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How did the 2008 financial crisis affect you?

Posted on 11/17/20 at 4:17 pm
Posted by CorkRockingham
Member since Jun 2017
502 posts
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?
Posted by Paul Allen
Montauk, NY
Member since Nov 2007
75183 posts
Posted on 11/17/20 at 4:19 pm to
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 by windshieldman
Member since Nov 2012
12818 posts
Posted on 11/17/20 at 4:20 pm to
I was already too broke to notice
Posted by WDE24
Member since Oct 2010
54132 posts
Posted on 11/17/20 at 4:20 pm to
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 by Pettifogger
Capitol Hill Autonomous Zone
Member since Feb 2012
79188 posts
Posted on 11/17/20 at 4:20 pm to
It pretty radically changed the first decade of my career, most likely

Posted by VolsOut4Harambe
Atlanta, GA
Member since Sep 2017
12856 posts
Posted on 11/17/20 at 4:20 pm to
I was a sophomore in high school so I didn't feel any effect, but my mom had to go back to work.
Posted by back9Tiger
Mandeville, LA.
Member since Nov 2005
14143 posts
Posted on 11/17/20 at 4:21 pm to
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.
Posted by DomincDecoco
of no fixed abode
Member since Oct 2018
10864 posts
Posted on 11/17/20 at 4:22 pm to
Posted by GreenRockTiger
vortex to the whirlpool of despair
Member since Jun 2020
41457 posts
Posted on 11/17/20 at 4:23 pm to
It didn’t affect us until 2012 but that’s bc if the hurricanes down here in LA
Posted by Pettifogger
Capitol Hill Autonomous Zone
Member since Feb 2012
79188 posts
Posted on 11/17/20 at 4:23 pm to
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.
Posted by MorbidTheClown
Baton Rouge
Member since Jan 2015
65881 posts
Posted on 11/17/20 at 4:23 pm to
lost $100k out of my 401k
Posted by PrimetimeDaBoss
Swag City, USA
Member since Oct 2008
7144 posts
Posted on 11/17/20 at 4:24 pm to
Temporarily made millions instead of billions.
Posted by DeafJam73
Baton Rouge
Member since Sep 2010
18436 posts
Posted on 11/17/20 at 4:24 pm to
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 by BottomlandBrew
Member since Aug 2010
27092 posts
Posted on 11/17/20 at 4:24 pm to
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 by fallguy_1978
Best States #50
Member since Feb 2018
48475 posts
Posted on 11/17/20 at 4:26 pm to
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 by hubreb
Member since Nov 2008
1843 posts
Posted on 11/17/20 at 4:26 pm to
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 by VABuckeye
Naples, FL
Member since Dec 2007
35523 posts
Posted on 11/17/20 at 4:27 pm to
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.
Posted by Colonel Angus
Member since Aug 2007
1625 posts
Posted on 11/17/20 at 4:28 pm to
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 by Grateful Reb
Member since Apr 2011
8070 posts
Posted on 11/17/20 at 4:29 pm to
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 by StringedInstruments
Member since Oct 2013
18376 posts
Posted on 11/17/20 at 4:30 pm to
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).
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