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Started By
Message
How did the 2008 financial crisis affect you?
Posted on 11/17/20 at 4:17 pm
Posted on 11/17/20 at 4:17 pm
I was to young to really notice even though I remember it being in the news.
It seems like we will be experiencing something even greater than that in the coming year(s).
How was your life personally affected? Were you able to provide for your family? Did you have to delay retirement? How long was your layoff? Did dreams you had disappear or were they just delayed?
It seems like we will be experiencing something even greater than that in the coming year(s).
How was your life personally affected? Were you able to provide for your family? Did you have to delay retirement? How long was your layoff? Did dreams you had disappear or were they just delayed?
Posted on 11/17/20 at 4:19 pm to CorkRockingham
My hedge fund took a beating but I recovered handsomely around 2011.
This post was edited on 11/17/20 at 4:27 pm
Posted on 11/17/20 at 4:20 pm to CorkRockingham
I was already too broke to notice
Posted on 11/17/20 at 4:20 pm to CorkRockingham
Well I bought a house in FLin 2005 and had to move and try to sell it in 08, so it fricked me pretty good.
Posted on 11/17/20 at 4:20 pm to CorkRockingham
It pretty radically changed the first decade of my career, most likely
Posted on 11/17/20 at 4:20 pm to CorkRockingham
I was a sophomore in high school so I didn't feel any effect, but my mom had to go back to work.
Posted on 11/17/20 at 4:21 pm to CorkRockingham
I only got somewhat lucky because the company I was working with had a lot of the marathon Garyville major expansion project which was in play right before and they dedicated to finish it which they felt would be past the recession, which it was.
This is a whole new ball of wax and I’ve been through the repercussions from .dot bomb, 9/11, Katrina/Rita.... this is an entirely new beast. I’ve seen nothing like it.
This is a whole new ball of wax and I’ve been through the repercussions from .dot bomb, 9/11, Katrina/Rita.... this is an entirely new beast. I’ve seen nothing like it.
Posted on 11/17/20 at 4:23 pm to CorkRockingham
It didn’t affect us until 2012 but that’s bc if the hurricanes down here in LA
Posted on 11/17/20 at 4:23 pm to CorkRockingham
One thing I distinctly remember, and you can still see in some places...
Sprawling, half-started neighborhoods in suburban areas that sat dormant 5 or so years. Grand neighborhood entrances with a model home and streets and streetlights...but no homes.
Sprawling, half-started neighborhoods in suburban areas that sat dormant 5 or so years. Grand neighborhood entrances with a model home and streets and streetlights...but no homes.
Posted on 11/17/20 at 4:23 pm to CorkRockingham
lost $100k out of my 401k
Posted on 11/17/20 at 4:24 pm to CorkRockingham
Temporarily made millions instead of billions.
Posted on 11/17/20 at 4:24 pm to CorkRockingham
Didn’t affect me at all. I was only 16 or so. My dad took a hit to his 401k, but he recovered quickly and saw explosive gains.
Posted on 11/17/20 at 4:24 pm to Paul Allen
Graduated from LSU in spring of '08 just before shite hit the fan. I had taken a job in BR to stay with a girl who hadn't finished college yet. Normally that's a bad move, but it worked out as all my fellow graduates who had gone elsewhere in the country to work were laid off by the end of the year, but thanks to all the Katrina/Rita money in LA my job was safe. Pay sucked, but it was a stable job.
Posted on 11/17/20 at 4:26 pm to CorkRockingham
I worked in the financial industry but kept my job somehow. We bought our first house in 2006 or so and its value went in the tank. Sold it for a loss 8 years later. My 401k got cut in half but I was in my 30s and it didn't matter that much at the time.
This post was edited on 11/17/20 at 4:50 pm
Posted on 11/17/20 at 4:26 pm to CorkRockingham
I work in fixed income, went from selling CDOs and crazy RMBS back to the bread and butter community bank business...was a win before and windfall when the economy tanked
Posted on 11/17/20 at 4:27 pm to CorkRockingham
It hurt a ton at the time but we pivoted our business from nearly all residential work to all commercial work in 2009 and we haven't looked back since.
There was a ton of panic selling in 2008. Many shrewd investors made a ton of money buying from the pickings left over after the market crash.
There was a ton of panic selling in 2008. Many shrewd investors made a ton of money buying from the pickings left over after the market crash.
Posted on 11/17/20 at 4:28 pm to CorkRockingham
I got the largest bonus I have ever rec'd in Jan 2009. Still at the same job. Haven't had a bonus that size since. But we aren't in the real estate/banking/finance industry.
Posted on 11/17/20 at 4:29 pm to CorkRockingham
I was 5 years away from inheriting my family’s multi-million dollar automotive group that went back 3 generations. Anddd then 2008 happened and under immense financial pressure we were forced to sell it all. Sooo, yeah
This post was edited on 11/17/20 at 4:31 pm
Posted on 11/17/20 at 4:30 pm to CorkRockingham
Not much directly.
I bought a house at the beginning of 2009 for $179k thinking it was a steal. Houses in the neighborhood were listed for ~$200k, and mine was flipped off a foreclosure.
Two years later we needed to move and our best offer was $154k and we were expected to cover all closing costs.
The market in that area didn't fully recover until 2017 or so when we were able to sell for a whopping $5000 profit (not really a profit considering maintenance, etc over the years).
I bought a house at the beginning of 2009 for $179k thinking it was a steal. Houses in the neighborhood were listed for ~$200k, and mine was flipped off a foreclosure.
Two years later we needed to move and our best offer was $154k and we were expected to cover all closing costs.
The market in that area didn't fully recover until 2017 or so when we were able to sell for a whopping $5000 profit (not really a profit considering maintenance, etc over the years).
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