/biz/ - Business & Finance

>>15957400
I joined the military lmao

>>15957407
Why?

>>15957400
My parents had paid $350k for a nice studio apartment in the West Village around 2003 as an investment property. When 2008 hit they could no longer afford the apartment and wound up selling for about a break even price.

That same apartment was worth 650k in 2012 and is now worth ~850-900k.

My parents obviously had some money to begin with, but they took a financial hit in 2008 which ultimately resulted in half a million dollars lost for their retirement.

>>15957400
In 2008 I was 30.

>>15957501
Big boi! Do you remember the 2008 housing crisis? Also tell me wisdom. Based boomer.

I was just turning 14 and starting HS. Dad lost his job at a nonprofit and fell into a pit himself, mom was the only one working, foreclosures everywhere, I hated my life for the most part, dad got super pissed at me once for misbehaving at school and beat me, I wanted to kill him.

Weird time. You don't even realize you're in a "bad time" as a kid anyway but looking back wow.

>>15957400
yea
i was a bard
literally the best, highest paying years of my life

rolling for depression this time desu

I was already a boomer in 2008. I hadn't discovered stocks yet so nothing much happened for me.

>>15957588
How did you find 4chan?

>>15957400
Are you talking about the economy collapsing or having to deal with fucking Boomers that were all still working age at the time?

>>15957400
Not really a 2008 housing crisis. 2008 might affect western countries more. This happened during Asian financial crisis in 1998 (I'm from asia). My dad used to own a business that sells computer and do training to local peeps. He told me during the crisis, he had to close down shop due to lack of funds and this person scammed him around 4k usd which is a lot here. I don't remember how much he had lost totally but he sold the office lot to someone else. I was 7-8 years old, I used to follow him to the office. Now that I remember, I missed that place. It's where I learn how to use computer and do microsoft office stuff.

>>15957478
Hey Robbie

>>15957599
about three or four years before that, it got shilled on SensibleErection, back then it was like four boards maybe

2008 was when things were just beginning to go south

But it was still vastly better than the current era

>>15957478

That’s why you only buy things you can hodl forever. Sesh. Freaking noobs. Almost as bad as these idiots buying chainlink. No im not trolling. Its a shitcoin dumass (you)’s

>>15957618
Housing crash.

>>15957478
>wound up selling for about a break even price.
So they lost nothing. Boo hoo

>>15957661

the only thing you hold forever is your forever home

Worked at an airport at the time. Was weird when seasonal travel came around and the place was practically dead.

Didn't lose my job, didn't have debt at the time.

Everyone else I knew were fucked though.

>>15957693
That's some moronic logic. Had they bought that apartment any other time within the last 8 DECADES they would have gained an immense amount of wealth. It's called opportunity cost you fucking mongoloid.

It wasn't so bad for me
>Military vet dad loses job and gets cancer
>graduate high school
>Apply for college scholarships and have a great sob story
>Get tuition waiver for 4 years of uni at a state school and also get money for housing and books for the whole time

>>15957400
Yeah, but moreso the aftermath. Bought a house just outside the city almost at the bottom. Previous owner had a renter who lost his job and tried to heat the home with the fireplace, got drunk everyday, and chain-smoked in the house. Bought for 105k. Refinished the floors, painted, cleaned, and renovated when I could afford it. Today it's worth $240k. Going to have it all paid off soon. Will rinse and repeat if there is another housing crash. Specifically looking for people looking to get out of a bind.

nothing my parents bought a house ,, and still kept it even tho they bought high

>>15957542
> don’t realize you’re in a “bad time”
Desu
I went to school with richfag, mostly old money. I was on scholarship. My dad had his hours cut and so we had no spending money. I remember some kids parent’s were selling their yachts and their third homes or fourth homes.
These were the ones whose parent’s had most money either tied up in assets or their parent’s were just fucking dumb old money incest babies.
The jewish kids did fine (now I know why) and the parent’s who ran hedge funds were fine.
When I told my friends I couldn’t afford to eat out with them they were so confused. One of my friends parents stopped construction on a pool at one of their homes, so I thought “man he’ll get it!” Then he was like, “my parents stopped construction because they didn’t want the service workers to feel bad”
It oof. Fucking oof. Made the mistake of going to dinner once with them right after the crash, I figured they’d be sensible but they balled the fuck out and split the check. I had to quietly borrow $140 from said friend. He was nice though, he didn’t make me pay him back but I did after when we graduated, with a bit of interest as a thank you.
2008 was awful, I’m stills scarred.

>>15957400
I was 16 in '08. My family lost fucking everything. My dumbass aunt screamed until the family businesses (who my dad shared 50% ownership on) were liquidated to cover her lack of money. No income, but we thought we'd ride it out. Then parents got hit with two near terminal diseases that literally cost over 1 million dollars in cash (not counting what insurance covered) from '08 to '16 to survive. This, combined with the massive downturn in investments, and living expenses took us from rural gentry 1% in our state to absolutely 110% poor. I lucked out and graduated college debt free, but holy fuck my friends we got JUST'd. Almost no savings at 27 because I have been taking care of my parents.
I have felt things you people wouldn't believe.

I was 16 and on way too many drugs to give a fuck about the economy

>>15957400
Fucked my family up.

Also, underage banned.

>>15957400
My parents friends got a financial advisor who told them to sell their rentals and invest in finance companies for better returns. The advisor was getting money from the finance company for shilling.

The finance companies went under and lots of people lost everything. So they brought in a bunch of regulations for financial advisors and auditors, which means their are now less advisors around . I have a healthy mistrust of financial advisors because of seeing that, but also there's less to chose from.

>>15957400
Literally didn't notice a thing other than the brackets media hyping shit up

>>15958751

People don't realize how absolutely fucked the upper classes outside of NYC/CHI/SF/LA were by the '08 downturn. If you did not essentially have advanced warning (by banking in those areas specifically, or having friends/acquaintances in those circles) you were slaughtered. In the south, particularly, you had tons of old money families that relied heavily on securities for their income get absolutely wiped out.

>>15957407
Same here. I was basically cut off from the outside for most of 08.

I was 14
We had luck. My father had many bank stocks. He sold them in 2005 to pay off mortgage. When 2008 hit he had like 4000 dollar in stocks remaining. He works in an energy company so he didnt loose his job.
It was all pure luck....looking back my old man is laughing himself at the situation...he never bought stocks again and says he doesnt want to test his luck twice

Dad had a business, his partners lost clients because of bankrupcy, month after month he had less demand for his production and ended up selling 80% of his hardware and working with local area customers which barely allow to break even.
Mom been working in govt sector, had to work extra hours for like -40% pay

10 years later, they both broke, I am only one working in family with 15k family debt to pay off. No degree, no hustle opportunities (beign caught by cops and got away with this, but they told next time you will end up in jail, don't waste your time on this shit and find something legal). Trying to figure out how to set up LLC in tiny budget to get at least some clients and side gig apart main wage-cage job

>>15957400
Didn't notice because rich and smart dad

Was 16. It was pretty brutal. From a micro perspective what I saw was A lot of our friends who were doing well from real estate from say 2003 lost their asses and went belly up. My family was previously acquiring properties and had to stop because credit was no longer freely given out. We used to be known for having parties with 60+ people in the backyard and drinking overpriced Corona to no parties and cheap Tecatè.

Societally things shifted at that time. Whatever remnants of the free-wheeling hedonism and optimism left from the 1990s that 9/11 hadn’t devoured, were gone. Politics started to become much more polarized; that was the beginning of the trumpcucks vs trannies fighting in the streets that you see today.

It was one of the best years of my life because I read Malcolm Xs book which gave me a lot of confidence and had sex for the first time. If you want to get ‘deep’ the digits in 2008 add up to the number 10 which vibrates with great potential and is a herald for new beginnings. But that’s probably for another thread

>>15958728
2008 was 11 years ago, even if I was seven then I could post here legaly.

Following this thread it seems '08 has hit us and south europe especially hard

We literally felt nearly nothing in germany...

>>15957478
>my parents had to sell their rental property for a break even price
Boo fucking hoo. This better be B8

i was in school and did not notice. got a job 2 months after i graduated and now i make a shitload.

>>15958941
Eastern Europe got fucked hard too and Greece has been fucked even earlier for similar reasons.

Came down to policy for a lot of other countries how hard their citizens got hit. China had no individual debt so most Chinese people have no clue about 08.

France : almost nothing happened, housing dipped for a year or two before going back to normal, some people lost jobs but benefits helped them not to default

>>15958519
That's a fucking terrible return on investment. The s&p went 3x in that time frame and you wouldn't have to sink money into insurance, property tax, and realtor fees. Unless you were also renting this place out all those years.

>>15958962

Whats going for you people (americans, eastern and southern euros) is that you know what is up now. You are very sensible to housing bubbles and generally higher edicated in financial terms.
Meanwhile german and chinese people buy everything on mortgage since 3-4 years
Next one will hit us much harder than you...my fellow germans will have bleeding assholes for the next century

>>15957400
the year i graduated HS, i remember lots of people losing their jobs. even two of my family members, not good times.

>>15958997
>Meanwhile german and chinese people buy everything on mortgage since 3-4 years
I don't think they are as vulnerable as muhricans in 2008, most people in europe don't have such risky leveraged investments in housing like muhricans had in 2008 as far as I know
China WILL be hit hard, a very large size of their economy depends on housing and it's an enormous bubble. Shitboxes 1 hour away drive from beijing sell for almost 1 million usd. Many people have impossible tier mortgages using up more than 50% of their gross income every month

I graduated college in 2008 with a degree in finance. Nobody was hiring and a ton of first and second year analysts had just gotten laid off and were looking for the same jobs all the new graduates wanted. Fortunately, I was killing it at my internship with a consulting company and they made me a good offer. I lived really frugally and bought a foreclosed house a couple years later. Most of the people in my graduating class in college ended up either unemployed or massively underemployed for years though. I was one of the lucky few who got out actually making a decent salary right away.

>>15958997
We'll be like me and get a infrastructure job and take no debt. Prices went nuts and I was able to nab a small one story house with just what I saved (19k) while being at home with my parents. Good area in a city, wooded, the bank just wanted to get rid of it asap.

>>15957661
Cope no linker $10k eoy

I was too busy with college to see any of the negative impact it had first hand. I have a rich uncle who lost about 60% of hit net worth because of it, but he was still alright in the end. No one I know lost their home or job. I graduated in 2010 and got a job 2-months out of uni.

>>15958991
Do you people live in a cardboard box?

>>15957478
> selling for about a break even price
> half a million dollars lost for their retirement
topkek i hope this is how normies really think about investments

I remember non stop doom on the news but I'm Australian so life continued as normal

In norway

I was broke as fuck but noticed nothing. Housing market went down. My gf bought appartment during that time and sold it x6, five years later.

>>15957400
I'm 42. If you were broke like me, you didn't feel a thing.

All I remember was I had to ration gas because I could barely afford to gas up my car. That and I couldn't find a job.

>>15957478
>Selling at the bottom

We're sorry to hear goy. Better luck next life!

>>15957400
>Anyone old enough to remember 2008 how bad were things?
Nigger it was only 11 years ago how fucking young are you?

>>15958751

FA and insurance salesmen are the worst human garbage imaginable.

>>15957400
I live in Norway and the price for a house is like 5 million NOK even in small cities below 100k. That's the equivalent of more than 10 years of wages BTW. The banks make it crazy easy to get loans and we just keep accumulating more debt.

>>15957400
I was 15. We were always poor so I didn't really notice anything. Parents wage kek'd at a restaurant. We lived in a shitty apartment. Had nothing saved. I don't know how but in 2011 they were able to buy a house with barely any money down and then by 2016 it had doubled in value. And then I wage kek'd at the restaurant they worked at, now they were managers. Threw 20k into crypto in 2016-2017 and then cashed out at 1 million dollars. Luck has been on our side.

>>15959691
Forgot to mention the government takes like half your income too lol so 20 years my bad

>>15957400
It was actually nice.

We're all gonna make it.

I hope.

2009 left a steady enough job to study at university. Graduated in 2013; took 18 months to find another job. 3 interviews in 18 months. Was killer. That is what I remember about those dark times.

>>15958941

Because your country isn't run by destructive jews.

>>15957400
For most people, things have gotten worse. Wages haven't kept pace with costs.

>>15957478
Brainlet here but why did people who took out home loans lose their homes? Why does the value matter?

>>15960049
People took out adjustable rate mortgages (ARMs) that typically had a very low interest rate for the first 3 or 5 years and then adjusted upwards after that time, causing the monthly mortgage payment amounts to go up, often drastically. These homebuyers also often made very low or no down payments, so when they were unable to make the new higher payments, the bank would foreclose on the house and sell it, but because home prices were falling, the bank would often sell the house for less than the outstanding mortgage balance so the bank ended up taking a loss.

>>15957478
Pier 40 baseball, remember?

>>15957400
It was a bloodbath. Obama and his liberal policies nearly bankrupt our country. Things didn't get better until early 2017. Probably the worst economy since the 1920s.

>>15960100
our country is already bankrupt numbnuts. has been since 1933

Dumb goyim lost some money. Boo hoo.

>>15957400
I was 8 years old in 2008 zoom zoom

>>15960100
Obama wasn’t even president when the financial crisis happened

>>15957400
I was 20 and worked at a data entry place in a college town whilst not attending any of the college courses I was paying for. Drank lots and had a few above average women. Knew nothing about any financial stuff other than paying my rent and buying booze

Dad was a plumber and mum was a copper. Nothing changed.


>>15959862
True, packet of crisps now are 70p. Mental

>>15957400
dad ran a small concrete business. He had a crew of at least 10. Would be working on 3 different houses each day. I dont know how much my parents were worth, but they had 4 kids and we were spoiled to shit. I got a brand new video game every single week, and pretty much anything I wanted along with my brother and sisters. 2008 hits, I was young but i just remember our house going into foreclosure and my parents being broke. Dad had enough connects in the industry to stay busy enough and he never lost the company.. but my parents didnt have a lot of money and I knew that. I remember feeling bad anytime I saw my parents making big purchases.

I remember it well. Even the upper middle class felt it. People were scared again. I hadn't seen them that scared since 9/11, and I remember that too.

>>15957400
i remember 2008 was good. gas was pretty cheap

>>15957649
This. It’s amazing how much worse things actually got.

>>15960082
>bank
>taking a loss
no

>>15959862
prices have doubled or tripled since 08 while wages have stayed the same. yeah its crazy

>>15957407
I had just got out of the military and totally welfare queened it up on the GI bill from 2008-2012

>>15961014
I don't remember things ever getting better to be honest. Everything for me has gotten worse since 2008.

>>15958705
Same, I was also 16, but both my parents are in medicine so I didn’t notice anything

That recession fucked the middle class. It stagnated wages and killed unions

Anyone here managed to short the market like in the movie?

>>15957400
I was in an industry (property management) that was entirely unaffected. Our profits went up because people lost their homes and still needed a place to live. Other than my 401k and Roth having a couple down years nothing changed for me at all.

>>15961051
Well, whoever owned the MBS, which included a lot of banks. Remember Lehman Brothers and Washington Mutual? Pretty sure they took some losses.

I managed a video store that somehow survived. I was making 11 bucks an hour at the time- which was pretty good. My dumbass was oblivious to how bad it was. I quit my job for personal reasons and it was damn near impossible to find work. If I stayed I would've capitalized on the housing crash. Anyway, I'm doing way better today

It actually was the best year of my life. Doing great in my studies, happy and healthy family, made the friends I still have to this date and a qt I had a crush on was hitting me up.

Nowadays I'm single, without a family, no friends, wagie and emotionally broken. Had to be assigned to a mental medical team after trying to kill myself for the fourth time.

And I still want to die but now I don't have enough balls because the next one will put me inside a box for the rest of my life.

2008: trillion dollar bailout

2028: PLEASE YOU FUCKING COREKEKS WILL YOU CHANGE THE PROTOCOL SO WE CAN PRINT MORE BTC PLEEEEEAAAASE THIS IS OUR LAST INSURANCE COMPANY YOU FUCKING NECKBEARDS GOD FUCKING DAMN IT UPDATE TO 1.0 AND ADD MORE COINS PLEASE GOY AAAAAAAAAA

It wasn't that bad unless you were one of the ones dumb enough to borrow money you couldn't afford to pay back. It didn't take the fed and obama administration very long to artificially fix the economy via QE and corporate stock buy backs.

You ever just read through threads like this and weed out the ones you know are lying through their teeth?

>>15957400
There were people who believed in pic related unironically.

>>15961136
There are going to be planned blackouts in NorCal "for the next 10 years" soon.
Things are going to get so much worse you have no idea. China is going to look like a paradise in comparison in 10 years and people will still be going "ahuhuhuh le social credit no freedom to be gay" about it.

>>15957530
This is why people hate boomers. Useless arrogant fucking annoying comments. Fuck you DGv+HBfz.

I remember homelessness skyrocketing and my previously nice safe City turning into a crime ridden shitholes.ot was hard to come by even a shit tier retail job. I graduated HS into the recession and my parents had no money to give me for college. Wage slaving until I could afford college set my career back years. There was a sense of misery and desperation everywhere. Friends began dying of oxy overdoses and losing everything to heroin. Pimping their GFs out for the next fix. Typical experience for us millennials. I dread the next one.

I would like to know about what happened exactly with the financial chrisis but i cant understand the termonologies, does anyone have a good doco to recommend? I think this happening literally put us in this very complicated timeline.

>>15957400
In 2008 I was 23, I remember having no clue about the stock and financial markets. it didnt affect me one bit personally I was poor as fuck anyways.

Was a sophmore at a private school in New England. Obama was just elected, smart phones waste just starting To get huge. This was the beginning of the end

>>15957400
I dont live in a shithole, so nothing much happened.

>>15957643
Nice to see someone else remembers SE. I got there from Stileproject. It's still shambling along as SensibleEndowment, but last I saw, the conversation had become a monologue composed of 3 or 4 voices. And so it goes. Women and trannies ruin literally everything.