Jump to content

Welcome to FutureTimeline.forum
Register now to gain access to all of our features. Once registered and logged in, you will be able to create topics, post replies to existing threads, give reputation to your fellow members, get your own private messenger, post status updates, manage your profile and so much more. If you already have an account, login here - otherwise create an account for free today!
Photo

Personal History Discussion: The Great Recession

reactions 2008 2009 Great Recession economic collapse 2007 recession bank failure housing bubble subprime derivatives

  • Please log in to reply
22 replies to this topic

#1
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 20,705 posts
  • LocationNew Orleans, LA

This is the first thread of an on-going series where we discuss our personal reaction to historical events . In this case, let's talk about 2008.

There's one major event I wanna focus in on: the Great Recession. I personally feel it was the foreshock for a much greater economic catastrophe, though as time goes on, I'm not as sure as I once was. After all, we've been saying that the Collapse is definitely coming this year for almost as long as it's been since the Great Recession technically ended. You can even find threads on it on this very forum, about how the global economy was undoubtedly going to collapse by the end of the year and anyone who couldn't read the writing on the wall was simply deluded by needless optimism, that we should prepare for bank runs and 40% unemployment in first-world Western countries by Christmas...2011. Repeat the next year, for 2012.

I'm starting to wonder if it's possible the economy won't collapse, but instead, we've entered an entirely new phase in economic history unlike anything we've experienced in centuries— total economic stagnation. Stagnation that could last for decades. 

And it all stems back to those strange days back in 2008, when the global economy actually did collapse. 

 

I want to know people's memories and experiences about this event. What were you feeling at the time? What were your thoughts?

 

Naturally, this is a discussion that's going to have to exclude anyone who was as young or younger than I was at the time (14 years old by November 2008, but 13 for the majority of the year), as I can vouch for many when I say middle schoolers aren't exactly the most world-receptive creatures out there. I knew something was happening— news reports constantly started with the anchors screaming 'Breaking News: Dow Drops XXX Points' and bringing up how many banks had collapsed by that day— but I wasn't old enough to understand what was happening.

 

So I'm mainly asking those who were at least 16 years of age, or, in an exception to that, had parents who were so highly concerned by the on-going events as to react in ways that frightened them. You see, my mother is as apolitical as they come— one of those middle-aged Lifetime/A&E/Candy Crush Saga types who doesn't givva damn about current events or the latest in sci-tech or anything, so there was no concern in my household back then.

 

Yet I can imagine that, in other homes, there was a tangible fear that all of Western civilization was about to implode.


And remember my friend, future events such as these will affect you in the future.


#2
TranscendingGod

TranscendingGod

    2020 is here; I still suck

  • Members
  • PipPipPipPipPipPipPipPip
  • 1,916 posts
  • LocationGeorgia

I remember during either during 08 because both my parents lost their jobs. The saving grace was that they had already payed off their mortgage so they worked odd jobs and could pay off the electric and water bills but there was hardly any spare income. This periods was marked by my parents constantly searching for any place that they could work and there was never a stable job that they could find. We visited a lot of food banks and there were a lot of people who helped us by giving us food and different things. I remember this time period clearly because i even went with my dad on some of the jobs he took in ranches to corral cows. 

 

We have never had a lot of money so it was just a marked decline in the diversity of food that i noticed as a kid. 


The growth of computation is doubly exponential growth. 


#3
Erowind

Erowind

    Anarchist without an adjective

  • Members
  • PipPipPipPipPipPipPip
  • 1,080 posts

I was 11 at the time, and the main thing I remember thinking is, "if the economy is bad why do I see people buying tv's and talking about vacation." No one in my school lost their homes, no one that I knew lost their homes, no one that I knew talked about any they know losing their homes. No danger or sense of danger was present throughout the whole ordeal. However, everyone was talking about it, and it seemed like all the adults were in a bit of a frenzy, even though the danger never came.

 

Pittsburgh never felt the brunt of the recession, unlike other areas of the world. The healthcare and IT industry carried us forward with five years of sustained economic growth, and the majority of people use local banks here. Who's heard of Well's Fargo or BAC? We use Dollar Bank and Hunington. Ooo there is a sale on that TV over there I'm going to go buy it.

 

My report may be skewed by my age at the time, but I think people will find interesting that some areas were reletivaly unaffected.

 

Also, screw proofreading it's too late for this dsdlgdf;ghshdfghdg

 

EDIT: Another thing of note, I am lower middle class and live in an apartment that looks like something out of the Soviot bloc. I was not a sheltered rich kid by any stretch, and I hear multiple languages in my apartments lobby every morning. We have very poor people and very rich people in this apartment. You will see the old retiree with his corvet, next to the cambodian immigrant that can barely speak english and works at the saga down the street.



#4
Erowind

Erowind

    Anarchist without an adjective

  • Members
  • PipPipPipPipPipPipPip
  • 1,080 posts
Holy crap that is horribly written, /\ I really should just go to bed when I get that tired.

#5
Recyvuym

Recyvuym

    Apophis 2036

  • Members
  • PipPipPipPipPipPip
  • 999 posts
  • LocationDie Sonne

In Australia we mostly missed the Great Recession, in fact for a quarter century, slightly less than the duration of my life, Australia has stayed out of recession.

 

I first heard about it through my dad, who explained to me what was happening with the banks and that the resulting downturn would be huge. At the time, I was 18, and not particularly worried.

 

However, both my parents were extremely stressed, and my dad is a financial advisor, so he was under a lot of pressure despite the country mostly steering clear of the storm. This eventually led to me moving out of home because I couldn't take the energy. Since then, I've looked into what happened more, and followed what's been happening since.

 

The more I found out, the angrier I became, and this was when I was already at a point of extreme disillusionment and disgust towards my own culture. I went on to protest in Australia's version of Occupy for a short while. 

 

I am now one of the people claiming that "this will be the year. (Or early next.)" Yeah plenty of people have made this failed prediction for every year since 2009. But I did not count among them then. This is my one and only claim. My attempt at a bullseye of future predictions. Even as you consider the possibility that we might have a long secular stagnation like Japan, rather than a new Great Depression, the European banking system is melting down. And I mean... check the headlines from just the last couple of days. In short, your question of whether we'll keep limping along like this for another couple of decades, will probably be answered sometime around December with a resounding "No."


I loudly predicted the second wave of the Global Financial Crisis would begin by the 31st of March 2017. But I was wrong! Observe my well-deserved public humiliation here, here and here. Let this be a warning to all of you who try to guess the future. Yes, that means you, reading this now! Put that prediction back in your pocket! Do it now, before it's too late! (Also check out my userpage, it's even funnier.)


#6
Recyvuym

Recyvuym

    Apophis 2036

  • Members
  • PipPipPipPipPipPip
  • 999 posts
  • LocationDie Sonne

I would describe the global economy since 2007 as a heroin addict who was already very sick, and then, he got in over his head trying to score some china white, and he got shot.

 

But, when he went to the hospital, they told him he was fine, and he went home bleeding everywhere and got high again.

 

Then in 2008, he went into cardiac arrest and had to be rushed to hospital. They pumped him full of so much god damn awful shit just to keep his heart beating, that they actually ended up wrecking his body about as bad as the gunshot wound or the heroin habit ever did. He took on a ghoulish shade, he stank, his skin started to peel off, his eyes were bloodshot, his teeth began to fall out...

 

Three times since then, he's been back for more of the same horrendous treatment. Each time, he comes back looking even worse. Each time, we all stand around taking bets about what's going to happen.

 

"There's no way he won't drop dead by the end of 2011," some said. He started vomiting blood one day, and everyone held their breaths. But nothing happened.

 

"Okay seriously," others said in 2012, "the Mayans, right? They knew, or something." And indeed, his right foot did take on some unknown gangrenous infection that year. But nothing happened.

 

"Come on now, this is getting ridiculous," they said in 2013. "Just die already." But he did not.

 

By 2014, we were all becoming accustomed to the addict and his ever-worsening condition, and many of us had even convinced ourselves we didn't mind the smell so much. He'd been like this so long, it was starting to seem as though he was simply going to stagger on like this. Even though he was going into cardiac arrest every odd month.

 

And yet somehow, it got to the point where it became laughable to suggest that he was ever going to kark it.

 

I think we should rather stand in awe at the fact the miserable old prick still draws breath. The fact he hasn't died yet isn't evidence he isn't about to die. The gunshot wound of 2008 should have killed him, to be honest. They pulled some real pharmaceutical voodoo and they broke all the rules just to keep him propped up. The guy's already half dead. Letting him carry on like this is painful and degrading. This poor fuck has a terminal condition, and he's on life support, and the life support clearly is not working anymore. Claims that he was going to die five years ago may have been wrong, but that doesn't mean he's in good shape, it means he's cheated death for a very long time and his luck is ever more likely to run out. I reckon the witch doctors can squeeze another few months out of this zombie.


  • nomad likes this

I loudly predicted the second wave of the Global Financial Crisis would begin by the 31st of March 2017. But I was wrong! Observe my well-deserved public humiliation here, here and here. Let this be a warning to all of you who try to guess the future. Yes, that means you, reading this now! Put that prediction back in your pocket! Do it now, before it's too late! (Also check out my userpage, it's even funnier.)


#7
caltrek

caltrek

    Member

  • Members
  • PipPipPipPipPipPipPipPipPipPip
  • 9,931 posts

Economists and those with a background in business and stock market speculation have been predicting eminent collapse since I have been alive, or at least since I have been paying attention to such things.  So I take those predictions with a grain of salt.  Like a stopped clock, they are some times correct.  The collapse of 2008 was such an event.  My wife and I were seriously contemplating a move to another house at that time and quite nearly lost a great deal of wealth had we purchased before the crash had its full effect. Prior to the crash, real estate agents in our area were saying that the market would never drop.  Even I thought that the market might level off for awhile, but never drop.  We were proven wrong by events. In studying the aftermath, I realized that there were some economists, like Joseph Stiglitz, who understood exactly what was coming down and why it would happen.  Yet, in a discussion I had with a local member of a Board of Supervisors in California, she insisted that nobody could have known in advance what was going to happen.  I think she was just rationalizing her own lack of foresight, a lack of foresight that I shared with her.  I was simply more willing to acknowledge that I had been caught flat footed by events and was thankful that I avoided any really disastrous loss.  Ironically, it was in that same conversation that she made some really interesting observations about how people simply skate by on the surface of events without really understanding the deeper causes and consequences.  She didn't seem to understand the irony of her contrasting observations.

 

I do think there is something a little weird in the stock market right now.  As I understand it, price earnings ratios are way out of alignment in comparison with historic norms.  So stock prices seem to be in a bit of a bubble.  I keep waiting for that bubble to pop.  In a sense, relatively minor corrections in the market are a source of relief.  It is hard to see how the market can otherwise sustain this state of affairs.  If a crash does come, a lot will depend upon whether investors of small amounts will be willing to ride out future corrections.  If they are, that might prove to be a backstop that would prevent a major depression, although recessions might still result.


The principles of justice define an appropriate path between dogmatism and intolerance on the one side, and a reductionism which regards religion and morality as mere preferences on the other.   - John Rawls


#8
TheComrade

TheComrade

    BANNED

  • Banned
  • PipPipPipPipPipPipPipPip
  • 2,642 posts

2008 was a kind of milestone in Russian history, but mainly because of this. I very well remember how i discussed this war with colleagues. People were proud but also a bit disappointed that we haven't captured Tbilisi and didn't hanged Saakashvili like Americans did with Saddam.

 

Crisis began 2-3 months later & i lost this job (i do not regret, this was a crappy job anyway).



#9
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 20,705 posts
  • LocationNew Orleans, LA

2008 was a kind of milestone in Russian history, but mainly because of this. I very well remember how i discussed this war with colleagues. People were proud but also a bit disappointed that we haven't captured Tbilisi and didn't hanged Saakashvili like Americans did with Saddam.

 

Crisis began 2-3 months later & i lost this job (i do not regret, this was a crappy job anyway).

Didn't that war coincide with the Beijing Olympics?


And remember my friend, future events such as these will affect you in the future.


#10
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 20,705 posts
  • LocationNew Orleans, LA

Thanks to my black-belt in Google-Fu, I have dredged up some period articles.

 

September 14, 2008: Lehman Files for Bankruptcy; Merrill Is Sold

 

November 14, 2008: German economy now in recession

 

November 18, 2008: Why Japan Has Slipped Into Recession

 

December 1, 2008: It's official: U.S. in a recession since December 2007

 

December 28, 2008: Banking Collapse of 2008: Three weeks that changed the world

 

December 29, 2008: The Weekend That Wall Street Died

 

January 23, 2009: UK in recession as economy slides

 

March 25, 2009: Why this is the worst recession, not a depression

 

July 31, 2009: The Great Recession By The Numbers

 

November 2, 2009: Recession Strikes Las Vegas

 

 


  • Casey likes this

And remember my friend, future events such as these will affect you in the future.


#11
Unity

Unity

    Information Organism

  • Members
  • PipPipPipPipPipPipPipPip
  • 2,477 posts
I was working an an electrician at the time. Work really started to slow down. I was dating a chick running her own LLC doing freelance work for google. She was making much more money than I was and I was like, "Well I've got to go back to school to get involved in technology because I always liked those subjects anyway." So I moved to Northern California to pursue computer engineering. I want to go to UCLA for theoretical physics. Several reasons.

1) I have visited the campus when I lived in LA. I loved it.
2) They apparently do work with the LHC. I think the problems I have encountered related to wave analysis that interest me have applications here.
3) Their physics department focuses more on theoretical applications. This interests me greatly.
4)Terrance Tao. If somehow I could get to speak with him... Wow. His blogs and especially his paper on Navier-Stokes and the solution to Erdos bridge problem were... Such a different way of thinking from what I am used to. I feel I would become much more rigorous in my thinking under his instruction.
5) I love LA. It would feel like going home to me.
6)The weather
7) I already know the area and hopefully would make new friends there who could introduce me to a side of LA I never experienced before.
8 ) I think I would be able to do work that I love. Consult on interesting problems. In time, I think there would be very good financial opportunities.
  • Yuli Ban and Infinite like this

#12
BasilBerylium

BasilBerylium

    Banned

  • Banned
  • PipPipPipPipPipPip
  • 734 posts

I barely remember that year


This website has a magic that makes people draw back here like moths to light.


#13
Mike the average

Mike the average

    Member

  • Members
  • PipPipPipPipPipPipPip
  • 1,509 posts

China was buying heavily from Australia so we didnt get hit as hard. Real estate had a bad time in areas.

 

Labour prime minister Kevin Rudd gave every poor/middle class worker in the country earning under $100000 - a free $900 as stimulus to the economy.


'Force always attracts men of low morality' - Einstein
'Great spirits always encountered violent opposition from mediocre minds' - Einstein

#14
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 20,705 posts
  • LocationNew Orleans, LA


  • nomad and Recyvuym like this

And remember my friend, future events such as these will affect you in the future.


#15
nomad

nomad

    The Darkness

  • Validating
  • PipPipPipPipPipPip
  • 548 posts

In the news I noticed the Bernie Madoff mutual fund ponzi scheme more than the news about sub prime mortgage loans or the stock market in general.


Cats.


#16
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 20,705 posts
  • LocationNew Orleans, LA

November 10th, 2007: Recession? What Recession? - The New York Times

 

January 10th, 2008: Top Wall Street economists: U.S. may already be in recession

 

January 15th, 2008: As Talk of Recession Grows, Republicans and Democrats Differ on Response

 

January 29th, 2008: Five Tips for Marketing in a Recession

 

February 7th, 2008: The geography of recession | The Economist

 

February 14th, 2008: What's a recession? How will US slowdown hit India

 

February 14th, 2008: Bernanke, Paulson both see U.S. avoiding recession in '08 xD

 

February 19th, 2008: The Recession Felt Around the World

 

April 28th, 2008: Why is our economy in a recession? 10 Causes of Economic Recession

 

May 1st, 2008: Economic recession: A self-fulfilling prophecy?

 

May 23rd, 2008: Recession: Who Makes the Call, and When? : NPR

 

August 21st, 2008: How to survive the recession


And remember my friend, future events such as these will affect you in the future.


#17
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 20,705 posts
  • LocationNew Orleans, LA

Let's look at some on-the-ground discussions of the crisis.

 

Recession jokes! - Politics.ie

 

Recession: How Are Things For You? - Airliners.net

 

Electrician - A Recession Proof Career? - Off-Topic Discussion

 

Graduating into a recession | Minnesota Public Radio News

 

Recession 09: East Coast + Detroit


And remember my friend, future events such as these will affect you in the future.


#18
BasilBerylium

BasilBerylium

    Banned

  • Banned
  • PipPipPipPipPipPip
  • 734 posts

I remember that I attended a private school during 2008 and I was a disaster there like now.


This website has a magic that makes people draw back here like moths to light.


#19
Yuli Ban

Yuli Ban

    Born Again Singularitarian

  • Moderators
  • PipPipPipPipPipPipPipPipPipPipPip
  • 20,705 posts
  • LocationNew Orleans, LA

Hey, remember what was going on at around the same time?
 
Swine Flu: How the H1N1 Virus Got Its Start
 
WHO: H1N1 Vaccine Will Take 4 to 6 Months to Make
 
Mexico flu deaths raise fears of global epidemic

2009 was definitely an awful year. For everyone else, I mean. It was an okay one for me.


And remember my friend, future events such as these will affect you in the future.


#20
BasilBerylium

BasilBerylium

    Banned

  • Banned
  • PipPipPipPipPipPip
  • 734 posts

Hey, remember what was going on at around the same time?
 
Swine Flu: How the H1N1 Virus Got Its Start
 
WHO: H1N1 Vaccine Will Take 4 to 6 Months to Make
 
Mexico flu deaths raise fears of global epidemic

2009 was definitely an awful year. For everyone else, I mean. It was an okay one for me.

Yeah I remember that, a week withouth class in the primary

Also your 2009 is my 2016 (or near)


This website has a magic that makes people draw back here like moths to light.






Also tagged with one or more of these keywords: reactions, 2008, 2009, Great Recession, economic collapse, 2007, recession, bank failure, housing bubble, subprime derivatives

0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users