How the 2008 Financial Crisis Still Affects You
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Sources:
scholar.princeton.edu/sites/d...
www.afr.com/policy/economy/th...
data.oecd.org/interest/long-t...
en.wikipedia.org/wiki/2008%E2...
www.macrotrends.net/2324/sp-5...
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• The Crisis of Credit V...
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//Soundtrack//
Burn Water - Nostalgia Dreams
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Aleksandir - Between Summers
Young American Primitive - Sunrise
Rustic Bellyflop
Nanobyte - Lost Time
Oliver Heldens - Aquarius
Yoji Biomehanika - Ding-A-Ling (DJ Scot Project Remix) (2002)
Mosaik - Icarus (Need a Name Remix)
Andre Sobota - Concluded (Original Mix)
Paddy Mulcahy - On A Hill In Swinford
Eluvium - Nepenthe
Burn Water - Fate
Balmorhea - Truth
Burn Water - Soul Mates (
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Hiyo - Don't Go
Gem Club - First Weeks
Juan Rios - What If I Told You
Hammock - Wasted We Stared at the Ceiling
Burn Water - She Shines to Master
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As someone who was still in middle school in 2008, I never really understood what happened. Even watching documentaries and movies about this crisis didn’t help much. But this video here is such a clear and structured piece of work that finally give long awaited answers for me. Really awesome to live in the information era.
Cosfusion is very very smart by not naming names. Just do some research on which company owns the most bofa, wellsfargo and bank stocks then and now. From there you can see the web they have. I have a feeling that their end goal was to destroy government backed loans aka fannie mae and freddie mac because they can’t compete with subsidized low interest mortgage loans. Luckily the government took controlled of fannie mae. If they took over the mortgage markets we would see 15% interest loans and a much riskier bubble
Ill be blunt Republicans are the root of all evil the cause of why every war we have been in is a disgraced war instead of investing in America they want to be no better then russia constantly giving our money away to the rich no strings attached this is nothing new trickle down economics pff doesnt work maybe for slaves as republicans create homeless not help them they hurt us not help us they have turned the republican party into the confederate party and this has been far before trump bush senior est est est the republicans who surround the republican president are no better then russia in terms of there states and actions
The era where 95% of channels narrate Wikipedia articles in the vocal tone of a fake professor, but yeah
@@SeethingSimp I think Dagogo does a little better than those channels now…
@@chowderwhillis9448 He does, I'm just saying that those are the majority. It's funny when the channel is run by someone who sounds like they're 18 and obviously doesn't know anything about what they're regurgitating and the channel name is called like "Learn With Me" or something pretentious 😂
It's sad how difficult things have become in the present generation. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.
Yeah, things may be hard right now, but I've come to realize both bear and bull market, recessions and economic boom, all provide opportunities to make high gains, I used to call bluff on folks that bragged about making a fortune from such down-markets until I happened to do so myself
I agree. I've been working with a financial advisor since 2020, and I return up to 15k every month, and I don't even have to lift a finger. Although I also think the reason I make this much is because I started with significant capital.
That makes a lot of sense. To be on the safer side and not second guess your market decisions, I’d suggest you reach out to a proper investment adviser for guidance, they’re better equipped at understanding market patterns/movements and adjusting portfolio to match up with these market trends
Monica Shawn Marti is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
I did IT work for a major IT firm at a major chemical producer starting in 2001. In 2008 our IT work staff went from 15 people to 8 to 4 to 2 in a matter of months. Everyone took mandatory pay cuts, loss of benefits, loss of vacation, and more overtime even as they were shoving people out the door. I kept my job through all of it watching both the IT firm and chemical producer tighten their belts. We understood the world was hurting and we thought if we were lucky for just surviving. Here's the dirty little secret... even when things got better and both companies were posting record profit, we never got our pay, benefits, or vacation restored nor a reduction of overtime. The companies might have been forced to reduce, but it also allowed them to see the minimum human factor they could maintain and survive. By 2016, I was used up. The companies had literally worked me so much I was experiencing both mental and physical health issues. Being the 'Senior' of the two remaining employees, I was on call 280 days a year when it was common to get called in two or three times a night. They expanded the territory I was expected to cover time and time again. I was left no choice but to leave -- not only that job, but IT completely. I now work as a layout / designer for a small print shop making a fraction of what I was making. That's my takeaway from 2008. Companies used the opportunity to weed out the weak and exploit those that remained under the guise of, "Look how lucky you are" all while pocketing record profits. All 2008 did was let the greed trickle down, fester, and ruin even more lives.
This exactly. None of the elite ruling class or heads of these companies experience any of the actual stress or deprivation. We do
100% true
exactly, getting rid of the useless eaters as the WMF calls us, at a global scale
Hope you're happier now bro. I realised that work, albeit a necessity , should never come at the sacrifice of one's well being
That's what happens with crisis, but this Also destroys the ability of companies to innovate, so there should appear new companies that surpass them. The issue Is that doesn't happen yet
It was a very bad decision to remove the Glass-Steagall Act in the late 1990s, which led to the spectacular failure of huge banks during the financial crisis of 2007-2008. To prevent another disaster, Dodd-Frank and this statute both need to be reestablished right away. What happened with SVB is only the beginning of what will happen if nothing is done to address the current situation.
I believe SVB was making an effort to reorganize their bond portfolio. Yes, they would lose money if they sold their low-yielding bonds. But, they were trying to make up for it by repurchasing bonds on the open market at the higher interest rate.
Although the economy has so far held up, the SVB scenario serves as a warning that Fed rate hikes are still having an impact. At times like this, investors must be vigilant about the next inevitability. You don't have to act on every forecast, therefore I'll advise you to hire a financial counselor. This has been my fallback position for a while.
That is just amazing! Could you please tell me about your Certified Financial Planner (CFP)? This year, I'm considering some financial changes.
Her name is “Vivian Carol Gioia” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
I was born a planned child. My parents had set up a few of accounts for me for college and a house. They were doing their hardest to build me a future they dreamt of for themselves. I remember going down to the bank once a week with my dad and depositing money into my fund. “This will be here for you, one day you can buy a house!” I remember when my sister was born, they started one for her as well. I remember the rental property my dad bought and was renovating. I remember the plans he had to build a new building for his business. I remember how my mom was always in time to pick me up from school. Then one day, it all disappeared. We stopped going to the bank, my dad didn’t mention his rental nor his architectural plans, mom stopped picking me up. I remember how often I was home alone in the house, I was already in bed by the time they’d come home from work. I remember the countless arguments they would have. Couldn’t sleep at times. My dad had a heart attack due to the stress, but I didn’t understand at the time why dad was in the hospital. I remember how often we’d eat frozen/prepared food. How we started it buying in bulk, a habit that they still have today. My parents barely kept the house and my dad’s business. Both declared bankruptcy.Only by having it under my grandmother’s name did they keep it. After my dad’s heart attack, grandma ransomed it back. We haven’t seen her since. My parents were robbed of their work and time with their family. They lost their savings and future. Meanwhile, head bankers got paid EXTRA to ruin millions of lives and continue to this day.
At least they voted for trump
So many with similar stories, so sad how the money and power grab by the 1% ruined families
@@sovereign6445bro you need to see a therapist
Wait, your grandma stole your parents house?? You need to tell more
Similar story.
It’s just crazy to me that so many of these bank managers and executives didn’t go to prison or worse. Absolute free license for unrestrained psychopathy; it’s no different a problem than letting dogs with rabies run around.
Well said
Free Market Economy, and innocent until proven guilty. Its not right to blame an entire group of people for what a very very small select did. The real problem is trying to prove intent. They can just say they didnt know and unless u can prove otherwise your going nowhere and just wasting your time/money/energy for something that happened alot time ago.
Thats what happens when you have every politician in your pocket
@@AcidBombYT It's not a free market. If it were, banks and insurance companies would have been allowed to fail on a large scale.
It is a failure of citizens / voters for allowing this.
“You can’t model human behavior with math.” Love that
Because human behavior is irrationnal and beyond logic mostly. Hence why people often won't choose what will benefit them in the long run because confortable lies and short term profits rule.
There's nothing irrational about human behaviours. Decisions made based on instinct is perfectly rationalized in both social science and cognitive science. Humans in fact can't make rational decisions due to imperfect understanding of world. They can only justify rationality of decisions based on hindsight or past data
Except for The Medallion Fund.
i disagree
It's possible, we just don’t have the ability to account for all of the variables yet
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the Dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Vivian Carol Gioia is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
2008 lost my house, 2009 lost business, husband died, ended up a widow at age 30 with no credit cards, no saving, and no job. Still trying to get my feet under me. I’ll definitely never be able to own a house again. 2009 has definitely marked my life, and derail all my future plans.
Don’t know what else to say other than I’m sorry…
your very strong for continuing on. you will be blessed i promise. just keep on keeping on. very proud of you. you got this
U don't need a credit card
@@jaybrown7811It's helpful when you don't have much else. A sudden expense, say your car breaks down, can now be covered while you wait for your next paycheck. If you straight up can't get a credit card, it's a good indication that your life is completely fucked.
@jackkenny4194 apologising for likes
The amount of financial trauma this gave my now-ex girlfriend...she is terrified of credit, debt, loans, and banks, and constantly thinks she has no money and will lose everything overnight. Her family was hit hard by 2008 and it shows in her approach to personal finance today. Her father did not learn his lesson and continues reckless spending and debt habits swearing one day he will get rich again. It is so sad.
literally me
That is sadly the same for many, as enough is never enough.
It’s not trauma, it’s called financial wisdom. The Bible has taught credit, debt, loans and banks are not your friends and should be eyed warily with a heavy dose of skepticism. Need look no further than the looming student loan crisis. It will make the housing crisis look like a walk in the park when70%+ of borrowers refuse or are unable to pay back their loans many of which are 6 figures plus… for liberal arts degrees and other just as useless degrees (useless for making a living) like phys Ed teacher or social work. If you pay $80k+ for a degree that leads to a JOB where salary cap is $60-70k you’re not just dumb you’re a mark.
@@xman666soad gtfo with bible quotes this is real life
@@xman666soad unfortunately the situation you describe, apply to people studying stem classes too. A degree in quantum physics has the same value as the art major since they work the same Starbucks job.
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun.. Lloyd Bernard
Collapse is generous 1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them. Reckoning for participation trophies is incoming.
Ironically, these are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The banks are in a big crisis. The market looks very shaky. The bigger the red candles, the bigger the green ones. I have made over $ 280k in the last 4 months by investing through my FA.
Mind if I ask you to recommend how to reach this particular coach you using their service? Seems you've figured it all out unlike the rest of us.
My sister lives this way. Taking out credit for silly things instead of tightening her belt for her & her kids. I'm afraid for them.
@@rannyortonThe issue isn't financial literacy it's that there isn't enough money in the real economy to pay workers because it's being laundered by Blackrock.
The fact that these bank CEOs were not arrested and jailed for life is beyond me! The destruction they caused makes jeffrey dahmer look like a saint.
Bad guys always get away....dont you know it by now....
@@rayallan3650”Powerful guys” not “Bad guys”
It was child's play compared to the scamdemic, for which nobody has been held to account either. What it means is that they are both still in play.
Anger is almost to the boiling point. The next couple years are going to get rough
A small amount of executives did face legal trouble after the recession but the majority just settled out of court with a fine that accounts for a small percentage of what they earn every year.. It's very unfortunate that there are two tiers of justice in this country.
2008 sucked. One day I was an aggregate manager. The next I was an equipment operator working seasonally. I was called to a meeting and told to bring my laptop, company phone, and company truck. They left me in the shop parking lot with my own tools and no way to get to my home 30 miles away. I never felt like such a failure. To make it even better my wife was on bed rest with our child due to complications and I did not want to tell her our income was not cut by 60 percent. We lost everything in the next 9 months. House. Savings. Vehicles. Most of retirement. I watched friends, who I warned about the sub prime loans lose their houses. I never want to go through that again. I am still trying to recover. The only good that came out of that time was my wonderful daughter.
And your daughter was worth every bit of the pain you endured. I hope your life has been better since '08 and be ready for what may be ahead.. Best...
@@scottdecarrillo3082 His daughter isn't a consequence of the pain that he endured, so this is a ridiculous and irrelevant platitude.
@@timbcodeshe meant she was worth surviving and living through that time, please don’t take things at face value that can make you look like a moron.
No. His daughter will be born into a world that may LOOK better in some aspects but then become destroyed of human opertunity
My son was also born during the financial crisis. My company went under. Both my wife and I both lost our jobs. we were both in the mortgage and financial industry.we both had to work in retail to bring in money. terrible times i want to forget!
A big consequence that nobody talks much about is that an entire generation of high school students never got to enter the workforce like they normally would. Myself and nearly everyone I knew was competing against grown adults who had lost their jobs and were now applying to the formerly entry-level work like fast food and retail. A generation of kids lost out on 2-3 years of savings and work experience. The “summer job” became a thing of the past.
Yes that's what I always thought. It was hard to get a job even 4 years after.
Yup I was extremely poor until I got into my 30s and now that I'm doing well and have the ability to buy a house the prices are insane again.
Yep this is a huge thing that somehow never gets mentioned. I couldn't get hired literally anywhere as a teenager, even places like McDonalds. When I graduated high school there were no job opportunities, you'd be hired by fast food and sometimes factories now that you were an adult. But anything that could lead to a real career? Nope. So I just went to college and barely inched along in my career until the pandemic hit and then I got fast tracked to higher and higher positions because of all the old people retiring. I finally have the money for a home but the market is terrible to buy in now, boomers literally destroyed the world for an entire generation and still managing to cause crisis after crisis. Covid disproportionately killing old people was the planet's attempt to correct course.
The people who graduated high school in 2008 weren't actually hit that hard. By the time they graduated college 4 years later things were back on track. Try having graduated from college in 2008, that's a pain few people know. You went from "don't worry about getting an internship or pre-applying to companies, with a college degree companies will be coming to you!" to "yeah...how's your negotiating and business acumen skills? I hope they're top notch because you'll need them if you're planning on getting that job at McDonalds."
@@fuzzypanda1684 I graduated high school in 2012 actually so my comment more has to do with the fact past generations of students were able to get work experience and begin their savings while in their teens. Just pointing out that summer jobs basically were non existent for those in high school 2008-2012.
The government's response to the crisis was crucial in lowering market apprehension. The economy of the United States of America as well as that of other countries was impacted by a lack of transparency and public trust. It makes me question whether it is morally appropriate-or even secure-to rely solely on the analyses provided by these so-called experts. I hope this doesn't happen again given where we're going
Bianca Rantzsch | Your Way of Life, Yes I do agree with all you've said there may have been avoidable mistakes but coming from a personal experience, the prominence of institutional or basic financial education and managers cannot be exaggerated. Markets are oceans not lakes. Take myself, having encountered my fair share of bad trades, I was able to realize how timing, capital, entry and a lot more are essential. Now, I have a $122k portfolio averaging a 12% monthly roi in less than a year following - Yvonne Annette Lively's guide so I do know the importance of basic knowledge and delegation.
@@joecaruso06 Was she on a fin-pod recently? Talked about management policies with Tate? Crazy how she keeps soaring with the roi. Whats her charge on commission? I mean Yvonne Annette Lively
@@joecaruso06 Just looked her up. Records are detailed but wouldn’t she sorta pricy for 11% m-roi?
@@Gregfreemann insha allah. thanks info
It just did, SVB
I wonder if those who lived through the 2008 financial crisis had it easier because my portfolio has incurred a loss of over $27,000. I fear for the outlook of my retirement when I struggle to grow my stagnant reserve.
You have an opportunity to rebalance thanks to volatility. In order to help you diversify your portfolio, you must hire a financial counselor or broker.
Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, and with a good advisor, you could make really great profits. That's the best protection against recession.
Pls who is this Advisor that guides you? I’m in dire need of one
She goes by ‘’Sharon Lynne Hart” I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
"History doesn't repeat itself, but it often rhymes" - Mark Twain
This sums up everything happening now
This has never been more true
" i can fit 3 golf balls and a small bag of marbles up my ass." -Oscar Wilde
Great quote!👍👍
Marx said it better
I graduated undergrad and entered the workforce in 2009. As a working adult, I have never had full confidence that the money I’m working for will actually be there on payday. I know millennials catch a lot of flack for being critical of employers and workplace expectations, but truly I think we are so traumatized by the era we work in. Growing up seeing our parents get by with no degree, climbing corporate ladders from entry level positions while being able to afford a house, a family, a savings… Being told that if we work hard enough we can have what they have… Looking at the bigger picture, it feels like gaslighting 😵💫
They won’t let the house market fall low enough to make housing obtainable for the younger because too many of our population has all their worth in the houses. This is a result of our fed policy and the manipulation they engaged in. It’s a disaster.
Look at the national debt. That tells the whole story. Think of what debt is. Our parents spent decades saying "I want to be comfortable now and I'll sacrifice later instead." Well later has arrived. And it's only going to get worse the longer we try to put it off. We're going to need 2-3x the Great Depression to pay for what our parents got for free.
Gaslighting... Or perhaps simply being unable to comprehend what it's like to be working in a gig-economy. What it's like to be part of the precariat. I honestly didn't realize how bad it was until one day when I noticed how my heart rate always kicked up a notch every time my team leader and boss went into a meeting. And how I almost compulsively started checking my bank account and calculating just how many months of unemployment I could handle. When I realized that I spend every day at work expecting to get fired without warning. Paranoid? Perhaps... But having worked in a gig-economy for over a decade, rarely managing to stay in one place for more than a year, it's really hard to not be just a little paranoid about these things. My parents and grandparents could easily spend a decade or more at the same company. They had the confidence needed to settle down, buy a house, have kids... All the stuff you might be dreaming about. Me...? I've been moving from project to project, from job to job, from apartment to apartment... I've never been able to settle down, buy a house, and have a couple of kids. How can I, when I struggle so much with work? When I never know if I have a job next week?
@@chaoscarl8414 In the 90' there was a TV show called Married with Children. Al Bundy was a shoe salesman and he had a wife (no job), 2 kids (no jobs), a dog, a house and a car. All of that with a shoe salesman paycheck.
that's why I still buy physical gold, even if they gamble with my dollar savings, gold doesn't care it's still valuable no matter what happens so I can lock my savings in it
I was born into a well off family, but in 2008 we lost everything. Went from living comfortably to unemployment checks and food stamps. It’s pretty much all I’ve ever known because I was so young and my family still suffers to this day. My parents lost all their savings over the years trying to keep us off the streets and I’ve already promised myself to never have children no matter how well I am doing financially because I’d never want my child to experience this. I think a lot of people my age feel the same way, it’s sad that we can’t trust our government not to give in to corporate lobbyists. 2008-2010 were some of the most impactful years of my entire life.
The 2008 collapse was the event that solidified my belief that luck is the single most important factor for success in life. I graduated college in 2008 along with a number of friends and people that I knew. Every one of them ended up doing just fine, the collapse was nothing more than a slight bump in the road for them. Within a year it was like nothing happened and they were all in good paying jobs with massive vertical potential. Meanwhile, I was still struggling to get job interviews and make anything happen, the collapse had absolutely decimated my ability to do anything. Looking back at the wide scope of degrees we all had and where we ended up, my belief that luck is the single most important factor in life has been set in stone. It's also hilarious @35:20 seeing the national debt at "only" $11 trillion, seeing as how now it's over $31 trillion. $31 trillion...just let that sink in.
what degrees
@@NewWesternFront We all got bachelors degrees. My friend who's doing the best out of us got a degree in construction management and is currently working at Google, my other friend who's doing pretty well got a liberal arts degree and is currently working in banking. My other friend got a degree in either music or liberal arts, I can't remember, and I believe she's running a store on the East coast as a regional manager or something. My other friend got a degree in film and works as a visual effects artist in Hollywood, and the last two friends I can think of off the top of my head didn't actually graduate but one is running an automotive store and the other works as a coder for an independent company. I got a BS in Business Administration and have been unemployed more years than not over the past 15 years, with most of those working at basic, name tag jobs.
@@fuzzypanda1684Have you considered that you are not unlucky but undesirable in some way? Appearance, personality, cognitive ability. I agree that luck is important but it’s not a reason to be unemployed for the better part of 15 years.
@@richardlyman2961 I've definitely thought of that, which is why I've spent years improving those areas. Those years of working out, eating clean, skin care, socializing etc. have made me a man with a head turning physique, good hair, great skin, and pretty solid charisma and confidence. All of which have been confirmed by both people I know as well as total strangers. Just in the past month, I've had 2 people tell me I look like and actor, one person tell me I should start a KZhead fitness channel because I'm in great shape and am very personable, had 2 girls go out of their way to tell me that I have an amazing physique, and had a woman become very confused when I told her I was single because I couldn't get a girlfriend. All of these people were strangers who I'd never met before. So yeah, I've thought about what you said, but the reactions I get on a regular basis tell me it isn't the case. I appreciate your input though, and thank you for reading my comment.
And now it's 35 trillion!
As someone who was just starting my adult life during the 2008 crisis, I can tell you exactly how it felt. It felt like showing up to a party 2 minutes after they stopped letting people in. Just got to stand outside in the rain looking through the window at all the partiers (the older generation) having a good time oblivious to what was going on outside.
You described this so perfectly. This was a time we needed a house and the prices skyrocketed and priced us out of a home. House prices went from a 275K home in NJ to now being 600K +. It got absurd while the elders looked down upon us for not affording a proper house lol.
Here in the UK everything went to shit, unemployment was massive, no fucking jobs except 'zero hour contract' work, companies like Brighthouse were raking it in, pay day loans, gambling outlets and pawnbrokers started propping up all over the shop.
The overwhelming majority of the 'older generation' got royally f**ked as their pensions got gutted. Your issue is with the 1%, not the overwhelming majority of older people who are felling the same pain you are.
Yup
Oh they know they just dont care they are inside already.
I was 15 when this happened, my parents lost their house in 2009. My dad was working 3 jobs just to keep food on the table and had a small stroke from stress and lack of sleep. The impact that this event had on everyday people was just horrible. Everyone involved should have been put behind bars.
I think world is fucked up from time of 2008 and so on. It did not really recovered.
I think the people behind this should have been made into soylent green. Risky investments are not investments, they are high stakes gambling. And ths folks who did it made out like bandits, at least in the U.S.
Why those were people to be admired, who saw opportunity and took it. When they failed our Congress bailed them out and turned all further decisions over to the Federal Reserve System, our Central Bank which is privately owned.
@@bobhabib750 Nah, nah I didn't. I am one of them deplorables marginally qualified as a tax payer cluttering up the view of our Olympian Overlords who got everything they have on their own
I can relate buddy
Comments feels like an AA meeting... Having lived through this as a millinial has woken me up to how brutal the systems can be. Hope we can fix this. Great vid man.❤
I finished work on Friday, woke up ready for work on the Monday only to find I didn't have a job, I'm a plumber and have struggled ever since. In 2008 my world was turned upside down and never recovered.
I was working as a Computer Network Engineer at the time. Then all hell broke loose over the next few years. It was like watching a slow motion train wreck. As things imploded, I lost my job, my house, my wife and my way of life. I was trying to do consulting in any type of IT that I could find but no luck. It was just too hard while I was fighting my ex-wife over child support and paying huge lawyer fees. I finally just gave up and moved back in with my father and mother. At the time, my mother was slowly dying of some sort of brain related dementia or Alzheimer's (I really don't think they ever really knew). This is when I got low wage driver jobs at Pizza Hut and then as a package handler for FedEx. This is very hard work when you are going on 60, I wasn't a kid anymore. I seriously considered some kind of suicide at this time. During all this I had run up my credit card debt to about $70k ( a combination of business debts and reeducation). I ended up borrowing money from a friend and invested in foreclosures. It was the only best game in town. I made a little money but nowhere near enough. When my mother passed and then my father a few years later, I was able to pay off most of my debts with the inheritance. As soon as I hit 62, I claimed my social security and moved to the Philippines. I live a meager life. I paid my debts and I am enjoying the lower cost of living. I never thought this could happen to me. I had a good life up to the crash of 2008. Thanks for the video. It's a nice piece of work that shows how our lives were destroyed and many of us never recovered. My sons will never have a better life than my parents did.
Yes sir. In 2008 I had a 25 year career in I.T. in Australia and then America destroyed. By 2011 I attempted suicide. People disparage taking out student loans as some kind of moral choice, but in the mid 2010's in my 50's I took Obama's free money to help with staying out of the Field. Am 61 now, all multiple-degreed-up with no options, and have driven a semi truck for 4 years now. As I've trucked all over the U.S., and particularly out West over the past few years, I've seen the misery out on the streets explode way beyond the long extended deprivation I dealt with for a long time. I'm just a bare step up from that, only just now, and somehow feel lucky. But I will never go anywhere nor make it, and will never cover anything I owe, literally to everything from the past 15 years. Mere *survival* is the only imperative now. It aint the 80's no more, and none of the young people will ever see that stark reality.
Stay in the fight Greg and Wsmeo. Many ppl must move overseas. Ppl need to join their voices and put their stories on social media to make ppl know of the personal effects of this continued fallout.,
That's terrifying. I'm so sorry that happened
That almost happened to us in the early 2000's. Siemens bought out the privately owned company my ex worked for, it was going to be a 20 Years Retirement & Watch kind of job, and then it wasn't anymore. So fortunately we were already half-screwed by 2008; wasn't anything much left to lose by then. Plus a developmentally disabled younger daughter (She's on SSI, in a supported group home, the joke being that financially she's better off than her parents and her older sister.)
Crapo! that sounds like a country song!! in all seriousness, yes, very tumultuous.
It sickens me that no one was punished for this. Banks need to be held accountable and hold less power in the world.
Use monero then
Yea the people responsible got bail outs and nobel prizes. The problem was kicked down the road. We are dealing with it today
I can't believe we even allow them to breath.
Capitalism
I am 21. In 2008, I was 6 years old. My understanding and experience of the economy is wholly shaped by a post-2008 experience, similar to how I will never understand the "pre-9/11" world either... Thanks for explaining the complete disconnect between the way I conceptualize the economy, and the way Gen X adults do. It's so difficult to see why they still see innate value in certain assets, especially "conceptual" ones.
What are you referring to by "conceptual" assets? As a pre 9-11 Gen Xer, I don't know this term. I can say though that most of my generation got totally nailed but a lot of them have gone on like nothing happened. (Not me- I got nailed and learned a lesson) Anyway, I am wondering what kind of things you were referring to. Thanks!
@@mariahsmom9457I'm assuming he's referring to conceptual assets as being financial products that have somewhat imaginary or pretend value as part of their attraction. I'm thinking like NFT's (Non fungible tokens) which some pay a huge price for. Their value is underpinned by fad-factor, hype and the celebration of stupidity.
I graduated from college in 2009. I couldn't find work anywhere pertaining to my education. To this day I'm still working at the supermarket across the street from campus. It was weird going from grad school to bagging groceries. It was a total mess and still is.
I was a kid in 2008 and when this hit here in Iceland we lost everything and had to move into a tiny 100+ year old house which was mostly just made out of wood and a tiny bit of concrete. We just barely managed to get that house because my mom was smart and somehow managed to prevent us becoming homeless. The fact that we still haven’t fully recovered just goes to show how devastating this mess was.
wait? iceland? it effected other areas of the world too? i thought it only effected the united states?
@nazgulbarakas5767 did you even watch the video? :\
@@nazgulbarakas5767difference was Iceland at least jailed the bankers.
It hit hard everywhere. Netherlands here
@@a13xdunlop Some of them. Some of the people who played a part in it got off free. Still pisses me off. My mom's friend literally went homeless because her mother wouldn't take her in. She has since somewhat recovered but still. A lot of good people were absolutely ruined and some recovered addicts even died due to them returning to substance abuse and It's all just very sad. Heard of some dude from my town that built his dream house from scratch and then had to sell it. There are a bunch of stories and yet some of the people responsible have the nerve to try and get into politics again.
My parents immigrated to Italy in 1992 when they were just 20yo. They didn't know the language, had no money, no family nor friends yet they managed to find a job, get a house and grow a family. In 2008 i was just 13 yo and I remember my father and older sister were extremely stressed and worried all the time. I will never forget the scene of my sister and I, in the bedroom, as she was trying to explain to me what was happening. she said: 'before, if you lost your job, you could find a new one the next day. Now is not like that anymore. There are no jobs and very little money'. the memory it's still vivid in my mind. It has really created a sort of 'trauma' around money and finance.
My motto during my 70+ years on this planet is, Make hay while the sun shines -- and save it! It's relatively easy to do if you decide not to waste any. Believe me, I've been stressed many times, but being disciplined makes the goal easier.
I graduated high school in 2008, got my degrees over the next couple years and the one thing I feel that once separated me from older generations was the fact I had seen and heard enough to know everyone is full of it, all these things are man-created buildings or systems, and humans all bleed red. I don’t take anything too seriously because everything is fallible and I’m really able to look past first impressions in people because I’ve learned nothing is what it seems
Well said : )
I graduated HS in 2002 and I was barely able to get back on my my feet in 2017. Took 15 years to stabalize my situation.
I’m happy to hear. We are all unique and face different challenges.
From 2008-2012, the company I worked at had wave after wave of mass layoffs. Every conference call was people yelling at each other. We had 3 cancer deaths, 4 heart attacks, 2 suicides, and lots of divorces. All due to stress. It was awful.
Wow, my goodness! Very sad
Very sad. All due to greed.
History repeats often.
that story was so stressful, it gave me cancer, too.
I now realised why we have so much e-waste as well... it then means that, those office equipments were or must have been liquidated... a lot.. after that. And all those stocks, were moved or sold on.. Maybe I was lucky to have resided in a small city that, had cushions or had small businesses, that acted as a cushion, cos I didn't foresee the big events like this.... Not at all. I was also on the road as consultant back then as well... Had no idea of the continuous daisy-chain events.... one after another. Right now, we are indeed trying to equalise, aren't we ? To increase growth and reduce inequalities as well.. to raise the next generation etc... Now I realised why so many of my friends went to work in the charity sector to stay anchored... whilst the institutional entities reorganises itself...
I was a senior in high school in 2008 and looking back after this video, a lot of things that my dad did/said during that time make sense. He mentioned that we were very close to the bank reposessing our house and that our finances were in shambles. It always bothered me and even to this day I've dedicated a huge part of my life to being better with money than my dad was (despite him being my hero in just about every other area of life), but now looking back with the knowledge from this video, I can hardly blame my dad. And actually, the fact that he managed to keep the house through it all makes him a hero to me even in that area.
Your dad was lied to by the loan officers, they all lied through their teeth to make people take on the maximum amount of debt they could possibly make monthly payments on at that moment. Every salesman, whether it was car loans or real estate, repeated some variety of "Enjoy life now! give your family the best! You can't lose!". Hear that dozens of times from all directions and whatever normal financial sense you had is replaced by the new normal which has masked the risks you once thought sensibly about. - Icelander who had loans in 2008
I feel the same way about my parents, I went through a very similar situation. Made me a very good spender and saver in my adult life now, looking back at how hard times were.
He did better than some.
Yea man, your dad did what he had to do for your family. It was a rough time, no one can relate to unless they had to live through it. Next time you see your pops, give him a big hug and say thanks for not giving up.
The video has inaccuracies in it.
The 2008 crisis brought many challenges and also changed me forever. It left the fear of not being able to get a job and that you could lose everything very quickly. Made me a more cautious person and always planning for the worst.
I was 16 in 2010 and looking for my first job…. I got turned down by Arby’s, McDonald’s, walmart and many more jobs paying $7.25 an hour. My friends parents were working in these jobs because they had been laid off from corporate positions
This one hits very close to home, Dagogo. Just like you, I was too young, 14 to be specific, in 2008 to fully realize what was going on. Unfortunately for me, I am Greek, and man did we get shafted hard. I vividly remember the days of the collapse, with the news blabbering all day about it, and thought that it was just a bunch of distant problems that weren't interesting and would never affect me. But I still remember my parents being concerned. The truth is, we didn't realize how bad it really was until a bit later on, I wanna say 2010-2011. My father is a civil engineer and my mother a high school teacher. They were both earning respectable salaries and, while we weren't rich by any stretch, we were good. Nothing essential was ever missing in our home, we could buy stuff we wanted, my parents had bought a second car in 2006 to help with my and my sister's transportation for lessons and such, they took a loan in 2007 to buy a small piece of land near the sea to build a little cottage (seafront property is rather abundant in Greece, after all) and we could still live comfortably. My mother's salary was cut quite a bit, but my father's was higher so we still seemed ok. But one day in I think 2011 I remember my dad coming home pale, sick looking. He told us that his salary was cut by a bit more than half. That was the year I was finishing school. I was quite successful and went into med school in 2012. My parents were overjoyed, but that didn't last long, as soon the reality set in that they would struggle to pay for my studies. Then 3 years on, my sister was in the same position as me. And suddenly, we went from being well off to struggling with every day spending. We had to go for the cheap groceries, we would completely forego non essential items, we would replace our clothes only after they were totally worn out, mostly to keep paying a terribly timed loan paid. Now, my father is a stoic man, but seeing him barely holding back tears because he didn't know if we could make it, all while my mother had already broken down, that was traumatic. And the saddest part? We were still well off, relatively speaking. I mean, we were struggling, but we still had our home, we still had food on our table and my sister and I could still, though barely, keep up with our studies. Others were in even worse shape. Friends and family were losing their jobs, some their homes, older people's pensions went from ok to being unable to cover even their most basic needs, putting even more stress on people who had old parents to look after. Then society devolved into complete chaos. Suddenly, everyone was outraged. Suddenly, everyone was out in the streets protesting. Suddenly, the far right and far left gained power. Suddenly, we couldn't care anymore. People had nothing more to lose, nothing more to give, and austerity measures still demanded more be given. People just stopped paying for loans, taxes, utilities, you name it. It was as if society raised a collective middle finger upwards. It was glorious and sad to witness. Sadly, it all fizzled out and people became comfortable again, when instead of being homeless, they could rent a 25sq.m home, or when minimum wage went from 550€ a month (yes, 550 A MONTH) to a whopping 600€. And instead of these hardships forging us into better people, we became complacent and accepted that we're the poor, the bums of the EU. Nowadays Greece is barely more than a tourist destination and a factory of cheap scientists for richer countries. Countless people, myself included, studied in Greek universities and have highly sought after degrees, but are leaving Greece in favor of countries with better wages and, honestly, more acceptable living and working conditions, because no one studied to become a doctor or an engineer or a lawyer or what have you to work endless hours for scraps, but scraps is what we get. So yeah, the title is spot on. 2008 still affects us. I don't like that I had all these memories brought back, but you did a hell of a job with this video. Cheers man.
dude I was 18 and remember how much ASS the job market sucked at the time... for a long time. "employment insurance" (which then recently changed from "unemployment insurance" truly a euphemism) was something old men who still had work had to use for the friday, people got laid off and fired and schools were backlogged with students
@@Matanumi Stuff like that makes me think. Is our generation lucky because our working lives barely missed going through that period? Or are we the unlucky ones because we have to build our careers on the aftermath of all of that? It's something I've been thinking about for quite a while. Maybe the truth is somewhere in between, I guess. No matter how much the job markets sucked for a while and how our generation is, as Dagogo said in the video, the first one that's poorer than the preceding one, I really wouldn't want to be in the position of people like my parents back then. Not being able to find the job you want, the one you studied for is one thing, but I can't imagine having your wage halved or worse, being laid off while you have kids to raise and debt to repay. People who took on debt they could sustain to build up their lives were affected the worst, I think.
Honestly boss, Greek economy and tax policy was just bad up until recently
@@michaelvick2872 You are completely wrong and should've been better informed before posting such nonsense! It's still just bad! Just joking here, but honestly, it is still bad. Not as horrible as it used to be back when the Greek state was spending money like a gambling addict on a losing spree, but it's still bad. Salaries are still terrible, tax evasion is still a big problem, high/unreasonable taxes still exist, the list goes on. It's gonna be a while, if ever, until Greece manages to get on Western Europe levels of economy management and standards of living.
never heard of scientist from Greece
I was 39 and fresh from a divorce. I was renting an apartment. All my friends were buying houses and living the high life. They thought I was crazy for paying off my debt and refusing to buy a home. Then it happened. They lost homes, cars, boats, etc. I felt bad for them but, I tried to warn them that this spiral upward cannot be sustained.
It can for the individual if you’re not a fuckin idiot. You don’t have to be among the average, I know plenty of people who were cashing in but DIDN’T have to suffer when it popped
Funny how the world works. Ignore people! Live your own life. Enjoy nature.
If you actually had the insight in 08 you think you did you'd be rich right now. Why pay off your debt when you could have shorted the market and been rich overnight?
@@fj06carnone there is a difference between feeling that something is off and thus being cautious vs. being confident and risking money by shorting the market
You did the smart thing!
Year-over-year inflation stood at 6.5% in December 2022-the lowest that figure has been in more than a year. Inflation was in line with what economists expected and gave many of them a reason to believe that the peak of inflation may be behind us. I have approximately $150k stagnant in my port_folio that needs growth. What is the best way to take advantage of this downturn?
you’re right! The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner
I'm sure the idea of a coach might sound generic or controversial to a few, but new study by investopedia found that demand for portfolio-coaches sky-rocketed by over 41.8% since the pandemic and based on firsthand encounter, I can say for certain their skillsets are topnotch, I've raised over $400k from an initially stagnant reserve of $150K all within 14months
heard that this Is a great time to buy. But now that inflation is at an all time high, I have money sitting in my bank account that I would really like to use. Would it be okay if I looked up this coach you mentioned?
credits to Eileen Ruth Sparks, one of the best portfolio manager;s out there. she;s well known, you should look her up
I've come across a lot of recommendations but this one stands out. Eileen resume is pretty sophisticated, and shows she was active during the last bear market, I also emailed her. Thanks for the info!
I was 8 when this happened, and I'm still getting screwed by all of this. It's insane how a lack of common sense and oversight can leave an entire generation and a half in the lurch.
I was working at a Canadian bank. I wrote a small application that helped them manage short term securities borrowing and lending in 2007-2008. I tested the app with the help of a person in ops. The first morning that we went into production, I noticed that the Canadian dollar page was full of activity, but the US dollar page was absolutely empty. I called my contact in ops to tell him that the app wasn’t working, and the US dollar page was empty. I will never forget his reply: he said “no, that’s correct. We aren’t dealing with US banks”.
Then why were you asked to support USD in the first place?
@@aravindvissamsetty Canadian banks routinely conduct business with US banks. In this case, the specs for the app were done before the big US collapse.
The solution to all of this was outlined in Bill Still's documentary. The Money Masters. Sadly, that solution is ignored by our representatives, our teachers, and the media.
@@vytallicaq.6881 Sadly, theres a radio series from 2001 called _The Wizards of Money_ that detailed exactly how and why the GFC was going to happen.
I started my career as a young banker in 1976 until the failure of Seafirst bank and its acquisition by Bank of America in 1982. Later as banker, IT manager, entrepreneur, college professor and investor I have lived through the 30 years described in this video. I have NEVER found a summary of our financial and economic history as well done as this. This video should be mandatory for high school graduation and for college graduation again. In less than one hour it could deliver a population that understands economic and financial history of the US and of the world at large with an understanding of the toxic collaboration of government and financial institutions. AWESOME JOB. Thank you.
I agree with this comment ^^ and enjoyed the program. I have been in the hotel biz and the new lending rules (although necessary) have had some negative impacts on the working environment of being in that type of business ever since! Long story. But also, I feel like many political decisions leading up to and impacting the '08 crash were not touched on enough in the story. For example, POTUS and Dems in Congress inserted well-meaning but stupid quotas in Fannie Mae operations that required minority loans NOT based on income, credit or likely ability to pay - which fostered the invention of insane loan products and intentional confusion designed to befuddle new homeowners.
You should watch 'Inside Job' documentary. It's the best documentary and explanation of the 2008 crash. I've watched it few times and my blood still boils when I see it. And even today, our family is still feeling the effects of it.
I agree Cold Fusion is great at his work. This creator was one of first channels that made me see great things can be made and shared on You Tube
@@thelorelei1884 Yes, I agree, I saw it and combined with this video, the picture is so clear.
Economy of greed is going to fail again and ordinary people like us will be left to foot the bills. The psychology of unending growth promoted by corporate culture is the root problem. Companies operate today not satisfy their customer but the stockholders. This is not capitalism but cartel culture presented to us as capitalism. As long as we keep this model of economy that has nothing to do with the real economy human behaviour will keep this cycle of boom and bust going.
Came here from the SVB video. I think we will die repeating mistakes. The greed of those who have money forcing the rest to feed on the crumbs that fall from the table will hit us hard again soon enough. It's very difficult to remain positive seeing how things are now. Kudos to the people of Iceland for jailing their irresponsible bankers.
Iceland run by women.
I was doing high end construction in scottsdale AZ when this happened. Still doing construction today. Nobody talks about the bailed-out banks, and the bail-outs allowing them to sit on the repossessed inventory for 5-6 years creating an artificial shortage of available housing to raise home values and kicking off the recovery on false pretenses. Nobody, especially the boomer home owners want to hear or believe it but the current home values a BS and the market cannot sustain its current valuations. The bankers, mortgage companies, appraisers, investors, and corrupt govenment officials within the zoning, and permit offices have destroyed this market, and its all fake.
💰ColdFusion is the financial literacy info we needed in school. Applied learning. 💰
Yes. Personally, I am still being affected by the good will of the Canadian Conservatives Government who lowered significantly interest rates at that time and allowed everyone to renegotiate their mortgage, I would not have a home without Steven Harper. This allowed Canadians to not loose their homes. But fuck George Bush in the USA for even allowing that to happen in the first place and letting people get kicked out of their homes.
neoliberal policies that are promoted by the republican party is at the root cause of all amerian plights
They don't want to teach finance in school... (at least in the US) they want people to be uninformed.
neoliberal policies that are promoted by the republican party is at the root cause of all amerian plights
Check out The Maverick of Wall Street too. He uploads frequently too
Graduated high school 2010 it would be great to actually enjoy a stable economy for once in my adult life
Probably we will NEVER know good financial times
I graduated high school in 2008. The crisis has shaped my entire adult life.
It’s quite remarkable isn’t it? And we don’t even really reflect on it or realize until we see videos like this. Incredible.
@@chrispyd603 considering the economy I wonder if we will make it past 2050 ?
I have always tried to keep my head up and look on the bright side, but you can just see and feel the middle/lower classes getting crushed. Education is expensive and fueled by debt. Homeless is rampant. Inflation is rampant. Health insurance is worse than ever. Wages are stagnant. Wealth inequality is at all time highs. The birth rate is still falling, and why should it not? I feel badly because my parents and grandparents just can't seem to understand how bad it's gotten. When they were younger, they were paid commensurately with their productivity - they could be independent, explore the world, and, when they were ready to settle down, afford a middle class lifestyle, (house, kids, take vacations, ect.). I am a engineer in biotech and I turn 30 in a month and do you want to know what I feel on the ground? I am blessed with what used to be a good paycheck, but I can't afford an apartment in my own market, let alone a house. I pay $1350 in rent for my room in San Diego and live with four roommates. I have student loans hanging around my neck. My health insurance is poor. And I'm tired, so tired. My company has had such churn and now runs as us a skeleton crew. I am beginning to question the system and why I participate in it, and that is a very, very bad sign. If engineers feel that (and I've talked to many of my peers), then that feeling is seething in lower jobs as well. I am not complaining. I am not a materialistic person, and accumulating things for the sake of it has never brought me happiness. I merely am pointing out the disparity between generations that corroborates the belief of many young people - that for all intents and purposes, the American Dream feels dead. And it feels like it died in 2008.
Have you ever thought about living in a different country? Sounds like you have the skills to get a visa elsewhere.
kzhead.info/sun/lriJn9SGfmiChYU/bejne.html
Software engineer here in the UK and "I am beginning to question the system and why I participate in it, and that is a very, very bad sign. If engineers feel that (and I've talked to many of my peers), then that feeling is seething in lower jobs as well." rings very, very true. Especially with our political system at the moment. I think people will eventually break and realise that the current society bares nothing for them, once that happens it doesn't matter how much money the bankers have if no-one respects its value. We've been overcome with greed.
Don't wait to long Countries like Canada want productive people to add to their labor market. I waited until retirement and can't get a permanent resident visa even though I'm set.
Oh dear. Wish u luck in finding your way out of all this and guide others too
I was 27 in 2008 and was working at an investment bank in downtown Manhattan near Wall St. It was a nightmare. Everyday you wake up to the news of another 300k to 500k people being laid off for months. The list of banks failing and shutting down just kept growing. Occupy Wall Street movement was right outside our doors. Under all the pressure, some ppl took there own lives. My firm said nothing, and we as employees were scared. I was paralyzed to make any major financial decisions as the recession dragged on year after year I thought I was next. It turns out, the investment bank I worked for never got involved in MSBs or any risky products for that matter, and they didn’t over hire so no one lost their job. It was a miracle.
They did it smart. Glad you didn’t have to take your life or anything along those lines.
And not one of these criminal Banking CEOs and bankers went to jail, not one God damn one. Lehman Brothers former CEO is enjoying his billions somewhere in Monoco
May i ask wich bank was it? Im guessing Goldman?
@@UNOwen-nn6ui crazy how banks will slaughter each other over money and greed
I had just finished grad school in 2006 and got my first tech job at an architecture firm January 2007. The real estate market was already beginning to crumble. We didn't get a single new project the whole 6 months I was there. They laid off half the company by May that same year. I had moved to that state for this job, so I didn't have anyone to help me when the bottom fell out of my life. And I had only just gotten out of school! I was on unemployment for 3 months until I found a tech job in another state. The financial crisis scarred me for life, and I've been working hard to stay a few steps ahead of economic downturns ever since.
It's all about energy. The economy is an infinite growth model that is as slamming into the inescapable reality of finite resources. It's falling apart around us.. Decoupling from it is vital for survival.
My family lost our home in the 2008 crash. It was our home for over 30 years we only owed around $10,000. It was really tragic we were homeless for a while.
And the worse is that the CEOs of those banks didn’t play FNAF (Five Nights At Federal Prison)
I graduated from college in 2009, and I remember being in my last year of school and reading about the crisis and seeing headlines like "the college graduates of 2009 will have the worst job prospects in history." It was pretty disheartening, to say the least. Then after graduating I couldn't find a job anywhere, even at places like McDonald's. My mental health was already shaky, and it got so much worse during this time. In order to escape the hole I felt like I was in, I enlisted in the US Marine Corps, which is a totally insane thing to do but I was that desperate. The financial crisis was a total disaster that shaped the course of my entire life, often in profoundly negative ways.
How was your military experience? Looking back would you consider it a good thing?
You are not alone
Graduated high school in 2010, and I was in the same boat. I had 5-7 interviews in a 7-year span (2008-2014) until I got an entry-level job in 2014. I had lots of suicidal thoughts, and it was very frustrating.
Should've joined the Air Force.
Why is joining the military "a totally insane thing to do?" I was on active duty for over twenty-one years, and I am the sanest person I know.
The scary part about this recession was, usually recessions use to last 4-6 months....this one - really never ended....I lost my job, thought I'd just go on unemployment for a few months, instead - 2 years later I hadn't found another comparable job, lost all my savings, unemployment had run out, lost my family, and really never recovered.
I'm so sorry to hear that.
If we are going to be honest with ourselves, this wasn’t actually a recession. It was the collapse of the West. When you take a good look at what western society, culture, and ethic was before 2008, you will understand what I mean. It has been said that we live in the decaying carcass of a failed world. And that everything we have now is simply what we have been able to salvage from the past. Everything now is essentially just a hollow shell. But, these days, we are already in the process of resetting the system to restore what we lost.
So the economy caused you to lose your family........ 🤔 i dont know about that one chief
@@byloyuripka9624 maybe his wife divorced him
Any Job after 2 years.
In Italy we were almost like the US. A lot of people had mortgages to repay because everyone bought houses believing they were an investment. Then the crisis came and houses lost value, people were poorer and, cherry on top, we got austerity in 2011 and the IMU tax, which overly taxed all pur houses. So families who already had mortgages also had to pay taxes. Many lost their properties to banks, many companies failed. I was 8 during 2008. During my tween years I saw my father ageing faster than normal and becoming bitter and resentful towards society, since he worked to pay taxes and repay debts. Me and my friends grow up to saw only that life could get worse and not better. We are now almost ready to enter the workforce but as others said we are either overqualified or underqualified or destined to move abroad.
In 2008 I was at university. My family was pretty sheltered from the hardship. But I remember flipping through the Washington Post and seeing page after page after page of foreclosure announcements. I also noticed many cars broken down at the side of the road, I guess because people were trying to stretch out car maintenance or their gas tank... I had a small job shelving books at the local library. The county government had 15% budget cuts, so they fired all of us so they could hire back half the employees at a lower rate...
It's heartbreaking to read the comments on this documentary video, so many childhoods destroyed, some many dreams crushed, and to think that a small group of people profited from this and actually set it in motion.
yet the older the comments are the better off they seemed to do.
As usual the rich get richer and the middle class pays for it. Yet government doesn’t hold anyone accountable cause they are also people getting rich off the back of the people they are supposed to be protecting.
With absolutely no consequences. And it keeps happening
all the scam comments are ironic, lol
I don't get how people can be "too young to be affected". Back then I was 16 and lived at my parents, they lost their jobs and it was a hard time. It's just insane that those responsible for completely ruining so many peoples lives are still not in jail. There should've been trials similar to the Nuremburg trials for these crimes against humanity.
How about a Salem style witch trial? Thats what they deserve.
You most likely are going to target the bankers and not the politicians that enabled them to do what they did. Politicians get off Scott free while the rich businessmen take the blame.
@@thereaper2615 Consistency in ethics is what makes all the difference. If I were to ruin peoples' lives I would go to jail for a long time. This should apply to anyone, regardless of their profession, social class or modus operandi.
@@QoraxAudio Nah, Salem style, get e'm👉🧙
The Nuremberg Trails are too kind. These people should get the Gaddafi treatment.
This video was a harbinger to the Silicon Valley Bank (SVB) demise of the last few days. The stage is set for more financial disasters. Great work on these videos, Dagogo. People should prepare for the worst.
My father works at Bank. He taught me well : never use credit, use debit. Now I work at Bank, and I understand him better.
My neighbors lost their house during this mess. They had a predatory balloon loan. Overnight, their loan went up to 4 times what the house was worth. They abandoned their home, Then the banks argued over which bank owned what percentage of the property as it sat empty for five years. During that time, a tree on their property fell and smashed the side of my car. My insurance company couldn't even find out who owned the property. I remember a person at an Occupy Wall Street protest with a sign saying "JUMP! YOU F*CK*RS! (without the edit) and I think that summed up pretty thoroughly what people I knew were thinking.
They jumped… but with Golden Parachutes
and then Obama bulldozed occupy. And they gave him a nobel peace prize
Did you (or your insurance) put a lien on the neighbor's property?
@@jender8022If they filed a lien, they never mentioned it to me. The insurance covered the repairs, and I don't like getting involved with lawyers, the courts or banks unless I have to.
I graduated with a bachelors degree in criminal justice in 2009, and in Miami, Fl, there was a freeze on the types of jobs that could get with my ridiculous degree. Long story short. I never did anything with it because no one ever hired me! Today, im stuck with student debt! A degree in the US changed my life for the worst!
I didnt know exactly what all the news in 2008 meant, but I always felt a darker vibe from that day onwards. However I did see the symptoms. Everyone in my extended family had a huge house through the mid 2000s, the immediate family was making 6 figures hand over fist, and we went out to eat very often and had trips to New York and Florida on a semi-regular basis, we even had several new Ford SUVs and a RAM. All of this was cut short after 08. Everyone else either downgraded to a smaller house, got an apartment, or moved in with various members. We were one of the few who kept our home, but the recreational family activities went poof. We went down to a used Explorer and we stopped flying unless necessary. I want to give my future children the kind of childhood I had, but the way things are that just wont happen, if i even have them. Not only the economy, but the culture feels darker. I could go on but things just aren't the bleeping same.
It's sickening that the top 1% gambled with our economy, brought it to shambles when it all failed, begged for bailouts and then ran away with all the money while everyone else suffers to this day. We're heading into another recession and those same 1% continue to profit off of our suffering.
I was actually talking about this with my husband today and we concluded that nothing will ever change in terms of accountability unless these people will be dragged by the crowd to the streets and have their heads cut by guillotine. I know it sounds crazy but consider a fact how depraved the 1% got, whether it's a bank, energy sector or pharma, they are laughing in our faces because they are too rich to be jailed
I didn’t think it affected me until last week my mum told me the reason I’m an only child is because of how close they came to losing their house in 2008. I guess I would have a brother or sister if it weren’t for the crisis.
add to that anyone whose housing costs or rent is that high they can't afford having a family, or a larger family. Unless we get a huge windfall in the next couple of years, my child will almost certainly be an only child, as it's a choice of what quality of life & security we can offer. This isn't about luxury, just a remotely modest & secure living. There's always a tradeoff, but Millennials, Gen Z, and late Gen X have been made to trade off far more than the boomers ever had to.
The bankers killed the siblings you were never able to have. Because of them. If you would have met them, it would make you angrier.
I was 16 in 2008. Went to school and worked at home, doing nails, hair to others, was doing really well.. As a 16 years old i could afford everything.. My mum didn't paid me the bus to school or lunch, because i didn't wanted her to.. Then came the crash.. My skills didn't matter, as the "luxury cosmetic industry" was the least that mattered.. So in about 3 months my salary went about 90% down.. Half of my hometown lost their jobs.. It was really impactful.. Somehow i managed to finish school without asking money anyone.. Then i went abroad.. There wasn't a lot better, but i managed to save, invest, build without credit.. I struggled to get in a position where i don't need to relay on my paycheck, but i still work.. 2008 was the hardest time right at begging of my life, and i really fear it deeply..
30:23 "Lets hope corporations don't all default due to a systemic shock" Coming from after the svb collapse, this is a very real and terrifyingly accurate prediction
I was 10 years old when this happened. Over the years I’ve begun to increasingly notice the shadow of the Financial crash hanging over everything and it really feels like it was the end of the good times. The UK feels like it never truly recovered from the crash, like many other countries.
>Thanks for watching, send a direct msg ↑↑↑ for more profitable information 📈📊
The worst thing is, people think everything is all right due to stock and home values being high
Having the Tories in government for 12 years since the end of the crash didn't help either. Politicians who specifically chose to make people poorer while making the rich richer, to increase economic inequality. We really have only gotten worse and worse.
Same here, i live in the netherlands and i feel much the same way though we recovered better than the uk i believe
Oil run 1st world countries problem
This hit close to home for me. My family had to foreclose on our home and relocate to another state following the crisis. At the time, I didn't realize why we had to leave my friends and the place I loved. Trying to understand the trauma my family dealt with actually led me to major in finance -- I don't work in the industry, but knowing how mistakes made in that field screwed so many people over really helped me make sense of the direction my life had gone. Ultimately, it worked out well in the end -- I wouldn't have met my spouse if it weren't for us moving here! -- but it's crazy to think how a few bankers and investors shaped the entire course of my life thus far.
@Yummy Spaghetti Noodles i used to hate spaghetti... now I like'em
@@harris977 at least you corrected your mistake
I think it's generous to call what happend a "mistake". There was clear malicious intent behind the great financial crisis.
I had "quit" my job in 2002 (I was a programmer contractor, and I wasn't as hungry to take on new work), and started day-trading. I was doing pretty well until the bottom dropped out in 2008. Fortunately, I had big unsecured loans and some residual equity, so I just bought stuff like a new (old) home and then filed for Chapter 7 bankruptcy, keeping my 401K & IRAs intact.
The 9/11 attacks and the crash of 2008 are the most traumatic events I remember, with the longest lasting consequences for the American empire. Both made me lose my innocence and what little faith I had in humanity. 9/11 was followed by our country getting into countless wars to try to contain so called terrorism, as though you can fight something so nebulous with guns/bombs, and 2008 destroyed whatever financial stability our country had. Our country never recovered from either and I have noticed a steady decline in people’s faith in our institutions since these things happened. People don’t want to have kids bc they don’t want to bring more people into our current shit show. Drug abuse and depression are rampant as people have no hope. Younger generations have nothing to look forward to as our environment degrades and they witness our economic system and political systems get exposed for their flaws repeatedly.
Considering this I don’t think we will make it past 2050
In 2008 I was 20 years into paying down my mortgage. I lost my job, then my unemployment ended and then my 401K disappeared. No jobs, not at McDonald's. I had little to no debt, never a late payment on anything when I had to file for bankruptcy protection. I had a college degree and I became homeless. I knew well educated people (PhD and Masters) working in a Kinko's copy store. High level IT tech's were taking jobs to become the receptionist for $10 an hour. Many were leaving home to head out to work in the oil fields, living in tents and their trucks, looking to take a shower any where they could find one. Every few weeks they'd fly home to see their family and then back out they went. That's was life then, and here we go again. Only now they say this will be far, far worse than 2008.
I was only a child in 2008, my relative owned his own mortgage company. He went from making roughly 100,000$ a year in the early 2000s to making millions a year by 2007. By 2009 every car he had was repod, his house was foreclosed, he lost everything. My experience seeing that is the reason I got my degree in economics. I just pray the average person never has to go through this again, but we probably will.
Companies are getting more and more blatant with their complete disregard for the workers. Another recession IS coming and this one may not end up in just protests.
Right on Joseph Brandon is fucking everything up so hard this crash will make 08 laughable.
I’ve seen that same thing happen a few times.
@@SimonLloydGuitar Austrian economics is just rule by oligrachy turned into an economic theory. That you imply that this is economics to the benefit of the common man, is top quality irony. Austrian economics has some significant differences, but shares many ideals with neoliberalism, the neoliberalism that has been the dominant economic practice for the last 40 years and produced the exact opposite of what it promised (Austrian economics would be even worse). In this very video Stiglitz explained how he thinks the repeal of Glass Steagall played a significant role in the 2008 crash, wouldn't that have been exactly what your "part of the solution" and "leaving the plantation" economic theory would support doing? Repealing Glass Steagall that is.
@@gallectee6032 Brilliant response friend.
I was in my sophomore year of college. I had been working at the same Kmart since high school. I remember it closed in April of 2009. My dad got laid off from his job that same month. It was a scary time.
In spite of how everyone is frightened and calling the crash, there is already an excessive amount of demand waiting to absorb it, which is another reason it's less likely to happen that way. This forecast was not made in 2008, at least not by the general public, as I will explain below. The ownership rate peaked in 2004, according to the other comment. We reached a peak in the second quarter of 2020 and are currently at the median level. From 2008 to 2012, it fell by 3%, and in the second quarter of 2020, it dropped from 68 to 65.
Because they are used to bull markets, most people find it difficult to handle a decline, but if you know where to search and how to get around, you can make a sizable profit. It depends on how you plan to enter and leave.
Given that we are not accustomed to such uncertain markets, the fact that the US stock market has been on its longest bull run ever makes the widespread anxiety and excitement comprehensible. There are opportunities if you know where to go, as you noted that it wasn't difficult for me to earn more than $780k in the previous 10 months. Since I was aware that I would need a reliable and strong plan to get through these tough times, I engaged a portfolio advisor.
@@KelvinWallace Who is the professional who is advising you, if you could perhaps tell us? As a novice investing in stocks without the correct direction of a professional, I have lost a lot of money.
Colleen Janie Towe, is the coach that guides me, you probably might have come across her before I found her through a Newsweek report. She's quite known in her field, look her up online.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.
As someone who had worked on Wall St in the 80s and 90s I was used to mini-crashes (in the gold market) on a daily basis. So I predicted the housing crash in 05 as the house price rises we're totally unsustainable, it was easy to see. When the crash finally happened there were no jobs in my small Colorado town that I had moved to in 95, and no housemates to be found. There was also no safety net. I couldn't get section 8 because I had a mortgage, so had no choice but to send my 7 year old child to live with her dad and rent my place to a section 8 Mom and move in with relatives in a different town where there were $8/hour jobs. The recession in my area lasted till 2012 and during that time I spent a year living in a van. Eventually moving back home in 2013. The banks that caused this got a safety net from the public. But the public lost their homes, or in my case lost seeing my child grow up. She stayed with her dad and then went on to college. Wall St exists to take, take, take. Without inside information only 2% of active traders are skilled enough to make money. So what goes on there is a corrupt collusion between banks and politicians. And there is no way to vote against this.
The crash was orchestrated by the rich to get richer. Anyone who thinks this was "an accident" is blind. Its happening again NOW.
@@singular9 yup, market manipulation dates way back. The powerful buy in and run the market up, and then get out when the public gets in. I've seen it happen on an intra-day basis. I learned about it in a book called Reminisces of a Stock Operator.
It’s hard to keep the people sitting at the top of the pyramid accountable for their abusive actions bcuz 90% of the population are brainwashed by the corporate media.this is what I call human abuse.
What a load of bs, you predicted the crash then went on to live in a van? Lool
yep and then when a bunch of young smart gamer kids figured out their play and bet against them and their shorts on game-stop they actually removed the buy button. And the government allowed them to do so without any form of repercussion cause it was only the little man who lost and the large wall-street firms were saved, its sickening to see and they still have the audacity to go out there and call it a free market.
Having grown up in Australia, I remember when the GFC happened, but I don't remember us being hit particularly hard. I did some reading and it turns out Australia due to some really savvy economic management by the government at the time, was by far the most successful nation during the GFC, in fact we actually had economic growth during that period. I remember seeing our currency go from being worth 0.70 USD to 1.30 USD, which was fantastic lol
Same here in Canada
Australia and Canada were saved by government spending and a resource boom spurred by China. Essentially a mix of "hope the future can pay it off" and "luck".
Commodity supercycle has entered the chat
I’m portuguese, and yes, we’re still feeling the impact of 2008 here. We’ve been trying to get back on our feet, but I fear it’s taken too long and we won’t be fine yet, when the next crisis happens (I think it’s close). Anyway, the best we can do is to try to make a true difference in our lives and in the world, and that might, hopefully, be enough to get us through the tough times. Great video, you’re doing a great service to the world!
I've spent most of my 20s and all of my 4 30s building my business. I was damn near wiped out in 08 and had to do a short sale on my condo. I paid my mortgage up until the month I moved out voluntarily to initiate the short sale. I rented a guest house from a client and then ended up renting a condo from a man that bought it for next to nothing after the crash. I spent years rebuilding my business and lived in my car for quite some time to make it all work. After years of struggling and feeling like I was getting nowhere with my business things started to turn around around 2017 for me and buy a 2020 I finally purchased my own gym. One week after that purchase was when the COVID shutdowns kicked off in California. 2 weeks of flat in the curve ended up being roughly 2 years of either being shut down or forced to operate in a very limited capacity. I received no help from the government and I will never be compensated for those losses. And I'm having to let that the gym go a year later and I'm now subleasing from a much larger gym. They are struggling as well and we work together to survive. And now we're in a recession and things are getting worse. So basically I spent the better part of my youth busting my ass to build something that was ripped out of my hands twice for no reason of my own. It's heartbreaking to be honest and I don't know if I have it in me I keep fighting cuz I'm not sure if I even believe a better future will exist if I do. I hope one day we all rise up and make these people pay for what they've done. It's not the working folks fault but it certainly becomes our problem doesn't it?
It's not your fault things didn't work out as planned. The truth of the matter is that - without government bailouts, NONE of these companies would be around. You're working with a small amount of capital. Just do what you can.
@@rayj7699 you're right for sure. Just doing the best I can but not even sure if it's worth it.
Hold on strong. Good times will come.
The government of California ripped your dream from you. Period. I live in the Midwest, and we (mostly) continued business as usual here during the COVID pandemic. Yet, the mass majority of us somehow survived and prospered. I haven't seen a single gym in my area close or get bought out by a chain since 2020. Not one. I'm truly sorry for what you went through, but the government of your state alone is to blame in this case. There's a reason why the employment/housing/debt issues are affecting the coasts in such a high proportionality compared to middle America. You, unfortunately, live in one of the two worst states to be a business owner during COVID. I know you know the other one... You, sir, got truly screwed by your state government. I feel for your for that. At this point, those of us in the Midwest, feel like we're living in a different reality than the coastal states. It's honestly odd, when we view the disparities between regions.
@@fmrscout33 you are 100% correct... I was born and raised in Virginia and then lived in Florida for 5 years before moving to California. I plan on moving back to the east coast as soon as I can. I can't give up on the business so I'm training my successor now because I want out of this hell hole. I'm glad you were able to avoid most of this b.s.
I was 24 in 2008, and I was in construction at the time. I got into construction as soon as I graduated in 2000, and everything was great, tons of work, lots of money to be made. Looking back I can see the slowing and eventual drop of the economy. But it kinda started in 2006 with maybe a week here or there without any work, then as time rolled on it would turn into 2 weeks with no work and so on. Even with little gaps without work, my wife and I had money in the bank. In 2008, I was without work for almost 6 months, I definitely waited too long to move into something else, but I honestly assumed everything would come roaring back, it never did. We still to this day live paycheck to paycheck. My brother is still in construction and is in far worse shape than me, but he's much older than me and doesn't have a choice. Videos like this bring the animosity and hatred back up in me towards the people that did this to us, they walked away with no criminal charges AND millions of dollars. Their greed took so much away from us all. They should never be forgiven.
Have you noticed how discussion of banking corruption has largely disappeared from the discourse? Ask someone if they remember what Occupy Wall Street was about and they'll probably have trouble remembering it at this point. Now the banks think that as long as they have a diverse board of directors and they support ESG that they can make everyone forget about what happened not that long ago.
whats the point of not forgetting if youre not ever going to do anything about it? seems like the proverbial poison pill.
The saddest part is that the middle class is not having kids, but the global population continues to grow. Think of who's having children. The third world. The poverty stricken. Those who cannot feed themselves already. Who will pay for them?
I had just graduated college in a field that was and is recession-proof. Unfortunately, the collapse of people's retirements brought some folks back from retirement and I spent the next six years putting in job applications. I had to move out of state to get my first job. The move was expensive but then so was getting my professional license in the new state which did not have a compact agreement.
This has gotta be one of the most comprehensive and approachable videos about this topic I've seen.
Get over approachability
@@X11CHASE you can either have those around you understand complex things by finding or making easy to understand explanations. Otherwise people just think magic fairy dust is what causes the world to function and that isn’t helpful.
@@daveSoupy or you could actually study the nuances and intricacies of what happened? This is very simplified, and I watched it just to be sure it wasn't misinformation (which some of his videos are, not necessarily by choice, but rather from lack of research). Overall, it's probably enough for the layman, but as someone who studied this, there are a lot of inaccuracies.
@@LiamNI why don't you make a video going into the nuances and intricacies? give us all of the stuff you think is missing.
I grew up around this crisis, I was 4 years old in 2008 and what this video explains puts my childhood into a lot of context. The financial crisis couldn’t have come at a worse time for my family. My dad had just left the army and was starting education, my mum had been a stay at home parent for me and my little brother and was just starting about getting back into work. They had bought a house using practically all of my dad’s wages, so when the crisis happened we had nothing but a house which was practically worthless at the time as it had (and still has!) negative equity, and nobody was willing to buy real estate from them. I vividly remember only being able to eat meat once a week during our roast dinners, as we couldn’t afford more. Jam sandwiches, random veg stew and plain or ketchup pasta was eaten a lot. I remember when I was about 6 (Around 2010) my dad taking me to Burger King for my birthday and having to sneak a sandwich in as he couldn’t afford to buy anything for himself. It makes me really appreciate both of them, as even though they were definitely struggling they managed to hide it from me and my brother and I had a decent childhood, despite the instances of crushing poverty in my family and in my neighbourhood. Because of this experience I had as a young kid, I am now extremely cautious with my money. I have issues around money anxiety and buying non essentials for myself, as I feel guilty for buying them. I hope this gives some perspective into how this affected not only adults, but even young kids.
Xd
I feel the same way about money. My grandparents lived through the Great Depression and were very frugal. There was high inflation when I was a child in the ‘70s, a bad economy in the ‘80s affected my stepfather’s business, then he and my mom divorced and there was deprivation in the house. I grew up never having what the other kids had. I graduated college straight into another recession. I’m hyper-aware of financial security.
Wow man this moved me, especially your pops sneaking in that sandwich to BK
It was lovely turning 18 in 2008.... no jobs, no prospects.
I was fired from my first real job after the crisis hit. Thankfully my family still had enough money, but it was still a shock
The 2008 recession, it killed a lot of law firms. Clients couldn’t pay their bills. Attorneys were let go. Paralegals worked twice as hard and attorneys took on more administrative and marketing responsibilities. Secretarial positions were eliminated. Many of my neighbors foreclosed. …. I focused on debt reduction and retiring early.
Granddad who survived the first Great Depression said that 2008 should have been the start of the second Great Depression except the money printing and bailouts saving the full on catastrophe from happening as it did. In his opinion all of that government effort only would delay the same kind of depression he saw and that nobody had actually saved anything. He got increasingly worried about things before he passed and he told me that what I would live through would be more like his era than my dads.
He's probably right but the next depression won't happen for the same reason as the first
@@HH-le1vi Do you have a guess?
@@victuz as to what will cause the next depression?
@@HH-le1vi Yeah.
@@victuzglobal civil unrest and/or prolonged inflation in energy and food that will also lead to civil unrest in most likely what'll trigger the next great depression. That being said we'll have a prolonged period of people just not spending much outside of necessities.
In 2008 I did ok. I was in my early 20s, I had a stable job, though I was still living with my parents, i didn't have much in the way of savings or investments to lose. So I was missed by the worst bits of the crash. But it's been the period since 2008 that has really affected me. All those things I am expected to have done by now (late 30s going into my 40s), e.g. have a house etc. I can't do and not sure I ever will be able to. I've never earned anything close to what I was promised by education and society pre-2008. I've watched everything get worse and yet the people responsible for 2008 have been allowed to continue making things worse with absolutely no repercussions. I am fed up and tired of it all. I am fed up of being told that the economy is doing wonderful while I have to second guess whether I can afford a bar of chocolate. I am tired of the fact that the average person has been thrown aside while massive corporations are able to get away with destroying everything in the name of profit. 2008 was a wake up for me. It prompted me to start learning more about how society and the economy work. And to learn just how utterly screwed up it all is.
I feel you Bro~
It's better to leave U.S as many Americans are doing it. Don't let Hollywood propaganda get into your head. That's the only way. Even Israel former prime minister said that he has suggested Hollywood several times to make feel good movies to influence other countries a.k.a brainwash them that everything is great in America when it's not.
learn now, its never too late.....
I think instead of saving for a house, you should save for your retirement. Not saying that's easy either. That's going to be tough as hell too.
World before 2008 and after are another worlds.
What is not mentioned is that many people who were not sub-prime borrowers were sold sub-prime mortgages. Things were fine until it readjusted beyond what my aged mother's annuity could pay. Right from the beginning the banks blamed the borrowers when it was the banks that designed a debt trap.. The banks paid no penalty but 14 million people lost their home and rent went sky high!
In 2008 I was in my earning years prime....self employed for the last 33 years and well established...my business income in 2008 got cut in half and cut in half again in 2009....I had to park my 2 dump trucks and let my 2-20 year veterans go there was just not enough work to keep my people working. In 2010 I went back to work in the field for a business I used to manage. My income was what my expense account used to be...about 30k. The only thing that saved me was I hated debt. so I paid everything off as soon as I could and was a good saver. So when the down turn came I just tightened. I was not an investor in the stock market...I invested in myself, I owed nothing to nobody.
In 2008 I had just moved out of my parent's house and out of state in order to begin my life as a fresh 21 year old adult. The economic meltdown was a major setback, at first I wasn't able to find employment anywhere, not even at my local gas station. Eventually I found a job working as a telephone operator at Qwest Corp (this was before they were bought out by Century Link). If anything, I was very sad because I wasn't able to save up enough money to buy a house at dirt cheap prices back in 2008-2010. I was barely making enough money to keep a roof over my head and still be able to eat. Fast forward to 2022 and I'm now an IT professional earning 3x what I did back then, and I STILL can't afford to buy a house due to the crazy prices and sky high interest rates. My generation (millennial) got screwed over hardcore.
only winning move ismiddle america (sucks) or leave the country for long periods of time living in a cheaper place
@@Matanumi Middle America doesn’t suck, but I’m glad people on the coasts continue to believe that.
Yes I did..
Not just millennials... Anyone who wasn't firmly secured in a house by 2008 got screwed over badly.
@@chaoscarl8414 To add insult to injury, every single Boomer I've spoken to seems to think that the problem is iPhones and avocado toast. I live within my means and I sock away as much money as I can, but due to rampant inflation and skyrocketing housing costs, saving up for that downpayment is just getting ridiculous. Not to mention that even if I did have 20% downpayment, I still wouldn't be able to afford the monthly mortgage at today's interest rates. Literally my only hope is that we see another major economic crash and house prices reset back to normal.
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in the world.
@@gabriellewilson5625
@@williamskohler8337 I've been thinking of going that route, been holding on to a bunch of stocks that keeps tanking and I don't know if to keep holding or just dump them, think your inv-coach could guide me with portfolio-restructuring?
@@tomjason2495 just look her name up online (Amy Priscilla Raskin) to get in touch with her, her details are provided online.
@@davidnewbury1721
I am in my 30s and I am just recovering from this. The stress, mental health, and family problems worsened through the years as the recession set a chain reaction that affected year after year and now I am recovering financially but I am now physically ill. There are millions of people who experienced the same or experienced far graver problems. Whoever live through this we are the lost generation and hope one day those responsible are judged for the crimes against humanity they committed, they are the same people who released Covid-19.
AIG Financial Services was the main culprit selling all the credit default swaps worth trillions backed by AIG insurance’s AAA rating and cash reserves. Those cash reserves were for insurance payments and could not be used for credit default swaps. They were also heavily invested in Mortgage backed securities and were going broke.
"You can't model human behaviour with math"....very deep!
Yeah was a great quote. Our whole system may be a house of cards.
I always say, "it's the human condition" My brother says "that's so generic," and I say EXACTLY. My daughter used to tire of me saying it, until she started a psychology degree, and calls me and says " dad I'm only a few weeks into this and your 'human condition' keeps coming up", and I say EXACTLY
Incorrect, we should say "We don't know how to model human behaviour with math"; there is a difference.
Finally some recognition for people who lived through this. Important years of my life were a hard struggle. Even a job as a garbage collector was hard to get.
Better get a job while you can and build up a year's worth of living reserves in cash. 😉 And if you have excess cash, follow the markets and start dollar-cost-averaging buys into stocks & crypto when them bottom hits (hint: right before the unemployment rate peaks)
you mean almost literally everyone on earth mate? its not like you went through a civil war or something
@@AGMI9 No. Many people who had steady jobs on fixed contract had no problem in the recession. Actually many of them had it better. They were able to hire blue collar workers for unfair low prices. I agree civil war is another scale of misery
Sadly, it's about to get much worse over the next few years.
@@AGMI9 Those just entering or trying to leave the workforce through retirement were disproportionally affected. It helps to finally hear how fucked up it all was. A vindication if you will of the struggle my generation has had to suffer through while we try desperately to build our lives.
I’ll never forget the day when ppl came to our house in the East Bay Area & planted a sign in our yard when I was 11 being told we had 30 days to find something new … crazy enough two weeks later my Dad’s stepdad passed away & we obtained the rights to that house which we fixed up all summer & my mom even had to move with her mom at the time … one of the craziest times in my life looking back at it
Even though I was a kid when 08 happened life hasn’t been the same since then
I was far to young to have remembered exactly what was happening but I do remember my parents reactions. Where once we had the means to go on family trips every weekend in years prior, we slowly stopped going out as much, we were eating at home more, my father in particular seemed stressed out all the time (he was an architect for a home builder). Finally one day in 2009 we were told we had to leave the home I grew up in and move into a smaller one in the Orlando area and where we had previously held a mortgage, we would now be renting. My family would ultimately split apart a couple years later and I'm sure the financial crises was a contributing factor in that considering how stressed out my father in particular was all the time. Now as a college student, its just an interesting period for me to study and understand considering how impactful it has been on my life.
In other words, your mother left your father when he needed her most.
Not exactly, some poor decisions were made on both parties which resulted in my father leaving. Can't say I really blame him. We are still close and visit fairly frequently.
I'm sorry this happened to your family. Such a hard time for so many then.
@@CeltonHenderson : Be good to both your parents, and remember to always write "I love you" to them. And of course.. whether they will have a happy life thereafter, is ALL going to be down to YOUR effort... ;) No pressure. If I were you, I would go into politics... and really try to turn things around. Like.. I think Bill Gates did similar to the UK.. which is to squeeze his portion of the wealth out from the company.. and he secured it as part of the charities. So therefore.. whatever happens to the market, it won't affect him too dearly. So then, his donations... would literally.. help the local economy, in a direct drop shot of money. I think similar thing is happening here in the UK as well. I know that in HK, kids were raised on funds as well... As to the future model... I have no idea. I don't know if the FinTech is meant to take over... or... Cos I don't know whether all countries are meant to follow a similar trajectory to that of Japan. They went into recession for a good 10 years... They crashed in the 1990s.. way before the 2008. IF... you literally finish college.. and then.. consider to work in the sector that literally would get donations from those oligarchs. And be ready. And literally live off grid. By that, I mean, ensure your actual house is sell sufficient. Without extra energy consumption and things like that. Then you would NEVER be worried then. Anything you earn can add to the whole scheme of things. I am admiring this couple... cos they have done what a lot of people have started to do in the UK too. Which is to use their existing bit of savings, and pool together with a larger bank and then build their own house for a couple of years ? kzhead.info/sun/ZZaMm6WoaX14e4E/bejne.html That is what people did, literally. So are there any more commerce? Not really.... If we wanted a ESG... then surely, we would have a circular economy. i.e. What we ship, we turn back into raw materials and recycle it backwards, and it goes into the investment area, and it goes back round again.... but for now, there is a disconnect. A lot of people are now changing their houses to be a sustainable one. If you could achieve that, and then also ask your parents to move back in ! Or maybe have separate units and rooms for their own use ! Never say never... this is like the most unconventional times... nothing is conventional... and anything extra is a bonus.
The recession ruined my life and family when it happened, dad left, mom & my older brother turned to drugs. In my late 20s now, spent my entire life working to avoid ever having to experience poverty again. Finally got my shit together, looking at getting married and buying my first house, then Covid hits… and now another recession is looming. To be completely honest I don’t think I’d be able to handle losing everything again.
Don't buy a house yet mate, ride this one out
I say save your money in a trust or something similar so you know it’s safe from banks when reccesion hit and u can’t get money out, if reccesion hit again which is likely, house prices will fall and they may lower interest rate to encourage house buyers, then u can buy house for cheap in a nice area, but obvs don’t take advice blindly, I’m not a financial advisor
I lost EVERYTHING in the GREAT RECESSION and know how you feel!!! I will NEVER take another RISK AGAIN!!!
Definitely do not buy a house right now. Probably not for another year or two tbh, wait for the prices and mortgage rates to come down. Also don't have kids unless you're in a super stable situation with a solid and growing nest egg of savings. 2023 is probably gonna be worse than 2022. Sorry to hear about your family. Best of luck. Dig your avatar pic btw
@@rdean150 Everything started going DOWNHILL at the turn of the century!!! By 2040 the world will come to an end!!!
I was in Middle - High School during the recession. My father kept his job, but money was tight. He worked in the insurance business and saw the bubble. The cost of home insurance is directly proportional to the tangible value of the home. Since the insurance company worked with contractors and home manufacturers, they were able to establish the houses were overpriced when it came to material costs. As a result, he was able to see a bubble occurring because the increased home prices were reflected in the insurance premiums, faster than the rate of claims.