Haven't experienced a real long term recession, or atleast wasn't old enough to care.

[Anonymous No.50004732]

Hear millennials talk about the harsh 08 great recession like it was an economic doomsday event. So give it to me straight biz, what was it like in 08?

[Anonymous No.50004907]

>>50004732
UK:
> Lots of people had to find new employment. These weren't exactly entry level positions being made redundant so most were qualified and experienced and had a new job within a couple months, maybe bit of a pay cut
> Couple people I know who had complicated housing set ups and mortgages (condos, time shares, retire abroad, etc...) got burned and had to cancel their early retirement plans
> Government organisations had to substantially tighten their budgets afterwards, less frivolous spending but also less key spending and more work on the plate of fewer workers
> Substantial increase in the number of homeless, but think less "laid off worker failed to pay mortgage" and more "alcoholic no longer has the council giving him a bed in a facility out of the way"

TL;DR - If you're doing okay you'll probably be okay, if you're over leveraged or dependant on the state to survive you're in trouble

[Anonymous No.50005117]

>>50004732
> graduated 2008, all full of hopes and dreams of moving out of my home town and getting any kind of job
> parents refused to get me a loaner car because they were in debt and dad was "laid off" (they never called him back in, had some mechanic job)
> applied to as many places as I could
> no one was hiring, especially some kid fresh out of high school
> everyone I knew turned into tightwads, behind on rent, mortgages, etc
> lots of my neighbors put their homes up for sale
> ended up just being a NEET for over 2 years, fell into a severe depression thinking I was failing at life
Finally got a factory job 40 miles away with a friend around 2011. Being on standstill right after graduation was horrible, and none of my friends and family could help. Everyone was suffering, losing their businesses, etc.
This time around, I don't feel as hopeless. Hope it doesn't last more than 2 years, though.

[Anonymous No.50005663]

more

[Anonymous No.50005733]

>>50004732
It felt like it. Imagine just out of uni and you couldn’t get a “real” job anywhere. Like literally can’t even get a job selling insurance.
From the markets point of view, real palpable fear of the whole financial system failing.

[Anonymous No.50005847]

>>50004732

Hi Zoomer, its far, far worse than you can imagine.

> be standard Millennial (born mid 80s/early 90's)
>Promised if you get good grades in High School and get ANY university degree, will be a success
>Key word is any degree
>Graduate in 2009/early 2010 (Canadian so American experience different but many similarities)
>Job market in province still ok, but not many places not hiring without STEM degree
>Have to go back to school to get relevant degree
>Younger people getting same degree, so you now feel like a fuck up at 24 competing with 18-20 years olds at school. Less energy, more debt stress.
>Some people I know never got jobs, just stayed in debt and lived with parents, after 4 to 8 years to complete their degrees
>very few success stories, more depression, drug addiction
>very few people have families or kids
>even fewer own their own house

It wasn't the great depression, but pretty much cost us 10+ years to get on the property ladder, and shattered illusions of having a successful job/saving/family etc. Many people will not recover, though some were barely affected. I don't think we ever really recovered.

Your advantage is that you can learn from millennial mistakes if you aren't completely retarded, get a useful degree, network and save/invest.

[Anonymous No.50005930]

Graduated in 2008 from Spain here.
Unemployment went from 8% to 21%
Took me 4 fucking years to get an entry job in my sector.
Learned my lesson, I'm extremely expensive to fire now and I have saving and no debt, so I will survive this recession. And oh, this recession will be even worse than the 2008 one, so be ready

[Anonymous No.50006013]

Like everyone else said, it took several years to land a fucking entry level job. Hiring freezes everywhere. Vegas was hit a bit harder than other areas and our absolute bottom for house prices and jobs was January 2012. We didn't really start recovering until 2015

[Anonymous No.50006044]

>>50004732
Parents had 100k parked at a bank that went under. Eventually the government paid back all the money but the idea that a bank could actually not pay back was unimaginable before that.

[Anonymous No.50006053]

>>50004732
just don't buy a 200,000 dollar house and a 50,000 car on your 45,000 a year take home and you'll be fine.

[Anonymous No.50006088]

>>50004732
Really fucking rough, jobs were scare and it was very common for university graduates to have to take low-level jobs stacking shelves, being a barista etc. because nothing else was available.

[Anonymous No.50006229]

>>50005930
>I'm extremely expensive to fire now
que?

[Anonymous No.50006233]

>>50004732
I almost bought the house I was renting from my nigger landlord on a short sale. I backed out at the last minute because he was so fucking weird. It looks like I dodged a bullet though, the property had all sorts of stormwater issues and has barely appreciated in value. Even with the real estate bubble it's barely doubled from the price I was gonna pay. And that's just going on muh Zestimate™, the last actual sale was barely profitable kek

[Anonymous No.50006246]

>>50006088
>Really fucking rough, jobs were scare and it was very common for university graduates to have to take low-level jobs stacking shelves, being a barista etc. because nothing else was available.

This is the answer you are looking for OP. The worst part of it is that this was unexpected, we were told by teachers, parents and society get a University degree= get good job. It may seem common now to take a low level job after University, but it was devastating to people to see their illusions shattered.

[Anonymous No.50006253]

>>50004732
It was not bussin

[Anonymous No.50008070]

>>50006088
Tfw you're family is starving to death because supreme leader is eating all the food in the country

[Anonymous No.50008142]

>>50000000

[Anonymous No.50008217]

>tfw graduating with degree in finance next year
It’s gonna be rough ain’t it