/biz/ - Business & Finance

it was fucked. I graduated college in 2008, saw the job market for graduates evaporate, took me over 2 years to find some crappy entry level job, stunted my career. Then got fucked over again by corona.

>>55455837
My work hours were cut in half. Many of my coworkers were let go.

The public lost their shit over the 600b bailout. The same people give absolutely no shits about the trillions that are given away like candy now.

>>55455872
This. Young people are basically still feeling the effects now. Obama bailed the banks and Jews went all in on identity politics. And here we are..

No, not even close. Lending standards are currently much tighter than they were in that market.

>>55455837
I was just a kid but it sucked. Its crazy how shitty everyone’s houses have gotten since then. I remember going to peoples houses as a kid and the drywall was all in good shape and carpet was in good shape, those kind of things. Now everyone’s houses are messier and have the occasional crack and the carpets are all worn. Same thing with cars broken down and left on the side of the road, you used to never see them, now you see them constantly.

I don't know if the financial meltdown and resultant bailouts are entirely to blame, but it certainly does feel like that was the time when america took a real sharp turn. also barack obama was just such a total fraud, and his complete failure to live up to even a shred of what he promised is largely responsible for our current political situation.

tl;dr it was around then people in the USA stopped believing in the USA. by 2014-ish the die had been cast and 2020 was when it hit this absolutely pathetic, decrepit state it is in today.

>>55455881
That's what the "student debt relief" is. A bailout by another name

>>55455893
Young people got Obama Care. Companies drool over everyone under 26 because they can save on healthcare. You might as well be a faggot nigger at that point

>>55456027
what are you talking about. economy was great 2012-2020
was in high school and college and started working in this time span. its been great. covid kind made everything a bubble but its kind of reverting back to 2020

>>55456087
Ur the type of person who enjoy eating McDonald's.

the housing market looks nothing like that of '08 and there are a ton of "buy your house" companies backed by blackrock money keeping it stabilized. if there's more economic pain ahead it will be in the stock + crypto market + rising commodity prices and it will be because the diplomats at the state department fucked up. i'm not sure what industries they will shut down but there will be plenty of work building weapons. things should be okay for your average dipshit that just goes to work and takes home a paycheck, they are perilous for the investor though because they might want to dramatically curtail the american consumer's purchasing power. on the other hand, if things are improving then assets have a lot of room to run because america really is rich as fuck... so tired of this endless stagflation they fucked my whole generation

>>55455837
The market doesn't look similar today. People who can't afford homes don't have homes for the most part. People who buy overpriced homes are spending all their money on their mortgage, but they can still afford them. In 2008 there were bunch of people who literally couldn't make mortgage payments because of rising interest rates and the market crashed when they were forced into foreclosure. Equity markets crashed in turn because Wall Street was using these mortgages as collateral.

If anything breaks this time it will probably start with banks and end with the Fed dropping rates back down to zero again. High interest rates are making them bleed like crazy.

>>55456087
>economy was great 2012-2020
Not outside the major cities. I know because I was buying shitloads of property for pennies on the dollar. In 2017 the economy bumped a little. In 2018 it went into overdrive. Everybody was making money. Except for the leftist progressive pieces of shit who selfishly ruined the economy for rural america.

>be 18
>ride my bike through my suburban neighborhood
>every third or fourth house is for sale by bank or occasionally by owner
>girls at school are crying because daddy got fired from his big corporate job
>people lost everything because their stocks cratered and dropped to less than half of their previous value

You don't even know. The fact that people are comparing the current inflation in the US to what happened in 2008 is fucking bizarre to me.

>>55455837
Prices are high because nobody wants to sell. Homeowners that got loans with rock bottom interest and are seeing high inflation make their debt worth less everyday. They've reached nirvana.

>>55456066
Ìt's nigger faggot, not faggot nigger.

>>55456226
>correcting the glowie
>he'll argue with himself better next time

Stop that.

>>55455837
as a 32 year old who was just graduating high school during the gfc i can say that is pretty much the only time in my life i have ever seen multiple houses that had signs on their front lawn saying something like "FORCLOSURE" or "BANK OWNED HOME PRICE REDUCED" and sure the house wasnt selling for pennies, but fastforward 15 years later and i dont see any homes around town nowadays foreclosed by the bank or reduced to sell just because the bank wants to get rid of useless assets. people that are trying to make that comparison really miss the mark for me.

>>55455837
>does the housing market look similar today?
Worse. Definitely.

>>55455985
>I remember going to peoples houses as a kid and the drywall was all in good shape and carpet was in good shape
Loads of properties being rented out over the decades during the become a lord of the land phase won't have helped them out in that regard.

>>55456268
I think it's just inverted. Homes are unaffordable and everyone is overbidding.

>>55456268
we arent that far along in the process. Right now its pretty much what I remember from 2003-2005. Houses selling every week, delusional owners listing for all time highs and the eventual slowdown when the building stopped. Home building and apartments popping up is a leading indicator of something about to happen.

>>55456351
The amount of construction in the 00s of offices and homes was fucking insane.

>>55455837
There are currently just under 2 million houses listed for sale. During the GFC 2 million foreclosed property dumped on the open market alone, not counting regular listings.

We're nowhere near that.

Just watch 'Big Short" amiright fellas huehuehue

Seriously though it was as gay as this thread is and the worst is yet to come

2 more weeks blah blah blah it's all a game meant to be rug-pulled when THEY want it to, 2008 merely demonstrated that outright.

>>55456410
yeah and we have hit the point of no return on office saturation. Now we are very quickly going to hit the point of no return on apartments. Homes will happen at some point in the next year or two.

Most people forget that we have something like 750 million bedrooms in America (This number is a couple of years old, after this wave of construction we are going to pushing 800 million.) Thats 2.6 or so rooms for every man woman and child. There is no real shortage of housing.

>>55455837
It was really bad. I could only get a part time minimum wage retail job. My dad had died right as the entire financial crisis kicked off. It was a dark time in my life and it turned me into an absolute penny-pinching Jew for the rest of my life.

>t. 35 year old boomer

>>55455837
The market bottomed in March 2009 and came back pretty strong

>>55455837
it impacted the lower-middle class a lot (upper-middle class did okay, as long as they weren't speculating on real estate).

there was one month in 2009 where 5 parking spots opened up in the apartment parking lot, because they were repo'ed in the middle of the night. a few other people started hiding their cars in different neighborhoods, but i heard even one of those was nabbed, since the repo drivers have a list, and while checking another neighborhood they found it there.

>>55456424
>the worst is yet to come
meh it'll probably be a slow decline and not some sudden collapse of society

>>55455837
Horrible.

My dad lost his good job, we ended up selling our house and moving to an apartment.

We didn't have it as bad as other people, but it completely changed things. The upper middle class no longer exists, and the next crash will be a lot worse.

I'd prepare now if you haven't already.

>>55457014
>what is a boom and bust cycle

How bad does an 60k 2000 sqf house in a white suburb sound?

>>55457023
yes, please grace us with your surely expert level knowledge about economics

>>55457069
Sounds good

>>55457020
>I'd prepare now if you haven't already.
Given your experience, how have you prepared for the coming collapse?

>>55455872
this. ive done alright as is happens but it has been grueling work to get here. perpetual debt too.

>>55455837
jop market was shit for a couple of years. i think it was beginning to recover by 2013

Airbnb bubble popping is the catalyst for another leg down in housing imo. Its been the side hustle of choice for normies for an entire decade now and this will be their first real bear market.

>>55457117
Taken extremely good care of my assets and have not put myself into debt.

Do not take out any kind of mortgage, and pay off any debt you have asap.

>>55455837
>does the housing market look similar today? no one is really on adjustable rates but prices are pretty crazy.
It's not as much about houses this time. Everything is financed on short term bonds/loams now. Governments, corporations, commercial real estate. As all these bonds mature and have to be rolled over at a much higher rate, there is sure to be more and more financial pain forcing corporations and individuals to tighten their belts.

>>55457760
yeah but that will mean this time around big institutions and banks will break before the average joe so thee deluge of newly printed money will be enormous
we might end up in the horror situation where housing barely corrects before blackrock buys it all up again with new monies thus pricing out people forever

>>55455872
>graduated college in 2008
same. there was nothing out there. i had some work, but at that time rent was like $275/month. also the gas crisis was around this time and gas was above $4/gal often. happened again in 2010 after the BP spill in the gulf too, i think. i also remember people selling everything they owned on craigslist for really cheap.
>>55455837
>does the housing market look similar today? no one is really on adjustable rates but prices are pretty crazy.
there's a lot of overleveraged people out there. a ton of people are way over their head and bought overpriced shit homes with no inspections, instead of people buying good homes with shit credit and loans. that's how it's different this time.
>>55456087
>what are you talking about. economy was great 2012-2020
sounds like you got out of college once shit was back on track. 2007-2013 was not good.

>>55455837
Was deflationary so my dollars became worth more as zombie corps burned. I was comfy and worked happily thru it. Great to see so upper class hedgie/wallstreet/banker types get their shit pushed in. I pray for totally collapse nightly, so take it with a grain of salt. Deflation is great for middle and lower class people as long as you stay employed/earning.

>>55455837
Well, long story short, it set me back about 10 years.

>>55456351
>in literally where mountain valley last week
>5 over 1s and those gay blocky goyslop apartments everywhere

>>55455837
It was pretty fucked. I graduated in '06 and was working construction. When the news of the bailouts and the following crash hit, I watched old men break down in tears when they called in to their brokers and 401ks to find out half of their life's work was gone when they were expecting to retire next year. Work dried up quickly and I spent the next 4-5 years hopping from job to job since nobody had a lot of work to be done. Employers were taking advantage of people's desperation, hiring only the most highly qualified applicants on a temp basis for entry level wages, then laying them off/ firing them when their temp contract was up and they had to be hired full time. Many businesses never stopped doing this since then.

I was in middle school at the time and my dad started giving me $1 for each A I got on my assignments. I would ball out on hot topic clothes and wow suvsceiptions. After the 2008 crash he stopped giving me money

>>55455837
Well, luckily I was entering college as a Freshman 17 turning 18.

Let me tell you. My father lost his business and my mother was a long term nurse. They were both post military do they had retirement and disability, so they did well enough. My dad didn’t have a good time of it, though. Pride thing, really.

I had a merit based scholarship that required I keep a certain gpa, I kept it.

It was rough for everyone around me. You don’t want to live in times like that but it looks like something more shocking is coming. There is a deep recession approaching, and after that something new. Not many on this board agree with this concept yet, but technological unemployment is going to hit this economic world like an asteroid the size of Texas. There is no solution other than hoping the world after is one of post scarcity.

Bless you all. Hold on tight. Love those around you like there is no tomorrow.

>>55460217
>There is no solution other than hoping the world after is one of post scarcity
spoiler alert it will not be
why would the owners of the disruptive technology share it with the unwashed masses
and no ebt isnt sharing it

>>55460204
honestly their own fault for ever giving their money to the casino employees and paying them for the privilege of gambling ones own money
anyone with a functioning brain learned that trusting on pensionfunds was russian roulette after 2008

>>55457070
atpCap

on the richter scale 2008 would be a 3. govs paid bank debts with taxpayer money. austerity measures to pay for it. bankers pay them selves millions in bonuses. only memepeople lost their house