford, and just wait 5 years--your house would go up 50% and you'd have almost enough equity to refinance enough money out to buy a vacation home.

all that went to zero. everyone without real income lost everything. same could happen again. instead of stated-income mortgages though, the modern version of real estate is tech stocks and crypto.

at least you can use an overprice house. all the new shit is useless fiat paper.

Iost $6000 in my 401k in one day

job closed one division

gas prices went through roof

The drug manufacturer kept to themselves. No one knew until the house was spread across the block. In 2008 housing prices there dropped from the low 100s into the 10s & 20s.

I mostly wanted to highlight the importance of holding onto cash or bonds for OP. If you think the stock market is taking a dip, you should buy. If you think the stock market is taking a shit, you need to get ready for once-in-a-lifetime opportunities found in the graveyard of someone else’s dreams.

Small town Walter White’s unique circumstances (a business that kept him cash-heavy) gave him a chance to buy an entire city block 90%-off. But he kept his brain small & locked on what he knew. Until it killed him.

It really wasn't so bad.
Even if you wanted to sell your house chances were you did so to buy a bigger house which just got much cheaper.

There was some panic but it got managed pretty well by politicians and central bankers and turned into a nothingburger in the end.

I graduated high school in 2008. Went straight into the army and dodged the whole thing. My dad was an accountant and lost his job because bosses sister was underwater on three mortgages and had to move back here from New York. He never really financially recovered because he never got paid as much. Still works two jobs trying to keep his house. Anyway…Got to shoot a Muslim and got my finance degree paid for so that was cool. Went to work at Merrill Lynch after I graduated and some of the stories the old timers have are wild. Hyper scummy shit. When BoA bought out Countrywide they absorbed a bunch of their execs and sellers. You could always tell who these fucks were on calls because they were constantly and openly looking for strategies to operate in the gray and skirt around rules to get the sale. Just bought my first home for 310k with a VA loan. Pretty cozy honestly.

Yuropoors could not pay because of being their usual extremely high debt to GDP ratio due to handing out socialist gibs.

My country paid NEGATIVE interest rate.
People were lending my government money and paying for the privilege.
It was wild.

If course lazy southern Europeans who waste their money on women and wine were in a total different situation.
But this had nothing to so with "socialist gibs" in fact the gibs played a huge role in stabilizing our economy and giving investors the confidence to store their money here.

It only effected the amerimutts. The free world was entirely unaffected, the problem was amerimutt loan/mortgage policies being too lax.

couldn't find a job when i got out of school. house prices crashed so they were affordable but stupid people lost theirs because their mortgages were double or triple the value of the home so it was easier to default and give the house to the bank and go buy a different house for less. it will be much worse if it happens again because home prices have gone up even more this time.

youtube.com/watch?v=Dp5CMfoh5gA

You'll see soon enough

i didn't get paid for my summer job, that's all i remember.

Where are you now?

Witnessing what was left of your nation get pimped out by people you voted for on "both sides" in exchange for money they helped steal.
That's what it was like.

"Too Big to Fail" bank and corporate bailouts

Cash for Clunkers program, removing many drive-able and easily repairable vehicles from the market as scrap for the sake of propping up the automotive industry

"Citizens United" ruling granting corporate personhood and enabling unlimited campaign contributions by corporate entities

Militarization of police forces

The flood of H1B tech workers began

Subversion of Occupy Wall Street (some argue it began as controlled opposition) by progressive-stack glowniggers

Quantitative Easement ("money printing") into mortgage-backed securities

Smith-Mundt Modernization act, allowing the government to fund media manipulation of US citizens

On the ground, it was a lot of people out of work, stagnant wages, and lower-middle income people scraping to get by, while the politically connected were buying everything at a rebate.

Literally didn't notice. Had just moved, career was taking off and things were fine. I remember "Jump motherfucker!" being a meme then. Pretty much what we're seeing today, only with the world being more connected we get to hear all the europoors wailing and gnashing their teeth too. Jump was played a lot.

youtube.com/watch?v=SwYN7mTi6HM

Joined Marines in 07, got out in 2013 with a good amount of money. Dodged the entire thing

No rent
No bills, aside from phone
No other gay living expenses

Military kinda slept on if you're not retarded with your money. You're gonna suffer though if you don't spend money and don't have a social life.

You're gonna suffer though if you don't spend money and don't have a social life.

What do you mean

You gotta fill your time somehow. I guarantee you'll get bored

what was the 2008 financial crisis like?

I couldn't tell you. I was earning about 80K a year selling on eBay back before they started reporting everything to the IRS.
I played golf 5-6 days a week, went fishing for a couple hours around the high tide turn, traveled all around the country with my business partner, pissed away loads of money on cool toys, and saved enough to buy 30 acres in the woods a few years later.
I did know a couple guys who lost their arse on spec houses but none of them were homeless and starving, just not buying new boats every year.
If there was some great depression happening I guess I missed it somehow.

I should have moved up north to work on the family farm

Think I was just out of HS so I don't know much about it. But I see red tickers everywhere

I had just started my first geologist job out of university up on a mine site in the arsepit of the Australian desert. I had bigger problems

mortgages became harder to get
credits and loans became harder to get
but if you didn't need those, nothing really happened
I sold my stocks in early 2007 because things were going too good
I bought back after the dip and rode the next wave
made good money
t. oldfag

Only if you were stupid

My parent had already been buying tax auctioned homes since 98 and accelerated after 2008 since people were too dumb to pay their property taxes after going underwater on their mortgages.

Every home bought came with someone in it. They then had two weeks to get their shit out and leave so we could remodel their crack shack so a respectable white family could move in.

never rent to browns or blacks or single mothers

Imagine being told your whole life that if you did A, B, and C then you would get a good job, a good wife, a family, and everything would be fine. Then none of that happens and you're tossed out into the cold and told everything wrong in the world is your fault. Everything bad that happens anywhere about anything is your fault. Your fault, specifically. That you are the worst, laziest, most good-for-nothing person that ever lived on this planet. Then get told that by virtue of your race and sex you deserve everything bad that has happened to you and that it's a good thing that you are now out of the economy.

Then imagine being rejected from Burger King because you have a degree. That's what it was like. It was a disaster for anyone graduating college in 2007-2008. It was fucking over for you. Doesn't matter if you were a chad or a manlet or anything in-between, it fucking sucked dick.

wages went lower, some companies did paycuts across the board to avoid mass layoffs still hasn't really recovered.

If you have to ask ... 10 or not ... enough said

Assuming we buy your narrative

>imagine being rejected from Burger King because you have a degree

...why did you tell burger fucking king about your fucking degree?

I was 15 and my parents were mad at me for not getting a part time job

Then imagine being rejected from Burger King because you have a degree

this is happening now! i was working a shit entry level office job and wanted out after a year. i applied to the aldi 5 mins away from my house and they fucked me off because i wasnt a retarded jeet. i just wanted less work stress and a smaller commute, is that so fuckin bad?! i’ll just “man up” some more i guess before i fucking snap and hang myself in my 40s. but no, thank you shekelstein, thank you for letting me piss 40-50 hours of my week away sitting in an office doing the workload of 3 or more people. thank you, i am so fucking grateful.

Manager-in-training gig. I got rejected from a register jockey position for talking too pretty. I think. Probably for being too old and older workers tend to not take as much shit as kids.
Jeets/browns are more submissive and eat more shit, same principle. I'm having fun as I slide into my 40s, but I have hair and I went back to school for a PhD so I get drunk a lot and hit on undergrads.

hahaa based man, i hope my 40s are as fun

In fall 2007, at my college there were a lot of local businesses outside trying to recruit and appeal to students when the semester started.
A year later in fall 2008, the same areas were empty.

You either wake up one day and drop out mentally and emotionally or you sink deeper into that pit of impotent rage. After being told I was worthless and meaningless for so long, I just sorta went "yeah, alright." I even went to therapy, therapist was like "yeah, sure, so what." Was told outright therapy wouldn't help and some people are never happy. Best thing to do is just find something you enjoy and roll with it.

I like school, younger women, and booze.

They were given the opportunity to live beyond their means.

The company I was going to work for had 35 interns. We all did well and we were all going to be hired because "we're having a great year and things are looking up." On the same day we all got emails saying the offers were rescinded. At the time, I thought that was the most bullshit, cowardly move possible. Nowadays, in hindsight, I'm shocked we even got a personalized email that had our names in it.

Jews shit the bed. A nigger got into the white house and not only made them whole but made them far richer. The end.

I can tell you what it felt like.
In the years leading up to the GFC, people were riding the housing bubble, feeling rich, Real Estate agents were flipping homes, Builders, construction, everything felt good. I saw Black Realtors driving Escalades with those spinny rims, Construction bros buying nice toys like Jet skis and Quads. GFC was like the hangover and reality set it, all that feeling of "wealth" evaporated.

I got laid off twice in a year and getting a new job was really hard.

the office job i was working was outsourced IT help desk for numerous companies around the country here (i swear im not indian, saars), all in all it’s a fine job but they were very very clearly heaping on work on the new guys (me) and the established older guys got less - even they were complaining about lack of anual leave, getting sick pay was a fucking hassle (illegal btw) god forbid you get fucking sick and cant drive to a customer site. it wasnt even a noobie shit test, the guys there were actually sound people. they just couldnt fucking manage the company. they were still running it like they were just “the boys” still in their mates garage. so imagine my fucking surpise, like you said, do A B C and you’ll get X Y Z. well, there i was 8:30AM after being shocked awake at 6:00AM by my alarm, avoiding getting killed by other sleep deprived drivers, hungry because i dont have time to get breakfast, jittery because i am in debt a decade to sleep (thanks, 4 years of college) and on near lethal levels of caffeine daily just to end up in a job where on any given day i can get “hey Anon, Dipshit didnt call in today, can you basically take over all of his tickets? oh you need help? not my ticket lmao. btw your annual wages are €24k in your second year working here lmao”.

anon that’s just the 9-5 grind everyone has to do it!

uhm, yeah nah, no thanks i’ll go stack shelves for the same wages.
fuck this, fuck you, fuck me, fuck the whole fucking thing.
nine to five they say; yeah after everythint is said and done it’s more like 6am to 7pm. day in. day out. until you fucking croak. and we’re supposed to smile and say thank you. fuck off.

Anyone here know a lot about how that started? I've heard a few times some really wealthy jews along with some banking families in the Northeast colluded to short and sell stocks aggressively and it all just spun out of control from there and they made a killing.
Didn't the Dust Bowl topsoil thing happen a few years in the Great Depression as well?
If anyone's interested if you search on Yandex there's a lot of good info on why the US got involved in WW1 if you include JP Morgan in the search. Also Rockefellers vaccines WW1/Spanish Flu. I just haven't done much of any reading about The Great Depression yet though

Boomers were literally all like "fuck you I'm alright Jack" and now theyre pissing their pants at the latest stock market crash.

The same way groceries are expensive now, it was like that but with rent. Now its rent and groceries.

Boomers didnt give a FUCK because theie houses were exploding in price and they all though of themselves as genius savvy investors

our banks collapsed and the stock market was mostly wiped out (pic related). also the currency dropped in half. i was in college but afterwards i could just get my old summer job (not college related) but since i didnt have a mortgage it wasnt too bad but those who had recently bought a home got rekt.

It was grass roots movement against the rich elite class but got instantly subverted with identity politics.

Real estate and stocks became super cheap because everyone needed money and nobody had money. So if you had some saving, you were king. But then the government started raining money on everyone. Even bought up used cars in an attempt to cause artificial demand for the automobile manufacturers and things like that. That money rain never stopped since, real estate prices increased by 10+% each year since. My little holiday house that I bought for 15k€ back then is now worth 320k€.
I also regret selling my bitcoins at 81€. Had bought 58k€ worth of BTC at 21€ just a few weeks earlier and I thought I had won the lottery of my life.

So if you had some saving, you were king.

So I guess it's a good idea to not have all your money in equities and probably better to keep some in a higher interest savings account?

I was 12 and too preoccupied with tf2 to care, you kids will never know the glory of the pre-hat era

Anyone here know a lot about how that started?

Let that explanation run in the background while you play Skyrim or whatever. Patrick Boyle is an experienced hedge fund manager and mildly famous economics professor, he knows what he's talking about.
youtube.com/watch?v=T4uMfr4dppQ

There's a risk that the consumer banks collapse and your savings with them.

it btfo normgroids already rekt from dotcom bubble before it. half my neighborhood moved in the dotcom bubble but only 25% did in 08. not my problem im retired.

I was only able to afford one iPhone that year. Also the PS3 came out that year and I'm sure everybody under the age of 40 bought one. It was hard times. Devastating. Definitely not just a kike news story meant to convince you to vote for King Nigger.

My dad worked in the mortgage industry back then. He didn’t work for any of the big banks and was just an independent loan officer but from 02-06 was pulling in like $150k/yr which was great money back then because the government had so many programs that made it so that anyone with a pulse could get a mortgage. The two years following the crash he made like $40k/yr and it ruined my parents marriage, I could tell my mom loathed him after that. He didn’t get back to six figures until 2011. I knew some kids who had to move because their dads lost the house but thankfully we didn’t lose ours.