As someone who was still in middle school in 2008, I never really understood what happened. Even watching documentaries and movies about this crisis didn’t help much. But this video here is such a clear and structured piece of work that finally give long awaited answers for me. Really awesome to live in the information era.
Cosfusion is very very smart by not naming names. Just do some research on which company owns the most bofa, wellsfargo and bank stocks then and now. From there you can see the web they have. I have a feeling that their end goal was to destroy government backed loans aka fannie mae and freddie mac because they can’t compete with subsidized low interest mortgage loans. Luckily the government took controlled of fannie mae. If they took over the mortgage markets we would see 15% interest loans and a much riskier bubble
Ill be blunt Republicans are the root of all evil the cause of why every war we have been in is a disgraced war instead of investing in America they want to be no better then russia constantly giving our money away to the rich no strings attached this is nothing new trickle down economics pff doesnt work maybe for slaves as republicans create homeless not help them they hurt us not help us they have turned the republican party into the confederate party and this has been far before trump bush senior est est est the republicans who surround the republican president are no better then russia in terms of there states and actions
@@chowderwhillis9448 He does, I'm just saying that those are the majority. It's funny when the channel is run by someone who sounds like they're 18 and obviously doesn't know anything about what they're regurgitating and the channel name is called like "Learn With Me" or something pretentious 😂
I did IT work for a major IT firm at a major chemical producer starting in 2001. In 2008 our IT work staff went from 15 people to 8 to 4 to 2 in a matter of months. Everyone took mandatory pay cuts, loss of benefits, loss of vacation, and more overtime even as they were shoving people out the door. I kept my job through all of it watching both the IT firm and chemical producer tighten their belts. We understood the world was hurting and we thought if we were lucky for just surviving. Here's the dirty little secret... even when things got better and both companies were posting record profit, we never got our pay, benefits, or vacation restored nor a reduction of overtime. The companies might have been forced to reduce, but it also allowed them to see the minimum human factor they could maintain and survive. By 2016, I was used up. The companies had literally worked me so much I was experiencing both mental and physical health issues. Being the 'Senior' of the two remaining employees, I was on call 280 days a year when it was common to get called in two or three times a night. They expanded the territory I was expected to cover time and time again. I was left no choice but to leave -- not only that job, but IT completely. I now work as a layout / designer for a small print shop making a fraction of what I was making. That's my takeaway from 2008. Companies used the opportunity to weed out the weak and exploit those that remained under the guise of, "Look how lucky you are" all while pocketing record profits. All 2008 did was let the greed trickle down, fester, and ruin even more lives.
That's what happens with crisis, but this Also destroys the ability of companies to innovate, so there should appear new companies that surpass them. The issue Is that doesn't happen yet
It’s amazing really. We have a financial crisis, caused by greedy, reckless financial institutions. Congress passes legislation requiring those institutions to be less greedy and reckless. The institutions then lobby to have those restrictions removed, usually in the name of “remaining competitive”. This leads to another financial crisis. It’s completely predictable, and we have been doing this dance since the Great Depression almost 100 years ago.
Agree; the rules should be applicable to all banks - big or small. First; very few meaningful laws are passed and then this cycle of doing-undoing seems to support deregulation risking the economy and the faith in banks.
I believe using an investing advisor isn’t a terrific idea. In the midst of the 2008 financial crisis, I was literally experiencing horrible dreams before I spoke with an advisor. In conclusion, I was able to increase my initial investment from $320k to almost $2.5 million in 2011 with the aid of my advisor, and I later bought my first investment property.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
2008 lost my house, 2009 lost business, husband died, ended up a widow at age 30 with no credit cards, no saving, and no job. Still trying to get my feet under me. I’ll definitely never be able to own a house again. 2009 has definitely marked my life, and derail all my future plans.
@@jaybrown7811It's helpful when you don't have much else. A sudden expense, say your car breaks down, can now be covered while you wait for your next paycheck. If you straight up can't get a credit card, it's a good indication that your life is completely fucked.
Lost everything too. My best advice is stay busy. Make a list of everything you want to do before you die and everyday work on it. Give yourself more stuff to do than you have time left in life to actually accomplish it. I have more games, books, entertainment, etc. than I'll ever live to get to. It really helps because it keeps yourself distracted from a reality your powerless to change.
A big consequence that nobody talks much about is that an entire generation of high school students never got to enter the workforce like they normally would. Myself and nearly everyone I knew was competing against grown adults who had lost their jobs and were now applying to the formerly entry-level work like fast food and retail. A generation of kids lost out on 2-3 years of savings and work experience. The “summer job” became a thing of the past.
Yep this is a huge thing that somehow never gets mentioned. I couldn't get hired literally anywhere as a teenager, even places like McDonalds. When I graduated high school there were no job opportunities, you'd be hired by fast food and sometimes factories now that you were an adult. But anything that could lead to a real career? Nope. So I just went to college and barely inched along in my career until the pandemic hit and then I got fast tracked to higher and higher positions because of all the old people retiring. I finally have the money for a home but the market is terrible to buy in now, boomers literally destroyed the world for an entire generation and still managing to cause crisis after crisis. Covid disproportionately killing old people was the planet's attempt to correct course.
The people who graduated high school in 2008 weren't actually hit that hard. By the time they graduated college 4 years later things were back on track. Try having graduated from college in 2008, that's a pain few people know. You went from "don't worry about getting an internship or pre-applying to companies, with a college degree companies will be coming to you!" to "yeah...how's your negotiating and business acumen skills? I hope they're top notch because you'll need them if you're planning on getting that job at McDonalds."
@@fuzzypanda1684 I graduated high school in 2012 actually so my comment more has to do with the fact past generations of students were able to get work experience and begin their savings while in their teens. Just pointing out that summer jobs basically were non existent for those in high school 2008-2012.
2008 sucked. One day I was an aggregate manager. The next I was an equipment operator working seasonally. I was called to a meeting and told to bring my laptop, company phone, and company truck. They left me in the shop parking lot with my own tools and no way to get to my home 30 miles away. I never felt like such a failure. To make it even better my wife was on bed rest with our child due to complications and I did not want to tell her our income was not cut by 60 percent. We lost everything in the next 9 months. House. Savings. Vehicles. Most of retirement. I watched friends, who I warned about the sub prime loans lose their houses. I never want to go through that again. I am still trying to recover. The only good that came out of that time was my wonderful daughter.
My son was also born during the financial crisis. My company went under. Both my wife and I both lost our jobs. we were both in the mortgage and financial industry.we both had to work in retail to bring in money. terrible times i want to forget!
It’s just crazy to me that so many of these bank managers and executives didn’t go to prison or worse. Absolute free license for unrestrained psychopathy; it’s no different a problem than letting dogs with rabies run around.
Free Market Economy, and innocent until proven guilty. Its not right to blame an entire group of people for what a very very small select did. The real problem is trying to prove intent. They can just say they didnt know and unless u can prove otherwise your going nowhere and just wasting your time/money/energy for something that happened alot time ago.
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
Agreed! this is why I work with one. My $520k portfolio is well-matched for every market season yielding 85% rise from early last year to date. I and my advisor are working on more figures for this year. IMO, financial advisors are the most sought-after professionals after doctors.
My advisor is Melissa Terri Swayne, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks, I just googled Melissa Terri Swayne and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
I graduated undergrad and entered the workforce in 2009. As a working adult, I have never had full confidence that the money I’m working for will actually be there on payday. I know millennials catch a lot of flack for being critical of employers and workplace expectations, but truly I think we are so traumatized by the era we work in. Growing up seeing our parents get by with no degree, climbing corporate ladders from entry level positions while being able to afford a house, a family, a savings… Being told that if we work hard enough we can have what they have… Looking at the bigger picture, it feels like gaslighting 😵💫
They won’t let the house market fall low enough to make housing obtainable for the younger because too many of our population has all their worth in the houses. This is a result of our fed policy and the manipulation they engaged in. It’s a disaster.
Look at the national debt. That tells the whole story. Think of what debt is. Our parents spent decades saying "I want to be comfortable now and I'll sacrifice later instead." Well later has arrived. And it's only going to get worse the longer we try to put it off. We're going to need 2-3x the Great Depression to pay for what our parents got for free.
Gaslighting... Or perhaps simply being unable to comprehend what it's like to be working in a gig-economy. What it's like to be part of the precariat. I honestly didn't realize how bad it was until one day when I noticed how my heart rate always kicked up a notch every time my team leader and boss went into a meeting. And how I almost compulsively started checking my bank account and calculating just how many months of unemployment I could handle. When I realized that I spend every day at work expecting to get fired without warning. Paranoid? Perhaps... But having worked in a gig-economy for over a decade, rarely managing to stay in one place for more than a year, it's really hard to not be just a little paranoid about these things. My parents and grandparents could easily spend a decade or more at the same company. They had the confidence needed to settle down, buy a house, have kids... All the stuff you might be dreaming about. Me...? I've been moving from project to project, from job to job, from apartment to apartment... I've never been able to settle down, buy a house, and have a couple of kids. How can I, when I struggle so much with work? When I never know if I have a job next week?
@@chaoscarl8414 In the 90' there was a TV show called Married with Children. Al Bundy was a shoe salesman and he had a wife (no job), 2 kids (no jobs), a dog, a house and a car. All of that with a shoe salesman paycheck.
that's why I still buy physical gold, even if they gamble with my dollar savings, gold doesn't care it's still valuable no matter what happens so I can lock my savings in it
I started my career as a young banker in 1976 until the failure of Seafirst bank and its acquisition by Bank of America in 1982. Later as banker, IT manager, entrepreneur, college professor and investor I have lived through the 30 years described in this video. I have NEVER found a summary of our financial and economic history as well done as this. This video should be mandatory for high school graduation and for college graduation again. In less than one hour it could deliver a population that understands economic and financial history of the US and of the world at large with an understanding of the toxic collaboration of government and financial institutions. AWESOME JOB. Thank you.
I agree with this comment ^^ and enjoyed the program. I have been in the hotel biz and the new lending rules (although necessary) have had some negative impacts on the working environment of being in that type of business ever since! Long story. But also, I feel like many political decisions leading up to and impacting the '08 crash were not touched on enough in the story. For example, POTUS and Dems in Congress inserted well-meaning but stupid quotas in Fannie Mae operations that required minority loans NOT based on income, credit or likely ability to pay - which fostered the invention of insane loan products and intentional confusion designed to befuddle new homeowners.
You should watch 'Inside Job' documentary. It's the best documentary and explanation of the 2008 crash. I've watched it few times and my blood still boils when I see it. And even today, our family is still feeling the effects of it.
Economy of greed is going to fail again and ordinary people like us will be left to foot the bills. The psychology of unending growth promoted by corporate culture is the root problem. Companies operate today not satisfy their customer but the stockholders. This is not capitalism but cartel culture presented to us as capitalism. As long as we keep this model of economy that has nothing to do with the real economy human behaviour will keep this cycle of boom and bust going.
My parents immigrated to Italy in 1992 when they were just 20yo. They didn't know the language, had no money, no family nor friends yet they managed to find a job, get a house and grow a family. In 2008 i was just 13 yo and I remember my father and older sister were extremely stressed and worried all the time. I will never forget the scene of my sister and I, in the bedroom, as she was trying to explain to me what was happening. she said: 'before, if you lost your job, you could find a new one the next day. Now is not like that anymore. There are no jobs and very little money'. the memory it's still vivid in my mind. It has really created a sort of 'trauma' around money and finance.
My motto during my 70+ years on this planet is, Make hay while the sun shines -- and save it! It's relatively easy to do if you decide not to waste any. Believe me, I've been stressed many times, but being disciplined makes the goal easier.
I used to think everybody went broke during the Great Depression and other major crashes but they didn’t… Some made millions, I also thought everybody went out of business during these times but they didn’t, some went into business, there's always depression/recession for some people and there's always a good time for others, it's all about perspective.
Inflation has not always been around there was a 15 year period of deflation. Yes as prices went down income went up. Once you go to Fiat currencies with no tangible backing then inflation is an intentional factor. Patience, Cash on hand & Short Term Investments are key
True. I first came across investing in the market in 2019. Already stashed about $480k in savings then, and the free money from the Government was pouring in, increasing inflation rate. I just got an advisor and kept the money there, just because I didn't want to keep the value of the money depreciating in the bank. Tbh, it's the best investment decision I've made since then.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I found her page by searching for her entire name online. After that, I emailed her and we set up a meeting so we could talk; I'm currently waiting on her response.
The amount of financial trauma this gave my now-ex girlfriend...she is terrified of credit, debt, loans, and banks, and constantly thinks she has no money and will lose everything overnight. Her family was hit hard by 2008 and it shows in her approach to personal finance today. Her father did not learn his lesson and continues reckless spending and debt habits swearing one day he will get rich again. It is so sad.
It’s not trauma, it’s called financial wisdom. The Bible has taught credit, debt, loans and banks are not your friends and should be eyed warily with a heavy dose of skepticism. Need look no further than the looming student loan crisis. It will make the housing crisis look like a walk in the park when70%+ of borrowers refuse or are unable to pay back their loans many of which are 6 figures plus… for liberal arts degrees and other just as useless degrees (useless for making a living) like phys Ed teacher or social work. If you pay $80k+ for a degree that leads to a JOB where salary cap is $60-70k you’re not just dumb you’re a mark.
@@xman666soad unfortunately the situation you describe, apply to people studying stem classes too. A degree in quantum physics has the same value as the art major since they work the same Starbucks job.
I was born a planned child. My parents had set up a few of accounts for me for college and a house. They were doing their hardest to build me a future they dreamt of for themselves. I remember going down to the bank once a week with my dad and depositing money into my fund. “This will be here for you, one day you can buy a house!” I remember when my sister was born, they started one for her as well. I remember the rental property my dad bought and was renovating. I remember the plans he had to build a new building for his business. I remember how my mom was always in time to pick me up from school. Then one day, it all disappeared. We stopped going to the bank, my dad didn’t mention his rental nor his architectural plans, mom stopped picking me up. I remember how often I was home alone in the house, I was already in bed by the time they’d come home from work. I remember the countless arguments they would have. Couldn’t sleep at times. My dad had a heart attack due to the stress, but I didn’t understand at the time why dad was in the hospital. I remember how often we’d eat frozen/prepared food. How we started it buying in bulk, a habit that they still have today. My parents barely kept the house and my dad’s business. Both declared bankruptcy.Only by having it under my grandmother’s name did they keep it. After my dad’s heart attack, grandma ransomed it back. We haven’t seen her since. My parents were robbed of their work and time with their family. They lost their savings and future. Meanwhile, head bankers got paid EXTRA to ruin millions of lives and continue to this day.
As someone who was just starting my adult life during the 2008 crisis, I can tell you exactly how it felt. It felt like showing up to a party 2 minutes after they stopped letting people in. Just got to stand outside in the rain looking through the window at all the partiers (the older generation) having a good time oblivious to what was going on outside.
You described this so perfectly. This was a time we needed a house and the prices skyrocketed and priced us out of a home. House prices went from a 275K home in NJ to now being 600K +. It got absurd while the elders looked down upon us for not affording a proper house lol.
The overwhelming majority of the 'older generation' got royally f**ked as their pensions got gutted. Your issue is with the 1%, not the overwhelming majority of older people who are felling the same pain you are.
The government has been committing elder abuse against the “older generation”.by reducing interest rates. Elders who did the responsible thing by saving up a nest egg have not been receiving interest to live on. And I wouldn’t call having been drafted into the Vietnam War like all the young men of this “older generation” an “oblivious good time”.
I was working as a Computer Network Engineer at the time. Then all hell broke loose over the next few years. It was like watching a slow motion train wreck. As things imploded, I lost my job, my house, my wife and my way of life. I was trying to do consulting in any type of IT that I could find but no luck. It was just too hard while I was fighting my ex-wife over child support and paying huge lawyer fees. I finally just gave up and moved back in with my father and mother. At the time, my mother was slowly dying of some sort of brain related dementia or Alzheimer's (I really don't think they ever really knew). This is when I got low wage driver jobs at Pizza Hut and then as a package handler for FedEx. This is very hard work when you are going on 60, I wasn't a kid anymore. I seriously considered some kind of suicide at this time. During all this I had run up my credit card debt to about $70k ( a combination of business debts and reeducation). I ended up borrowing money from a friend and invested in foreclosures. It was the only best game in town. I made a little money but nowhere near enough. When my mother passed and then my father a few years later, I was able to pay off most of my debts with the inheritance. As soon as I hit 62, I claimed my social security and moved to the Philippines. I live a meager life. I paid my debts and I am enjoying the lower cost of living. I never thought this could happen to me. I had a good life up to the crash of 2008. Thanks for the video. It's a nice piece of work that shows how our lives were destroyed and many of us never recovered. My sons will never have a better life than my parents did.
Yes sir. In 2008 I had a 25 year career in I.T. in Australia and then America destroyed. By 2011 I attempted suicide. People disparage taking out student loans as some kind of moral choice, but in the mid 2010's in my 50's I took Obama's free money to help with staying out of the Field. Am 61 now, all multiple-degreed-up with no options, and have driven a semi truck for 4 years now. As I've trucked all over the U.S., and particularly out West over the past few years, I've seen the misery out on the streets explode way beyond the long extended deprivation I dealt with for a long time. I'm just a bare step up from that, only just now, and somehow feel lucky. But I will never go anywhere nor make it, and will never cover anything I owe, literally to everything from the past 15 years. Mere *survival* is the only imperative now. It aint the 80's no more, and none of the young people will ever see that stark reality.
Stay in the fight Greg and Wsmeo. Many ppl must move overseas. Ppl need to join their voices and put their stories on social media to make ppl know of the personal effects of this continued fallout.,
That almost happened to us in the early 2000's. Siemens bought out the privately owned company my ex worked for, it was going to be a 20 Years Retirement & Watch kind of job, and then it wasn't anymore. So fortunately we were already half-screwed by 2008; wasn't anything much left to lose by then. Plus a developmentally disabled younger daughter (She's on SSI, in a supported group home, the joke being that financially she's better off than her parents and her older sister.)
I was 15 when this happened, my parents lost their house in 2009. My dad was working 3 jobs just to keep food on the table and had a small stroke from stress and lack of sleep. The impact that this event had on everyday people was just horrible. Everyone involved should have been put behind bars.
I think the people behind this should have been made into soylent green. Risky investments are not investments, they are high stakes gambling. And ths folks who did it made out like bandits, at least in the U.S.
Why those were people to be admired, who saw opportunity and took it. When they failed our Congress bailed them out and turned all further decisions over to the Federal Reserve System, our Central Bank which is privately owned.
@Bob Habib Nah, nah I didn't. I am one of them deplorables marginally qualified as a tax payer cluttering up the view of our Olympian Overlords who got everything they have on their own
Comments feels like an AA meeting... Having lived through this as a millinial has woken me up to how brutal the systems can be. Hope we can fix this. Great vid man.❤
There's not going to be a fix. World population is going to decline. And the economic model we use only functions given the precondition of never ending growth. That's not going to work.
The 2008 crisis taught us how crucial it is to focus on fundamentals and stay diversified. With today’s market volatility and rising rates, I’m leaning toward value stocks and companies with strong balance sheets. Economic uncertainty is tough, but it often creates opportunities for long-term investors who can stay patient.
I agree. Even with great opportunities, we should proceed cautiously. Seeking market analysis or advice from certified market strategists is important.
Absolutely, having a solid plan is crucial. My portfolio has doubled since early last year. My financial advisor and I are working towards a seven-figure goal, though it might take until Q3 2024.
I was a senior in high school in 2008 and looking back after this video, a lot of things that my dad did/said during that time make sense. He mentioned that we were very close to the bank reposessing our house and that our finances were in shambles. It always bothered me and even to this day I've dedicated a huge part of my life to being better with money than my dad was (despite him being my hero in just about every other area of life), but now looking back with the knowledge from this video, I can hardly blame my dad. And actually, the fact that he managed to keep the house through it all makes him a hero to me even in that area.
Your dad was lied to by the loan officers, they all lied through their teeth to make people take on the maximum amount of debt they could possibly make monthly payments on at that moment. Every salesman, whether it was car loans or real estate, repeated some variety of "Enjoy life now! give your family the best! You can't lose!". Hear that dozens of times from all directions and whatever normal financial sense you had is replaced by the new normal which has masked the risks you once thought sensibly about. - Icelander who had loans in 2008
I feel the same way about my parents, I went through a very similar situation. Made me a very good spender and saver in my adult life now, looking back at how hard times were.
Yea man, your dad did what he had to do for your family. It was a rough time, no one can relate to unless they had to live through it. Next time you see your pops, give him a big hug and say thanks for not giving up.
I was 10 years old when this happened. Over the years I’ve begun to increasingly notice the shadow of the Financial crash hanging over everything and it really feels like it was the end of the good times. The UK feels like it never truly recovered from the crash, like many other countries.
Having the Tories in government for 12 years since the end of the crash didn't help either. Politicians who specifically chose to make people poorer while making the rich richer, to increase economic inequality. We really have only gotten worse and worse.
I was working at a Canadian bank. I wrote a small application that helped them manage short term securities borrowing and lending in 2007-2008. I tested the app with the help of a person in ops. The first morning that we went into production, I noticed that the Canadian dollar page was full of activity, but the US dollar page was absolutely empty. I called my contact in ops to tell him that the app wasn’t working, and the US dollar page was empty. I will never forget his reply: he said “no, that’s correct. We aren’t dealing with US banks”.
@@aravindvissamsetty Canadian banks routinely conduct business with US banks. In this case, the specs for the app were done before the big US collapse.
The solution to all of this was outlined in Bill Still's documentary. The Money Masters. Sadly, that solution is ignored by our representatives, our teachers, and the media.
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market, I’m really worried about survival after retirement.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
This one hits very close to home, Dagogo. Just like you, I was too young, 14 to be specific, in 2008 to fully realize what was going on. Unfortunately for me, I am Greek, and man did we get shafted hard. I vividly remember the days of the collapse, with the news blabbering all day about it, and thought that it was just a bunch of distant problems that weren't interesting and would never affect me. But I still remember my parents being concerned. The truth is, we didn't realize how bad it really was until a bit later on, I wanna say 2010-2011. My father is a civil engineer and my mother a high school teacher. They were both earning respectable salaries and, while we weren't rich by any stretch, we were good. Nothing essential was ever missing in our home, we could buy stuff we wanted, my parents had bought a second car in 2006 to help with my and my sister's transportation for lessons and such, they took a loan in 2007 to buy a small piece of land near the sea to build a little cottage (seafront property is rather abundant in Greece, after all) and we could still live comfortably. My mother's salary was cut quite a bit, but my father's was higher so we still seemed ok. But one day in I think 2011 I remember my dad coming home pale, sick looking. He told us that his salary was cut by a bit more than half. That was the year I was finishing school. I was quite successful and went into med school in 2012. My parents were overjoyed, but that didn't last long, as soon the reality set in that they would struggle to pay for my studies. Then 3 years on, my sister was in the same position as me. And suddenly, we went from being well off to struggling with every day spending. We had to go for the cheap groceries, we would completely forego non essential items, we would replace our clothes only after they were totally worn out, mostly to keep paying a terribly timed loan paid. Now, my father is a stoic man, but seeing him barely holding back tears because he didn't know if we could make it, all while my mother had already broken down, that was traumatic. And the saddest part? We were still well off, relatively speaking. I mean, we were struggling, but we still had our home, we still had food on our table and my sister and I could still, though barely, keep up with our studies. Others were in even worse shape. Friends and family were losing their jobs, some their homes, older people's pensions went from ok to being unable to cover even their most basic needs, putting even more stress on people who had old parents to look after. Then society devolved into complete chaos. Suddenly, everyone was outraged. Suddenly, everyone was out in the streets protesting. Suddenly, the far right and far left gained power. Suddenly, we couldn't care anymore. People had nothing more to lose, nothing more to give, and austerity measures still demanded more be given. People just stopped paying for loans, taxes, utilities, you name it. It was as if society raised a collective middle finger upwards. It was glorious and sad to witness. Sadly, it all fizzled out and people became comfortable again, when instead of being homeless, they could rent a 25sq.m home, or when minimum wage went from 550€ a month (yes, 550 A MONTH) to a whopping 600€. And instead of these hardships forging us into better people, we became complacent and accepted that we're the poor, the bums of the EU. Nowadays Greece is barely more than a tourist destination and a factory of cheap scientists for richer countries. Countless people, myself included, studied in Greek universities and have highly sought after degrees, but are leaving Greece in favor of countries with better wages and, honestly, more acceptable living and working conditions, because no one studied to become a doctor or an engineer or a lawyer or what have you to work endless hours for scraps, but scraps is what we get. So yeah, the title is spot on. 2008 still affects us. I don't like that I had all these memories brought back, but you did a hell of a job with this video. Cheers man.
dude I was 18 and remember how much ASS the job market sucked at the time... for a long time. "employment insurance" (which then recently changed from "unemployment insurance" truly a euphemism) was something old men who still had work had to use for the friday, people got laid off and fired and schools were backlogged with students
@@Matanumi Stuff like that makes me think. Is our generation lucky because our working lives barely missed going through that period? Or are we the unlucky ones because we have to build our careers on the aftermath of all of that? It's something I've been thinking about for quite a while. Maybe the truth is somewhere in between, I guess. No matter how much the job markets sucked for a while and how our generation is, as Dagogo said in the video, the first one that's poorer than the preceding one, I really wouldn't want to be in the position of people like my parents back then. Not being able to find the job you want, the one you studied for is one thing, but I can't imagine having your wage halved or worse, being laid off while you have kids to raise and debt to repay. People who took on debt they could sustain to build up their lives were affected the worst, I think.
@@michaelvick2872 You are completely wrong and should've been better informed before posting such nonsense! It's still just bad! Just joking here, but honestly, it is still bad. Not as horrible as it used to be back when the Greek state was spending money like a gambling addict on a losing spree, but it's still bad. Salaries are still terrible, tax evasion is still a big problem, high/unreasonable taxes still exist, the list goes on. It's gonna be a while, if ever, until Greece manages to get on Western Europe levels of economy management and standards of living.
Yes. Personally, I am still being affected by the good will of the Canadian Conservatives Government who lowered significantly interest rates at that time and allowed everyone to renegotiate their mortgage, I would not have a home without Steven Harper. This allowed Canadians to not loose their homes. But fuck George Bush in the USA for even allowing that to happen in the first place and letting people get kicked out of their homes.
I disagree. Yes, he simplifies it, and helps non financial people understand it, but it lacks a lot of the detail, and I say this as someone who has studied this very comprehensively. I'm not hating. It's good for what it is. Edit to add - completely wrong about Ireland who were the first to repay their debt to the IMF and the ECB.
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This hit close to home for me. My family had to foreclose on our home and relocate to another state following the crisis. At the time, I didn't realize why we had to leave my friends and the place I loved. Trying to understand the trauma my family dealt with actually led me to major in finance -- I don't work in the industry, but knowing how mistakes made in that field screwed so many people over really helped me make sense of the direction my life had gone. Ultimately, it worked out well in the end -- I wouldn't have met my spouse if it weren't for us moving here! -- but it's crazy to think how a few bankers and investors shaped the entire course of my life thus far.
From 2008-2012, the company I worked at had wave after wave of mass layoffs. Every conference call was people yelling at each other. We had 3 cancer deaths, 4 heart attacks, 2 suicides, and lots of divorces. All due to stress. It was awful.
I now realised why we have so much e-waste as well... it then means that, those office equipments were or must have been liquidated... a lot.. after that. And all those stocks, were moved or sold on.. Maybe I was lucky to have resided in a small city that, had cushions or had small businesses, that acted as a cushion, cos I didn't foresee the big events like this.... Not at all. I was also on the road as consultant back then as well... Had no idea of the continuous daisy-chain events.... one after another. Right now, we are indeed trying to equalise, aren't we ? To increase growth and reduce inequalities as well.. to raise the next generation etc... Now I realised why so many of my friends went to work in the charity sector to stay anchored... whilst the institutional entities reorganises itself...
Housing crisis, health crisis, financial crisis, cost of living crisis, debt crisis, inflation crisis, EU war crisis, Middle East crisis. How many crises can we endure? As I approach retirement with a solid financial cushion, I'm anxious about a potential banking crisis. Is private equity a good option to grow my money securely?
Diversify… T bills, CDs, Gold, Stocks, Municipal bonds, Bitcoin, Real estate, etc assets speak when cash has no value. If you're not confident in your financial knowledge, consultant a financial advisor.
Agreed, investing with the help of an advisor set me up for life. Retired with about $1.6m in stock portfolio only. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. Supplementing my income with stocks and alternative investments helped me by far beat the retirement age of 65.
I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now.. mind if I look up the professional guiding you please?
The advisor am currently working with is Judith Lynn Staufer. I came across her in a Bloomberg interview for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look her up.
The scary part about this recession was, usually recessions use to last 4-6 months....this one - really never ended....I lost my job, thought I'd just go on unemployment for a few months, instead - 2 years later I hadn't found another comparable job, lost all my savings, unemployment had run out, lost my family, and really never recovered.
If we are going to be honest with ourselves, this wasn’t actually a recession. It was the collapse of the West. When you take a good look at what western society, culture, and ethic was before 2008, you will understand what I mean. It has been said that we live in the decaying carcass of a failed world. And that everything we have now is simply what we have been able to salvage from the past. Everything now is essentially just a hollow shell. But, these days, we are already in the process of resetting the system to restore what we lost.
Honestly my country, Spain, was so hard hit by the crisis that it has never been the same here. Economic indicators went up this past years, but the climate of dispair and precariousness never went away, it was a before and after moment for this country.
Hey, at least you guys have a beautiful language. You can be sad in that beautiful melody. Jokes aside, the same happened in Croatia. We are not as developed as Spain but we lost 400k people from 2011 to 2021. Most of them left for Germany/Austria/Ireland.
@@Adriana-eu6ty And who knows where it goes from here, it's looking pretty fucking grim. It's so fucking infuriating that our livelihoods are gambled by cocaine fueled maniacs in like 5 global cities, of whom we don't even know their names, their mechanisms to do so, and we know they will never be hold accountable for their crimes. Eat The Fucking Rich
I am 21. In 2008, I was 6 years old. My understanding and experience of the economy is wholly shaped by a post-2008 experience, similar to how I will never understand the "pre-9/11" world either... Thanks for explaining the complete disconnect between the way I conceptualize the economy, and the way Gen X adults do. It's so difficult to see why they still see innate value in certain assets, especially "conceptual" ones.
What are you referring to by "conceptual" assets? As a pre 9-11 Gen Xer, I don't know this term. I can say though that most of my generation got totally nailed but a lot of them have gone on like nothing happened. (Not me- I got nailed and learned a lesson) Anyway, I am wondering what kind of things you were referring to. Thanks!
@@mariahsmom9457I'm assuming he's referring to conceptual assets as being financial products that have somewhat imaginary or pretend value as part of their attraction. I'm thinking like NFT's (Non fungible tokens) which some pay a huge price for. Their value is underpinned by fad-factor, hype and the celebration of stupidity.
@@mariahsmom9457I think what was meant by "conceptual" assets was the idea that the value of things like stocks, currency, homes to some degree, and some other "assets" in markets aren't really defined by anything tangible or based in the real world (think of the gold or silver standard) or any evidence-backed economic formulas, they're defined by what people can ultimately convince other people they're worth (speculative markets), which results in companies invested in those assets trying to increase that value by any means necessary, even if that value doesn't make sense in reality.
I was born into a well off family, but in 2008 we lost everything. Went from living comfortably to unemployment checks and food stamps. It’s pretty much all I’ve ever known because I was so young and my family still suffers to this day. My parents lost all their savings over the years trying to keep us off the streets and I’ve already promised myself to never have children no matter how well I am doing financially because I’d never want my child to experience this. I think a lot of people my age feel the same way, it’s sad that we can’t trust our government not to give in to corporate lobbyists. 2008-2010 were some of the most impactful years of my entire life.
I've spent most of my 20s and all of my 4 30s building my business. I was damn near wiped out in 08 and had to do a short sale on my condo. I paid my mortgage up until the month I moved out voluntarily to initiate the short sale. I rented a guest house from a client and then ended up renting a condo from a man that bought it for next to nothing after the crash. I spent years rebuilding my business and lived in my car for quite some time to make it all work. After years of struggling and feeling like I was getting nowhere with my business things started to turn around around 2017 for me and buy a 2020 I finally purchased my own gym. One week after that purchase was when the COVID shutdowns kicked off in California. 2 weeks of flat in the curve ended up being roughly 2 years of either being shut down or forced to operate in a very limited capacity. I received no help from the government and I will never be compensated for those losses. And I'm having to let that the gym go a year later and I'm now subleasing from a much larger gym. They are struggling as well and we work together to survive. And now we're in a recession and things are getting worse. So basically I spent the better part of my youth busting my ass to build something that was ripped out of my hands twice for no reason of my own. It's heartbreaking to be honest and I don't know if I have it in me I keep fighting cuz I'm not sure if I even believe a better future will exist if I do. I hope one day we all rise up and make these people pay for what they've done. It's not the working folks fault but it certainly becomes our problem doesn't it?
It's not your fault things didn't work out as planned. The truth of the matter is that - without government bailouts, NONE of these companies would be around. You're working with a small amount of capital. Just do what you can.
The government of California ripped your dream from you. Period. I live in the Midwest, and we (mostly) continued business as usual here during the COVID pandemic. Yet, the mass majority of us somehow survived and prospered. I haven't seen a single gym in my area close or get bought out by a chain since 2020. Not one. I'm truly sorry for what you went through, but the government of your state alone is to blame in this case. There's a reason why the employment/housing/debt issues are affecting the coasts in such a high proportionality compared to middle America. You, unfortunately, live in one of the two worst states to be a business owner during COVID. I know you know the other one... You, sir, got truly screwed by your state government. I feel for your for that. At this point, those of us in the Midwest, feel like we're living in a different reality than the coastal states. It's honestly odd, when we view the disparities between regions.
@@fmrscout33 you are 100% correct... I was born and raised in Virginia and then lived in Florida for 5 years before moving to California. I plan on moving back to the east coast as soon as I can. I can't give up on the business so I'm training my successor now because I want out of this hell hole. I'm glad you were able to avoid most of this b.s.
@@jamesorourke34352 Corinthians 12:9-10 9 But he said to me, “My grace is sufficient for you, for my power is made perfect in weakness. Therefore I will boast all the more gladly about my weaknesses, so that Christ’s power may rest on me. 10 That is why, for Christ’s sake, I delight in weaknesses, in insults, in hardships, in persecutions, in difficulties. For when I am weak, then I am strong. I understand the struggle of working so hard, only to see it all crumble; all of that hard work in vain. I have come to see that truly, its providence so that we stop relying on ourselves. We are so weak, all of us. But as a people our pride (my pride) doesnt allow us to accept that. God wants us to seek Him, to call out to Him for help, not for financial means but for salvation. Really and truly, in my weakness, He has glorified himself, and Ive never been happier. Ive never replied on someones comment like this before, but I feel its God will, so let His will be done. I hope it provides some comfort to you. Seek Jesus Christ, He's knocking at the door. God bless you
I was 9 in 2008. I grew up in Portugal, where recession deepened through many years of sociopathic austerity. my most basic understanding about how life works became that the next year would always be worse than the previous. I told my dad that when I was about 11 and he explained to me that it wasn't always like that. That never really sinked in for me. So many people a little older than me finished their degrees only to end up earning 400-something € a month in exhausting retail jobs. Several speeches were made about how people were over-educated, even though most of that generation were the first of their families to go beyond high school. Even though people who are now in their 60s often have 6th grade educations. even though my grandfather's sister never learned to read or write, and became a maid in the city at 7, and he had to move away for work at 14. but I think the worst was the "lazy southern people" spreads in the magazines of countries with free university and 35 hour work weeks. I think that might be why I'm writing this rant; there's an incurable, toxic bitterness in me from seeing people work themselves to the bone, until there's nothing left, only to be called slothful bon vivants. fuck every single person involved in fabricating that myth. it's heartless to keep yourself so ignorant while passing sentences.
Good post. You have to move on though. Life is unfair at corporate level. I've been bankrupted and outsourced, bought and sold. It's left me bitter too at times. What is more important is to have good friends and relationships
I finished work on Friday, woke up ready for work on the Monday only to find I didn't have a job, I'm a plumber and have struggled ever since. In 2008 my world was turned upside down and never recovered.
You still here mate so am I. I became invincible after GFC. I feared nothing not even the 2020 virus demic.😊😅 I kept telling myself you have been through this before OG. God blessings 🙌 🙏 I did survive again.
I was a kid in 2008 and when this hit here in Iceland we lost everything and had to move into a tiny 100+ year old house which was mostly just made out of wood and a tiny bit of concrete. We just barely managed to get that house because my mom was smart and somehow managed to prevent us becoming homeless. The fact that we still haven’t fully recovered just goes to show how devastating this mess was.
@@a13xdunlop Some of them. Some of the people who played a part in it got off free. Still pisses me off. My mom's friend literally went homeless because her mother wouldn't take her in. She has since somewhat recovered but still. A lot of good people were absolutely ruined and some recovered addicts even died due to them returning to substance abuse and It's all just very sad. Heard of some dude from my town that built his dream house from scratch and then had to sell it. There are a bunch of stories and yet some of the people responsible have the nerve to try and get into politics again.
I was 39 and fresh from a divorce. I was renting an apartment. All my friends were buying houses and living the high life. They thought I was crazy for paying off my debt and refusing to buy a home. Then it happened. They lost homes, cars, boats, etc. I felt bad for them but, I tried to warn them that this spiral upward cannot be sustained.
It can for the individual if you’re not a fuckin idiot. You don’t have to be among the average, I know plenty of people who were cashing in but DIDN’T have to suffer when it popped
If you actually had the insight in 08 you think you did you'd be rich right now. Why pay off your debt when you could have shorted the market and been rich overnight?
@@fj06carnone there is a difference between feeling that something is off and thus being cautious vs. being confident and risking money by shorting the market
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
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this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Growth is not returning during our lifetime I expect. People are having less children. It's not possible to have a growing economy with a shrinking population. I would recommend to forget the idea of society improving in any way for the next forty years.
@@chivalryisdead6440The US is growing in population along with swaths of Asia and huge population growth in Africa. Europe and east Asia are staring down the barrel of population collapse.
My experience of 2008-2009 was, I had my first corporate job as an IT analyst on March 08. Being so young I committed all my loyalty to the company thinking they'll have my back. By 2009, they decided to do "restructuring" and I was told that my particular role would no longer exist, and asked if I had any suggestions for how I can fit into any other role. There was no other role. It was just their way of trying to get rid of me without having to pay compensation. That's when I learned there's no such thing as loyalty when working for any company. Anyway, amazing documentary. Back then I found it difficult to understand the 2008 crisis. Quite lucky that we have a channel like ColdFusion.
@@sd-ch2cq You said it. To make matters worse, at the time I was so young, I had no clue about employment laws, what my rights were, no assistance ... nothing. Honestly, as much as this generation has it hard in some aspects I envy the fact from a young age they have Google, RUclips and so many tools at their fingertips to help them with almost anything. If I had RUclips alone when I was younger, I'd be watching channels like ColdFusion and other educational channels that would've given me so many insights and I'd be able to make many informed decisions.
My story is similar to yours. First corporate job as an engineer, loyal to them, and then laid off one day in 2008. I was blindside. I was shocked but one if the questions I asked was, “when is my last day?” They told me I could just leave. I thought it was crap that an employee was supposed to give two weeks notice before leaving but an employer could just let you go. I was SO young and knew nothing but at the same time it opened my eyes.
Your lesson is wrong. There no way to pay people when there's no money to. Also, you either one year. And your talking about loyalty? Maybe they wouldn't have taken care of you even if you had worked longer but your explanation didn't justify your conclusion
@@gwho in this situation there's no right or wrong. I didn't say I'm right and they're wrong. The fact is things can always be looked at in different ways. Some businesses look after their employees very well and do everything they can to protect their jobs, so as to retain talent and increase employees' loyalty to them. While other businesses when trying to reduce costs look at redundancies first. Every management has a different mindset. Also, things like this can be prevented in the first place, if there's been better foresight and planning (including having strong liquidity and cash flow for a rainy day and a better business model. It can't all be blamed on Macroeconomics, or otherwise all businesses would've died). Perhaps I should've also provided more context. I started in March 08 and was made redundant towards the end of 09. So actually it's close to 2 years (not 1). I was always one of the first to arrive in the office and one of the last to leave. Staying behind for unpaid overtime. I did every course and exam that was on offer, to advance and progress my knowledge and skills (at my own cost). And lastly, the business was eventually declared bankrupt in 2016. Perhaps that may be a reflection of the management's abilities after all. In the end, all I said was that I learned there's no such thing as loyalty working for a business, which I still stand by this point. I understand it is a free market economy after all, and loyalty stretches as far as how much value both parties see in each other. Businesses always need to protect their bottom line, but that shouldn't always automatically translate to redundancies. Businesses that are able to protect their employees' jobs, especially those who are hard-working and contributed a lot, is a reflection of the management's great leadership and abilities.
I have always tried to keep my head up and look on the bright side, but you can just see and feel the middle/lower classes getting crushed. Education is expensive and fueled by debt. Homeless is rampant. Inflation is rampant. Health insurance is worse than ever. Wages are stagnant. Wealth inequality is at all time highs. The birth rate is still falling, and why should it not? I feel badly because my parents and grandparents just can't seem to understand how bad it's gotten. When they were younger, they were paid commensurately with their productivity - they could be independent, explore the world, and, when they were ready to settle down, afford a middle class lifestyle, (house, kids, take vacations, ect.). I am a engineer in biotech and I turn 30 in a month and do you want to know what I feel on the ground? I am blessed with what used to be a good paycheck, but I can't afford an apartment in my own market, let alone a house. I pay $1350 in rent for my room in San Diego and live with four roommates. I have student loans hanging around my neck. My health insurance is poor. And I'm tired, so tired. My company has had such churn and now runs as us a skeleton crew. I am beginning to question the system and why I participate in it, and that is a very, very bad sign. If engineers feel that (and I've talked to many of my peers), then that feeling is seething in lower jobs as well. I am not complaining. I am not a materialistic person, and accumulating things for the sake of it has never brought me happiness. I merely am pointing out the disparity between generations that corroborates the belief of many young people - that for all intents and purposes, the American Dream feels dead. And it feels like it died in 2008.
Software engineer here in the UK and "I am beginning to question the system and why I participate in it, and that is a very, very bad sign. If engineers feel that (and I've talked to many of my peers), then that feeling is seething in lower jobs as well." rings very, very true. Especially with our political system at the moment. I think people will eventually break and realise that the current society bares nothing for them, once that happens it doesn't matter how much money the bankers have if no-one respects its value. We've been overcome with greed.
Don't wait to long Countries like Canada want productive people to add to their labor market. I waited until retirement and can't get a permanent resident visa even though I'm set.
2008 :: Sydney Australia, I graduated Tafe, got into IT then within a month we were all let go and no jobs besides retail. I ended up going into a retail job for 6 years as I went to uni to get a Comp Sci degree. It was stressful, I thought my career was on track but when all the opportunities dried up, it hit me so hard mentally. Because I was considered older than most graduates by the time I graduated, I couldn't find a decent grad job as a foot in the door. I'm doing a lot better now, but 2008 really shook me and many others. Yes I have a roof over my head and I'm careful with my money but life just went by and I never really lived it, I just survived week by week, stressing about uni, work and money, no friends, no relationships, just stress.
was in my final year of Uni in Gold Coast, '08. The crash completely trashed everyone with even a moderate degree is useless unless you could make something of it, turning Gold Coast into quite the ghost town
Yes. It happened to me too, I have to settle for a lower pay and this still affect my pay today. As you see, you started with lower salary, during interview and salary negotiation it does affect you.
Didnt study, 2008 wasn't good but by now I own my house and have a family, all debt free, what I noticed is the labour market in modern days means reinvention and moving even to other countries, jobs are in boom areas and not at the home porch, had to swap country 2 times, that's regretfully how the world works now.
I was in middle school and we went from living in a gated community to a trailer Park. My mom went into depression and completely withdrew from everything and my dad straight up told me I had no college fund left and I took that as "I only have a future if we win the lottery" so I completely stopped caring about school and got depressed and I was in a lot of advanced classes. That was our 2008
Because human behavior is irrationnal and beyond logic mostly. Hence why people often won't choose what will benefit them in the long run because confortable lies and short term profits rule.
There's nothing irrational about human behaviours. Decisions made based on instinct is perfectly rationalized in both social science and cognitive science. Humans in fact can't make rational decisions due to imperfect understanding of world. They can only justify rationality of decisions based on hindsight or past data
Finally some recognition for people who lived through this. Important years of my life were a hard struggle. Even a job as a garbage collector was hard to get.
Better get a job while you can and build up a year's worth of living reserves in cash. 😉 And if you have excess cash, follow the markets and start dollar-cost-averaging buys into stocks & crypto when them bottom hits (hint: right before the unemployment rate peaks)
@@Kektamusprime No. Many people who had steady jobs on fixed contract had no problem in the recession. Actually many of them had it better. They were able to hire blue collar workers for unfair low prices. I agree civil war is another scale of misery
@@Kektamusprime Those just entering or trying to leave the workforce through retirement were disproportionally affected. It helps to finally hear how fucked up it all was. A vindication if you will of the struggle my generation has had to suffer through while we try desperately to build our lives.
The evolution of RUclips from “Purple Rain” to in-depth retrospectives of complex and compound failures of history’s greatest economy never ceases to amaze me. Phenomenal content. This channel constitutes a traditional broadcasting company in width and depth-but with a sole contributor. More remarkable than most people realize.
I don't get how people can be "too young to be affected". Back then I was 16 and lived at my parents, they lost their jobs and it was a hard time. It's just insane that those responsible for completely ruining so many peoples lives are still not in jail. There should've been trials similar to the Nuremburg trials for these crimes against humanity.
You most likely are going to target the bankers and not the politicians that enabled them to do what they did. Politicians get off Scott free while the rich businessmen take the blame.
@@thereaper2615 Consistency in ethics is what makes all the difference. If I were to ruin peoples' lives I would go to jail for a long time. This should apply to anyone, regardless of their profession, social class or modus operandi.
It's sickening that the top 1% gambled with our economy, brought it to shambles when it all failed, begged for bailouts and then ran away with all the money while everyone else suffers to this day. We're heading into another recession and those same 1% continue to profit off of our suffering.
I was actually talking about this with my husband today and we concluded that nothing will ever change in terms of accountability unless these people will be dragged by the crowd to the streets and have their heads cut by guillotine. I know it sounds crazy but consider a fact how depraved the 1% got, whether it's a bank, energy sector or pharma, they are laughing in our faces because they are too rich to be jailed
I graduated from college in 2009, and I remember being in my last year of school and reading about the crisis and seeing headlines like "the college graduates of 2009 will have the worst job prospects in history." It was pretty disheartening, to say the least. Then after graduating I couldn't find a job anywhere, even at places like McDonald's. My mental health was already shaky, and it got so much worse during this time. In order to escape the hole I felt like I was in, I enlisted in the US Marine Corps, which is a totally insane thing to do but I was that desperate. The financial crisis was a total disaster that shaped the course of my entire life, often in profoundly negative ways.
Graduated high school in 2010, and I was in the same boat. I had 5-7 interviews in a 7-year span (2008-2014) until I got an entry-level job in 2014. I had lots of suicidal thoughts, and it was very frustrating.
To be kinda blunt, I am giving up on investing in stocks... I put between 2000 to 3000 a month and it's nothing but down down.... Sooooo frustrating and I only invest in boring big companies. How can I capitalize in such a market?
Absolutely! Wealth is made in bear markets. We aren’t in a bear market, but nibbling heavy red days has proven to be fruitful for me over 4 years of investing. I am at 2.25 mil. Biggest positions VOO, VTI, SCHD, VYM, and now looking to build up DRGO alongside finding quality value/growth stocks to buy. I got $48k divs last year in taxable divs. Q2 taxable divs this year was $17,388 this year. Don't sell when the market is down. Having a skilled CFA that puts the time in to do in-depth research can be invaluable in strategizing your portfolio.
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The 2008 crisis brought many challenges and also changed me forever. It left the fear of not being able to get a job and that you could lose everything very quickly. Made me a more cautious person and always planning for the worst.
I was 27 in 2008 and was working at an investment bank in downtown Manhattan near Wall St. It was a nightmare. Everyday you wake up to the news of another 300k to 500k people being laid off for months. The list of banks failing and shutting down just kept growing. Occupy Wall Street movement was right outside our doors. Under all the pressure, some ppl took there own lives. My firm said nothing, and we as employees were scared. I was paralyzed to make any major financial decisions as the recession dragged on year after year I thought I was next. It turns out, the investment bank I worked for never got involved in MSBs or any risky products for that matter, and they didn’t over hire so no one lost their job. It was a miracle.
And not one of these criminal Banking CEOs and bankers went to jail, not one God damn one. Lehman Brothers former CEO is enjoying his billions somewhere in Monoco
I had just finished grad school in 2006 and got my first tech job at an architecture firm January 2007. The real estate market was already beginning to crumble. We didn't get a single new project the whole 6 months I was there. They laid off half the company by May that same year. I had moved to that state for this job, so I didn't have anyone to help me when the bottom fell out of my life. And I had only just gotten out of school! I was on unemployment for 3 months until I found a tech job in another state. The financial crisis scarred me for life, and I've been working hard to stay a few steps ahead of economic downturns ever since.
I didn’t think it affected me until last week my mum told me the reason I’m an only child is because of how close they came to losing their house in 2008. I guess I would have a brother or sister if it weren’t for the crisis.
add to that anyone whose housing costs or rent is that high they can't afford having a family, or a larger family. Unless we get a huge windfall in the next couple of years, my child will almost certainly be an only child, as it's a choice of what quality of life & security we can offer. This isn't about luxury, just a remotely modest & secure living. There's always a tradeoff, but Millennials, Gen Z, and late Gen X have been made to trade off far more than the boomers ever had to.
I graduated with a bachelors degree in criminal justice in 2009, and in Miami, Fl, there was a freeze on the types of jobs that could get with my ridiculous degree. Long story short. I never did anything with it because no one ever hired me! Today, im stuck with student debt! A degree in the US changed my life for the worst!
@@X11CHASE you can either have those around you understand complex things by finding or making easy to understand explanations. Otherwise people just think magic fairy dust is what causes the world to function and that isn’t helpful.
@@daveSoupy or you could actually study the nuances and intricacies of what happened? This is very simplified, and I watched it just to be sure it wasn't misinformation (which some of his videos are, not necessarily by choice, but rather from lack of research). Overall, it's probably enough for the layman, but as someone who studied this, there are a lot of inaccuracies.
The 2008 collapse was the event that solidified my belief that luck is the single most important factor for success in life. I graduated college in 2008 along with a number of friends and people that I knew. Every one of them ended up doing just fine, the collapse was nothing more than a slight bump in the road for them. Within a year it was like nothing happened and they were all in good paying jobs with massive vertical potential. Meanwhile, I was still struggling to get job interviews and make anything happen, the collapse had absolutely decimated my ability to do anything. Looking back at the wide scope of degrees we all had and where we ended up, my belief that luck is the single most important factor in life has been set in stone. It's also hilarious @35:20 seeing the national debt at "only" $11 trillion, seeing as how now it's over $31 trillion. $31 trillion...just let that sink in.
@@NewWesternFront We all got bachelors degrees. My friend who's doing the best out of us got a degree in construction management and is currently working at Google, my other friend who's doing pretty well got a liberal arts degree and is currently working in banking. My other friend got a degree in either music or liberal arts, I can't remember, and I believe she's running a store on the East coast as a regional manager or something. My other friend got a degree in film and works as a visual effects artist in Hollywood, and the last two friends I can think of off the top of my head didn't actually graduate but one is running an automotive store and the other works as a coder for an independent company. I got a BS in Business Administration and have been unemployed more years than not over the past 15 years, with most of those working at basic, name tag jobs.
@@fuzzypanda1684Have you considered that you are not unlucky but undesirable in some way? Appearance, personality, cognitive ability. I agree that luck is important but it’s not a reason to be unemployed for the better part of 15 years.
@@richardlyman2961 I've definitely thought of that, which is why I've spent years improving those areas. Those years of working out, eating clean, skin care, socializing etc. have made me a man with a head turning physique, good hair, great skin, and pretty solid charisma and confidence. All of which have been confirmed by both people I know as well as total strangers. Just in the past month, I've had 2 people tell me I look like and actor, one person tell me I should start a RUclips fitness channel because I'm in great shape and am very personable, had 2 girls go out of their way to tell me that I have an amazing physique, and had a woman become very confused when I told her I was single because I couldn't get a girlfriend. All of these people were strangers who I'd never met before. So yeah, I've thought about what you said, but the reactions I get on a regular basis tell me it isn't the case. I appreciate your input though, and thank you for reading my comment.
I was 24 in 2008, and I was in construction at the time. I got into construction as soon as I graduated in 2000, and everything was great, tons of work, lots of money to be made. Looking back I can see the slowing and eventual drop of the economy. But it kinda started in 2006 with maybe a week here or there without any work, then as time rolled on it would turn into 2 weeks with no work and so on. Even with little gaps without work, my wife and I had money in the bank. In 2008, I was without work for almost 6 months, I definitely waited too long to move into something else, but I honestly assumed everything would come roaring back, it never did. We still to this day live paycheck to paycheck. My brother is still in construction and is in far worse shape than me, but he's much older than me and doesn't have a choice. Videos like this bring the animosity and hatred back up in me towards the people that did this to us, they walked away with no criminal charges AND millions of dollars. Their greed took so much away from us all. They should never be forgiven.
Have you noticed how discussion of banking corruption has largely disappeared from the discourse? Ask someone if they remember what Occupy Wall Street was about and they'll probably have trouble remembering it at this point. Now the banks think that as long as they have a diverse board of directors and they support ESG that they can make everyone forget about what happened not that long ago.
I was doing high end construction in scottsdale AZ when this happened. Still doing construction today. Nobody talks about the bailed-out banks, and the bail-outs allowing them to sit on the repossessed inventory for 5-6 years creating an artificial shortage of available housing to raise home values and kicking off the recovery on false pretenses. Nobody, especially the boomer home owners want to hear or believe it but the current home values a BS and the market cannot sustain its current valuations. The bankers, mortgage companies, appraisers, investors, and corrupt govenment officials within the zoning, and permit offices have destroyed this market, and its all fake.
hoping and praying we seed a major market readjustment soon. I want to be able to own a home at some point within my lifetime. I don't care about the American dream anymore, I dont care about the false hope that i'll live a better life than my parents did. At this point I just want to live in a place other than some shitty apartment.
It's heartbreaking to read the comments on this documentary video, so many childhoods destroyed, some many dreams crushed, and to think that a small group of people profited from this and actually set it in motion.
As usual the rich get richer and the middle class pays for it. Yet government doesn’t hold anyone accountable cause they are also people getting rich off the back of the people they are supposed to be protecting.
I started my senior year of university when the 2008 crash happened. When I graduated in 2009, I was $30k in debt and no one wanted to hire new college grads (especially if you weren't already employed!). I spent months looking for work and ended up taking part-time jobs. My resume looked like complete trash. It permanently ruined my career prospects.
I graduated in 2010 and took refuge in grad school. Luckily as a scientist there was funding, albeit poverty wages and zero protections. My mental health was garbage and I seriously considered suicide a few times a week. That’s my Great Recession story.
@Rufaid Roub alot of us never recovered. We got forced into other careers or lower paying jobs and bad credit. Most of my friends have never recovered. Some did but its funny cuz the ones who did rebound okay, their parents were well off too, in the banking/financial industry, or tied to the military, DoD or government in some way.
same here. Graduated 2009. Absolutely no one would hire either myself or my wife. People with masters degrees were working at Bestbuy and JCPennys. My wife and I have recovered our lives in different career paths, but it took an entire decade....and then Covid happened..... 2009 Changed our lives forever....the same can be said for 2001 and 2020 FUCK! Our generation right? Jesus. 9/11, 2008-2009, 2020......what the fuck is next? Never mind, I DON'T WANT TO KNOW!
The government's response to the crisis was crucial in lowering market apprehension. The economy of the United States of America as well as that of other countries was impacted by a lack of transparency and public trust. It makes me question whether it is morally appropriate-or even secure-to rely solely on the analyses provided by these so-called experts. I hope this doesn't happen again given where we're going
Bianca Rantzsch | Your Way of Life, Yes I do agree with all you've said there may have been avoidable mistakes but coming from a personal experience, the prominence of institutional or basic financial education and managers cannot be exaggerated. Markets are oceans not lakes. Take myself, having encountered my fair share of bad trades, I was able to realize how timing, capital, entry and a lot more are essential. Now, I have a $122k portfolio averaging a 12% monthly roi in less than a year following - Yvonne Annette Lively's guide so I do know the importance of basic knowledge and delegation.
@@joecaruso06 Was she on a fin-pod recently? Talked about management policies with Tate? Crazy how she keeps soaring with the roi. Whats her charge on commission? I mean Yvonne Annette Lively
I was an IT graduate at Australia's largest insurance company, started working in 2007. I still remember that day in 2008 when Deloitte consultants sent out a mass email to all of IT to meet in a large room. Using an over head projector (lol), a fancy man in a suit put up our existing structure, then showed the next slide with a new structure. Anyone who didn't have a name there was gone. We were instructed to go back to our desks, wait for a HR phone call. All projects were paused except for big fixes. It was a terrible time. Watching my colleagues and friends walk out one by one into an office on every floor in tears was such a weird way to start my post university working career.
The crisis in Greece affected us in between 2011-2013. I had a little RC hobby shop I've opened it in late 2008 and it was thriving up until 2012. I closed my shop with debt in 2014 and gone through a hard depression because of that. I was only 25 when I opened it and saw my dreams crash. Now I'm 38 and still struggling.
Yeah hobby shops struggle during financially uncertain times. A lot of trading card stores shut down during the late 90s and a lot are shutting down right now during the recession. Have you thought about opening something less risky like a restaurant?
@@gregorysagegreene Homelessness in Greece is almost zero and it was like that as long as I remember. We have strong family bonds and smaller urbanization.
@@sp123 It's almost impossible to open anything else after that. Currently I'm doing two jobs and I can barely survive. The standards of living have increased dramatically while the wages are very low. For an example, I'm making 400/mo (part time, no insurance) from one job while the rent for a cheap apartment is around 350 (excluding electricity, oil/gas, telephony/internet and water).
@@sp123 Restaurants are legitimately the single most risky industry, by far. Only 5% of all new restaurants make it longer than five years in operation.
I was very young, 11 y/o, but my dad was laid off during the crisis, and many of my peers experienced similar. My mother was a stay at home mom my whole life up until that point. At that young age I became hyper-aware of what everything cost, my family became food insecure. The trauma of it lasted well in to my college years, where I felt like I couldn't even buy myself food, I always had to save as much money as possible. The stress of it also destroyed my parents' marriage. I have always wanted kids, but I will not have them until I have substantial runway. My parents generation had the mindset of "it will just work out", and they don't seem to understand mine and my husband's hesitancy to start a family before achieving absolute financial security, I guess because they conveniently forget that the 2008 crisis was very much a part of our formative years.
Just have the kids, and the family you want....as long as you have each other and a good partner, things will work out. You may or not be a millionaire, but i wanted more kids with that frame of thought of being financially secure, and now regret not having them when i was younger....just my 2 cents.
@@cheezeball6109 I understand that point of view, and I'm aware the complications that can come with having kids when you are older. But my fiance and I definitely view it as a quality of life thing for our children. You seem to think that it was some failing on my parents part that made them split, but let me reframe it. They shielded us from most of the stress, but unprecedented amounts like that can fundamentally change you as a person. Trauma can change you as a person. My parents tried to work it out and were as level-headed as one can be. But in the end, it just wasn't where life was taking them. Especially for my mother, who is a caregiver to her very soul. Forcing her to go back to work crunching numbers instead of caring for her kids as was her passion made her deeply unhappy, and that kind of fundamental change can alter anyone. Changing jobs to childcare wasn't an option. Therapy wasn't an option. We didn't have enough to eat, never mind pay for a career change for my mom or a marriage counsellor. People grow apart, and a lifestyle change can facilitate that. And, despite all their work in shielding myself and my siblings from their issues, kids just know. They know you, and how you are feeling. And despite best efforts, that WILL affect them. I will always admire my mom and dad for the brave face they put on and the tricks they used to disrupt our lives as little as possible, but in the end, I knew, and that affected me too. And I don't want my kids to go through that. I don't want them to be underweight like I was because they were too worried what it might cost to eat.
I was only 2 when the crash happened, but I still see the haunting reminders of it everywhere, including in my own family. Also nice Vault Boy PFP. Do you like fallout too?
This 👏👏👏 I really feel like the 2008 crisis is directly linked to a lot of increased eating disorders or bad(ish) habits of young people. I hear this same sentiment over and over.
This video needs to be played to every student in every year / grade throughout the education process. I’ve watched it about 15 times and am finally starting to compute everything in it. So valuable. And terrifying
Lol I get it if you needed to watch it twice or thrice to comprehend but if you have to watch it 15 times to understand then my friend you're kind of a slow learner
@@ImGairBair First satellite in space; Soviet Union First man in space: Yuri Gagarin, Soviet Union First woman in space:Valentina Tereshkova, Soviet Union First animal in space: Laika, Soviet Union First space craft to land in a Celestial object(moon) : luna 2, Soviet Union First space craft to land on another planet: venera7, Soviet Union The list goes on, the moon landing was hyped by western media. Only reason you "won" the space race was because the Soviet Union collapsed. Guess you aren't that meticulous as you thought brother
Stability is a result of our economy's struggles with uncertainty, housing issues, foreclosures, global volatility, and the pandemic's consequences. To restore stability and promote growth, all sectors must respond quickly to concerns about growing inflation, slow growth, and trade disruptions.
Consider hiring financial advisors, estate planners or tax experts. They can provide specialized knowledge and help you navigate complex financial decisions.
Having an investment advisor is currently the best way to approach the stock market. I was going alone, but it wasn't working. I've been working with an advisor for a while now, and last year, I achieved over 85% capital growth minus dividends
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
I lost a job in 2008, no fault of my own, and my life has been on a downward spiral ever since. Health issues didn't help, no jobs to apply to, health issues impacted me even more and here I am now, feeling like society looks down at me and yet most people are barely aware the damage it caused Generation X folk. I was enraged for years at how scum got away with the crimes they've committed and how it continues, cos that's what they've done FOREVER. 2008 was my 1929.
Well I can see your point. Cant say I had a good job before it. But because of the FC, I took a job outside USA. Now in 2022 I have traveled the world, maintain employment and own a house I built. Point is look for opportunities globally.
To be honest, as a 27 year old I probably can’t understand what you went through until I inevitably go through a similar issue since it’s not like they will stop happening, but I can say one thing for sure - if you still have (and you probably do, let’s just be real with ourselves) any resentments towards the financial situation you experienced and how it affected you, I would challenge you to do your very best to let go of as much resentment as possible and to put it behind you regardless of how badly you were affected and to effectively reinvent your view of things if you can because it will empower you greatly, and to attempt to get ahead financially regardless of the situation you are in, even if you have to start doing it one dollar at a time. By this I mean, try to start over in your mind, consider your journey a valuable lesson up to this day and do your best to see opportunity in today’s struggles - in the markets, just like one can make a lot of money on the way up, an equivalent amount can be made when going down… in fact, more money has been made because of recessions than because of growth simply because people who took advantage of hard times made fortunes when hard times were over, it just depends how we approach the problem… how we position and leverage ourselves against the economy… if you are not near retirement age (or even if you are, it’s not like it matters because of how many ways this can be done - the point is, if you desire to, deep within), I would challenge you to take a leap forward - if you can, perhaps try to start something big for yourself, perhaps something like a new investment goal, strategy, and career if you are not enjoying your current lifestyle or earnings (by the sound of your comment it doesn’t seem like you’re a happy camper right now but I don’t know you so take this with a grain of salt obviously), or perhaps try to invest yourself into a millionaire… It IS doable… and just like those dirty banks, you have the ability to win just as much as they do… We have cryptocurrency today that allows any mere human to effectively do what banks do… there is also a lot of risk, but that is exactly what gives one the ability to generate huge returns… BUT one must work very carefully to do so, lest that risk becomes a loss. Do your research, spend the time and effort, and you will make lots of money or find yourself doing something meaningful, regardless of what you decide to do - crypto/DeFi is currently the Wild West… you can do incredible things with money in DeFi… it’s easy to lose if not very very careful but if you ever wanted a chance to get back at the system, here it is! This is just an example I can personally relate to though… you do you. My point is: We can become traumatized by experiences in life and carry them on our shoulders for the rest of our lives which in the truth of reality becomes our own fault because the issue affects us a fixed amount for a fixed time, and then we continue to damage ourselves by carrying it with us forever… we can very easily allow people, places, and things to damage us more than once by doing it to ourselves… this isn’t to say it is something you can forget, and you shouldn’t forget, however, wouldn’t you want to have the last laugh? To get one over on these institutions and people by becoming rich despite the sticks they threw in your life’s cogs? Despite all of the issues you’ve had to overcome? Not to prove anything to anyone, but just to do it because you can do it… to effectively be cheeky… let other people suffer their entire lives due to one bad event in their lives that kicked everything else off for them, you don’t need to go down that road, you have the choice to reinvent yourself and your entire life if you want to, especially financially… you can decide at any moment that enough is enough and that the trauma and loss you experienced will become the very reason you got better than you’ve ever been while others carry it on their shoulders forever because of resentments and a broken world view that generates a limitless amount of limiting beliefs in their psyche… don’t let yourself be limited because of that experience which you had no control over! You CAN win and you WILL win, even if it is the last thing you do in life… you WILL win. I can say this because just a couple of years ago I was broke, in debt, a drug addict, and everyone other than my family hated me… fast forward 2 years, I taught myself on the internet how to program software, how to invest, I now have a well paying job and I work from home 100% of the time, I now live in a beautiful large home and bought a new car, I have an incredible relationship with my beautiful fiancée who just got her PhD despite me not having gone to college for more than 2 years after high school, I payed off my debts and saved up a lot of money that I invested into the DeFi space. All of this is to say, if I can do all of that and go from a broken empty struggling can’t-keep-a-job-for-more-than-one-month drug addict, I think you can pull yourself out and waaay above in time if you just believe in yourself and follow this belief religiously in life and your future actions. Think of it as if you already won but just have some stuff to do for fun, then execute the very things that make you win. If the rich get richer, so can you if you copy what they do. You don’t need more than $100 per week to win in a relatively short period of time if you play your cards right. Maybe you already have won… I don’t know 🤷♂️ All I wish is for you to persevere… I wish for you to not feel like you are any lower than that guy driving a Bentley around town, both in happiness, fulfillment, and finances… because YOU CAN and YOU WILL do it. Believe that with your entire existence. The 2008 financial crisis and what happened to you up to today does NOT define your future! After all, a person’s true character is defined not by the way they bask in their success but in the way they persevere through struggles… Don’t give up and let those toilet lickers get one over on you… Beat them at their own game. Go out there, and get yourself what you deserve. The journey begins with letting go of any resentments, such that you may see the world clearly. If you already have, the next part is spiritual health, and lastly, the pursuit of wealth and power (which are merely tools to realize human ambitions! Want to see a better world, community, family, etc? Employ wealth and power to do so!). You still have time to leave your mark on this world, and I do not know, maybe you already have… but if you haven’t and you still feel broken from 2008, perhaps it’s time to let go and do what you’ve always wanted to, and get all the wealth and power you can muster up, because wealth and power are what you deserve, and only you can decide what type of world you will create for someone with those resources… while those corrupt and wealthy are mentally undeveloped and thus create such realities, you may undo their terrible work and leave the world better than how you found it. Never let someone step on you and get away with it. You must, for the sake of your humanity, have the last laugh - whether it be through genuine lasting happiness, wealth, power, or some combination of the three… you must get one over on those dirty bastards who broke the lives and dreams of entire generations. Why? Because you can and because you maybe feel like it.
@Liz Muschinski mmmm yes, a very very valuable lesson indeed. I am pleased to hear you say this because it shows you really dug deep to the core of your existence to come up with what you wrote… that’s what will make you a winner more than even your friends. Just employ that experience and knowledge now. It’s never too late and success is for you just like it is for the wealthy. Unless you are happy where you are, do not accept your circumstances, just be grateful for them to remain humble… then go out there and make yourself a fortune. Do what you’ve always dreamed of doing before it’s too late. Remember, success is for those who believe in the fact that success is for them. Success is for you and success is whatever you define it as.
We the people must hold them to account. We can't trust a government, who is usually playing along with the banks, to hold their friends to account. Bring back tar and feathering.
Honestly if you're a rich or connected person you seem to be able to commit any kind of shady exploitative financial stuff you want and not only get away with it but get a pat on the back too. It's disgusting that these greedy pigs running these insanely risky investments at the highest levels were able to walk into the sunset with millions. Our society is broken at that level.
My team was outsourced in 2009. I was in IT as a Release Engineer making nearly 6 figures. Life went south soon after. Lost my apt. Brother lost his business. Dad's ALZ accelerated. We sold the family home in 2010. Dad passed in 2016. Brother passed last year. We can tie a lot of our life's downturn to two things: 2009 crash of course, but secondly and most importantly, not preparing. Around 2014 I bought a few bitcoin but never kept an eye on it due to family trauma, care giver stress, etc. Real shame. Still struggling now but thankfully I kept my wits and haven't given up. Mom is with me and is well considering. All the other men in my family are gone. 50th and 80th birthday coming up.
@@danlightened I bought 5 at $50 each, sold half when the price doubled thinking that would be it. Had no idea what was to come. Never kept track of them. Found a small fraction in some random wallet backup. The rest I think were on an old laptop drive that I have long since wiped.
@@mayurdotca oh damn! And even though I earned double in one and half years, post the covid crash, I could have just left my stocks alone and it would have been 4-5 times more.
I was 16 in 2010 and looking for my first job…. I got turned down by Arby’s, McDonald’s, walmart and many more jobs paying $7.25 an hour. My friends parents were working in these jobs because they had been laid off from corporate positions
I was far to young to have remembered exactly what was happening but I do remember my parents reactions. Where once we had the means to go on family trips every weekend in years prior, we slowly stopped going out as much, we were eating at home more, my father in particular seemed stressed out all the time (he was an architect for a home builder). Finally one day in 2009 we were told we had to leave the home I grew up in and move into a smaller one in the Orlando area and where we had previously held a mortgage, we would now be renting. My family would ultimately split apart a couple years later and I'm sure the financial crises was a contributing factor in that considering how stressed out my father in particular was all the time. Now as a college student, its just an interesting period for me to study and understand considering how impactful it has been on my life.
Not exactly, some poor decisions were made on both parties which resulted in my father leaving. Can't say I really blame him. We are still close and visit fairly frequently.
@@CeltonHenderson : Be good to both your parents, and remember to always write "I love you" to them. And of course.. whether they will have a happy life thereafter, is ALL going to be down to YOUR effort... ;) No pressure. If I were you, I would go into politics... and really try to turn things around. Like.. I think Bill Gates did similar to the UK.. which is to squeeze his portion of the wealth out from the company.. and he secured it as part of the charities. So therefore.. whatever happens to the market, it won't affect him too dearly. So then, his donations... would literally.. help the local economy, in a direct drop shot of money. I think similar thing is happening here in the UK as well. I know that in HK, kids were raised on funds as well... As to the future model... I have no idea. I don't know if the FinTech is meant to take over... or... Cos I don't know whether all countries are meant to follow a similar trajectory to that of Japan. They went into recession for a good 10 years... They crashed in the 1990s.. way before the 2008. IF... you literally finish college.. and then.. consider to work in the sector that literally would get donations from those oligarchs. And be ready. And literally live off grid. By that, I mean, ensure your actual house is sell sufficient. Without extra energy consumption and things like that. Then you would NEVER be worried then. Anything you earn can add to the whole scheme of things. I am admiring this couple... cos they have done what a lot of people have started to do in the UK too. Which is to use their existing bit of savings, and pool together with a larger bank and then build their own house for a couple of years ? ruclips.net/video/22SkAp2KBHI/видео.html That is what people did, literally. So are there any more commerce? Not really.... If we wanted a ESG... then surely, we would have a circular economy. i.e. What we ship, we turn back into raw materials and recycle it backwards, and it goes into the investment area, and it goes back round again.... but for now, there is a disconnect. A lot of people are now changing their houses to be a sustainable one. If you could achieve that, and then also ask your parents to move back in ! Or maybe have separate units and rooms for their own use ! Never say never... this is like the most unconventional times... nothing is conventional... and anything extra is a bonus.
In 2008 I did ok. I was in my early 20s, I had a stable job, though I was still living with my parents, i didn't have much in the way of savings or investments to lose. So I was missed by the worst bits of the crash. But it's been the period since 2008 that has really affected me. All those things I am expected to have done by now (late 30s going into my 40s), e.g. have a house etc. I can't do and not sure I ever will be able to. I've never earned anything close to what I was promised by education and society pre-2008. I've watched everything get worse and yet the people responsible for 2008 have been allowed to continue making things worse with absolutely no repercussions. I am fed up and tired of it all. I am fed up of being told that the economy is doing wonderful while I have to second guess whether I can afford a bar of chocolate. I am tired of the fact that the average person has been thrown aside while massive corporations are able to get away with destroying everything in the name of profit. 2008 was a wake up for me. It prompted me to start learning more about how society and the economy work. And to learn just how utterly screwed up it all is.
It's better to leave U.S as many Americans are doing it. Don't let Hollywood propaganda get into your head. That's the only way. Even Israel former prime minister said that he has suggested Hollywood several times to make feel good movies to influence other countries a.k.a brainwash them that everything is great in America when it's not.
My neighbors lost their house during this mess. They had a predatory balloon loan. Overnight, their loan went up to 4 times what the house was worth. They abandoned their home, Then the banks argued over which bank owned what percentage of the property as it sat empty for five years. During that time, a tree on their property fell and smashed the side of my car. My insurance company couldn't even find out who owned the property. I remember a person at an Occupy Wall Street protest with a sign saying "JUMP! YOU F*CK*RS! (without the edit) and I think that summed up pretty thoroughly what people I knew were thinking.
@@jender8022If they filed a lien, they never mentioned it to me. The insurance covered the repairs, and I don't like getting involved with lawyers, the courts or banks unless I have to.
I graduated from a state university with a BS in finance in December 2007. At the time, the banking situation was being referred to as a subprime mortgage crisis. I presented papers describing subprime and predatory lending as well as the role the ratings agencies played in the problem. My peers thought I was an idiot but my professor, a former employee at the SEC, respected my work. She even bought me a graduation gift. Then I went right to work at a large custodial bank and witnessed the issues with Bear and failure of Lehman, and many related issues from a back office perspective. I worked on the financial reporting of our client's pension funds.
What is your rationalization for evading the fact that finance is one of the two most regulated industries? You can find online at govt websites a vast list of govt financial agencies and controls in a few seconds. Mans independent mind produces goods. The SEC does not produce anything. Govt guns stuck in the faces of productive people are unproductive. Virtually all economists are scientific frauds who pretend that political demand causes supply. How many goods can be bought with Fed "money" in a tribal economy? Financial Crisis-John Allison, ex-BB&T head, forced to take a govt loan. Economics In One Easy Lesson-Henry Hazlitt; long-range , indirect, unintended effects.
It is so weird how the world turns out... cos... when I was at uni.. I was also researched into tech areas.. which is also related to banking too... and if other.. well.. if only I was also hired as well... Cos I thought that once you do, or did, you would be able to get in as well. I have heard so many people, that is qualified finance people, not be able to get in... Cos if they did, would the crash have happened? Wouldn't the qualified people knew how to mitigate the risks ? Or to even stop it ??....
@@MeiinUK Surprisingly many people either don't care or are too selfish. Also never underestimate how uncordinated big corporations and governments can be, because they are and more often that they would like to admit.
@@MJ-uk6lu : I came to realise that, there are blind spots.. and it gets worst as well.. and everything seems to be just "an experiement" ?? I have so many of my uni peers who have lost and were recruited to banking as well.. here and there.. and then fired etc... And yet.. we now see this kind of "global high street bank" scenario rolling out and playing out now.. which I don't get. I don't understand it either. I really don't ??? And these so called "I just paid for an entire building"... like it is my own house, without the depreciation and tax deduction on a building, that kind of thing? I didn't think that was possible. (I learnt about the taxation thing from a friend.. an acturary friend).... I mean.... It is just so.... messed up ! Ironically, I watched the actual youtube video.. about how the insurance companies, didn't protect certain buildings as well.. that kind of thing.. and when Lehman collapsed.. and the insurance companies did not step up.. and now, with these so called "marketing" techs.. and these so called "apps upon apps".. doing sod all. Really. It grates my goats. It is like.. all hell have broken loose !!!!
@@MeiinUK All I can say, don't look at corporations too closely, a lot of them are full of shit, rotten morals and etc. The only difference is the sector that they screw up.
I was in high school when this happened and I wanted to be a real estate agent at the time. Needless to say my father put this into perspective for me at the time and I chose something else to pursue.
I’m portuguese, and yes, we’re still feeling the impact of 2008 here. We’ve been trying to get back on our feet, but I fear it’s taken too long and we won’t be fine yet, when the next crisis happens (I think it’s close). Anyway, the best we can do is to try to make a true difference in our lives and in the world, and that might, hopefully, be enough to get us through the tough times. Great video, you’re doing a great service to the world!
I purchased my first home in 2008, the asking price dropped 40k so I went for it. 2 Months later I was laid off of work and remained unemployed for 13 months. The house I bought is a duplex so having a renter helped, but I went massively into credit card debt to make it through. It took me a long time to dig myself out of that debt. While I had a hard time, I know of many more who had it way worse than I.
CC companies should not allowed to charge some much in interest. Its because so many people default on them. I was victim of CC fraud and didn't pay them back.
2007-2008 was surprisingly an amazing point in my career. I was around 26 at that time, just transitioning from new grad to experienced employee. I live in the Philippines which was a hub for outsourcing. In my case transitioned from an American bank to a German bank, to a British bank. All keen to hire with a more competitive salary, and eventually I got offered a permanent position to Japan. I remember clearly Sept 2008 coming from my first ever vacation, Sunday afternoon, my friend just informed me that Lehman went bust. Monday I found out that my colleagues and managers spent the night figuring out how to manage the Lehman risk (I work at the Product Control department btw). I was a stressfull 2-3 months and I remember going home at 1am almost at a daily (in this case nightly) basis. But all in all, I learned a lot from this experience in terms of handling the company's risk.
It's funny... I've also worked in mostly internal finance roles of companies too. And I couldn't believe my position. Even now.. I still cannot believe it. Especially when I found many accounting errors... I was so shocked that, I actually want to walk away cos I fear that, I would literally be accountable... or liable. But I think this.. if we are honest for the next generation to do. I am most certain that, the next generation has to ensure stabilities. And ensure that it is correct. Cleaned. And appropiate. Something which still stand in my mind of... what George Osborne stated... is that.. Families have to stay together more. Some families I see, are more or less around 2-3 generation living under one generation's savings. If they are lucky. I could see that, why some of the people in the UK got their MBEs and so forth. I think it was one or two actual MP or was it Lords that declared that they are gay, and therefore sacrificed their own companies.. and gave their entire lot of profits into society again. I never knew that this was.. what it was... Similar thing too in HK. Chow Yun Fat.. he gave away his wealth... from his movies to charities. I really never ever knew that. Well... even in his case.. this happened way before the 2008. I see in my peer group. Many of us, have decided not to have kids too. There are so many educated people in this world. And to recover, makes sacrifices really. I also do not buy in that argument of.."there is not enough people"...
Granddad who survived the first Great Depression said that 2008 should have been the start of the second Great Depression except the money printing and bailouts saving the full on catastrophe from happening as it did. In his opinion all of that government effort only would delay the same kind of depression he saw and that nobody had actually saved anything. He got increasingly worried about things before he passed and he told me that what I would live through would be more like his era than my dads.
@@victuzglobal civil unrest and/or prolonged inflation in energy and food that will also lead to civil unrest in most likely what'll trigger the next great depression. That being said we'll have a prolonged period of people just not spending much outside of necessities.
The 08 crash erased my college fund, I had zero option out of high-school but to join the military. While overseas my parents lost our lifelong family home and divorced. I returned from the war to a nation ran by bullshit jobs and gig work with zero family support structure and a society obsessed with wringing the most profit out of productivity whilst providing as few incentives and benefits as possible. The 2008 crisis completely altered the entire trajectory of my life. By 2019 I was just starting to maybe see the light at the end of the tunnel when covid hit. I don't think my lot in life is to succeed anymore. I think I was just born to survive one catastrophe after another.
I was only a child in 2008, my relative owned his own mortgage company. He went from making roughly 100,000$ a year in the early 2000s to making millions a year by 2007. By 2009 every car he had was repod, his house was foreclosed, he lost everything. My experience seeing that is the reason I got my degree in economics. I just pray the average person never has to go through this again, but we probably will.
Companies are getting more and more blatant with their complete disregard for the workers. Another recession IS coming and this one may not end up in just protests.
@@SimonLloydGuitar Austrian economics is just rule by oligrachy turned into an economic theory. That you imply that this is economics to the benefit of the common man, is top quality irony. Austrian economics has some significant differences, but shares many ideals with neoliberalism, the neoliberalism that has been the dominant economic practice for the last 40 years and produced the exact opposite of what it promised (Austrian economics would be even worse). In this very video Stiglitz explained how he thinks the repeal of Glass Steagall played a significant role in the 2008 crash, wouldn't that have been exactly what your "part of the solution" and "leaving the plantation" economic theory would support doing? Repealing Glass Steagall that is.
I was working at my first job after engineering school. I remember half my department got laid off. I remember seeing a grown man burst into tears after they informed him in front of all of us how he was being terminated. I was lucky to be the only electrical drafter in the department, and that's the only reason I wasn't laid off. At the time, I didn't really understand that this was a serious worldwide issue. I thought it was just some kind of a blow in our industry. Only much later, I understood what had really happened.
My father was fired when this happened. The family economy felt it, sure (but he had quite a bit of money, so our situation wasn't as bad as others', we could afford to put food on the plater), but his work was his pride and joy and his mental health got really bad. He grew angry and the smallest annoyance would bring him to a fit of rage and he made me the main target of his wrath. I was entering puberty and it really shaped me as a person. He's still damaged as a person, although working as a freelancer helped him, and I retain the trust issues I got during that time. The company that fired him started focusing on younger, cheaper engineers after firing the experienced ones they had. The quality of their buildings suffered and not even the corrupt politicians who commissioned their services for public buildings could justify doing business with them. They were eventually acquired by some Mexican investors.
Housing crisis, health crisis, financial crisis, cost of living crisis, debt crisis, inflation crisis, EU war crisis, middle East crisis. How many crises can a koala bear? I'm approaching retirement with comfortable millions, yet scared of a banking crisis. Where do I best grow my money?
I would advise the counsel of a seasoned financial pro. It may be expensive, but as the old saying goes "You get what you pay for." "Expert solutions require Expert providers" - my mantra.
Truth is, investing with the help of a financial advisor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. But if it wasn't for 2020 covid lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
@@justamanwithbeliefs bravo! I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now... mind if I look up the professional guiding you please?
Annette Louise Connors is the licensed advisor I use. Just google the name and you’d find necessary deets. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
I graduated from college in 2009. I couldn't find work anywhere pertaining to my education. To this day I'm still working at the supermarket across the street from campus. It was weird going from grad school to bagging groceries. It was a total mess and still is.
I grew up around this crisis, I was 4 years old in 2008 and what this video explains puts my childhood into a lot of context. The financial crisis couldn’t have come at a worse time for my family. My dad had just left the army and was starting education, my mum had been a stay at home parent for me and my little brother and was just starting about getting back into work. They had bought a house using practically all of my dad’s wages, so when the crisis happened we had nothing but a house which was practically worthless at the time as it had (and still has!) negative equity, and nobody was willing to buy real estate from them. I vividly remember only being able to eat meat once a week during our roast dinners, as we couldn’t afford more. Jam sandwiches, random veg stew and plain or ketchup pasta was eaten a lot. I remember when I was about 6 (Around 2010) my dad taking me to Burger King for my birthday and having to sneak a sandwich in as he couldn’t afford to buy anything for himself. It makes me really appreciate both of them, as even though they were definitely struggling they managed to hide it from me and my brother and I had a decent childhood, despite the instances of crushing poverty in my family and in my neighbourhood. Because of this experience I had as a young kid, I am now extremely cautious with my money. I have issues around money anxiety and buying non essentials for myself, as I feel guilty for buying them. I hope this gives some perspective into how this affected not only adults, but even young kids.
I feel the same way about money. My grandparents lived through the Great Depression and were very frugal. There was high inflation when I was a child in the ‘70s, a bad economy in the ‘80s affected my stepfather’s business, then he and my mom divorced and there was deprivation in the house. I grew up never having what the other kids had. I graduated college straight into another recession. I’m hyper-aware of financial security.
I was in the 10th grade in high school when the 2008 recession hit. My dad lost his primary source of income when he was laid off from his clothing factory. I started college in 2010 with several grants and scholarships to cover my whole tuition but by 2011, the full effect of the recession was happening and I lost a good chunk of my grants, forcing me to apply for federal student loans (something I never thought would happen). I had finally finished paying them off during the pandemic forebearance period. So about 7 years after I graduated (basically the rest of my 20s), I chose not to buy a house, marry or have children while I was in debt. I’m fairly certain my story is not unique.
The 9/11 attacks and the crash of 2008 are the most traumatic events I remember, with the longest lasting consequences for the American empire. Both made me lose my innocence and what little faith I had in humanity. 9/11 was followed by our country getting into countless wars to try to contain so called terrorism, as though you can fight something so nebulous with guns/bombs, and 2008 destroyed whatever financial stability our country had. Our country never recovered from either and I have noticed a steady decline in people’s faith in our institutions since these things happened. People don’t want to have kids bc they don’t want to bring more people into our current shit show. Drug abuse and depression are rampant as people have no hope. Younger generations have nothing to look forward to as our environment degrades and they witness our economic system and political systems get exposed for their flaws repeatedly.
Great episode. I was a rising 'art star' in Australia when this all went down - I had a super-hot gallery in Sydney, winning prizes, in the collections of the rich and famous, and within two weeks my gallery had shuttered, along with 70-80% of Australian commercial galleries, and I had no way to generate income. My dealer lost around $2 million in sales that were pending - all of his clients cancelled their purchases. He lost his stunning gallery in a very expensive part of town - which was a million dollar mortgage. The only galleries that were left were 'too big to fail,' and only survived through their own collateral i.e. they owned their own premises and were old money. They took on a few artists from other galleries, but the contraction in the market meant even their own big name artists were suddenly without any income. This, along with the permanent closure of most other galleries, resulted in art being non-viable as a profession for everyone but blue-chip artists - the ones selling artworks for more than $100k a piece - the 'safe' investments. After the dust settled I had lost my house, my girlfriend ditched me for a more financially secure model, and my previously upwardly-mobile career was no more. I ended up staying with my parents for a couple of months, then lived in a variety of share houses. I had a few shows in the intervening years, but I didn't sell anything, and each show wound up costing more than $1000 just to ship, not including the time, materials, and labour to make it, so it was no longer a viable business model. I wasn't alone in this - some of my peers survived by becoming lecturers at universities - but many stopped altogether, despite being highly talented. Am I bitter? Not really, primarily because the stress involved in fulfilling that role is absolutely insane. Professional artists in Australia generally have a 5-6 year life span before they burn out. My dealer reminded me that I was directly responsible for his million dollar mortgage every time I spoke with him. The collectors buying my work expected not just a high standard of work, but an ever-increasing dollar value on their investment. The art market is a con job. e.g. my first show in Sydney I sold a large painting for $4000, and a week later the buyer flipped it for $10,000, of which I saw nothing. This is normal. The allocation of 'value' is arbitrary, not inherent - what's hot today is not tomorrow. Yeah it's kind of sad, but all good things must come to an end.
The art world is the playground of the mucky-mucks and is the most pyramid-shaped ponzi scheme imaginable. When the finance world sneezes the art world catches a cold.
@@zawarudo1041 Resale rights, like they have in Europe. Artist receives a small percentage of any profit on resale of their work. It's completely fair when you take into consideration the fact that artists are at the bottom of the food chain, yet they produce the product entirely at their expense. Art is not like other commodities due to its often skyrocketing 'value.' The only people who profit from art are dealers and collectors.
How can this channel make a 40 min RUclips video (1/2 the length of a movie) and still make you watch it till the end. Amazing job. Content is King. Great work on this!!!
The recession ruined my life and family when it happened, dad left, mom & my older brother turned to drugs. In my late 20s now, spent my entire life working to avoid ever having to experience poverty again. Finally got my shit together, looking at getting married and buying my first house, then Covid hits… and now another recession is looming. To be completely honest I don’t think I’d be able to handle losing everything again.
I say save your money in a trust or something similar so you know it’s safe from banks when reccesion hit and u can’t get money out, if reccesion hit again which is likely, house prices will fall and they may lower interest rate to encourage house buyers, then u can buy house for cheap in a nice area, but obvs don’t take advice blindly, I’m not a financial advisor
Definitely do not buy a house right now. Probably not for another year or two tbh, wait for the prices and mortgage rates to come down. Also don't have kids unless you're in a super stable situation with a solid and growing nest egg of savings. 2023 is probably gonna be worse than 2022. Sorry to hear about your family. Best of luck. Dig your avatar pic btw
In 2008 I was at university. My family was pretty sheltered from the hardship. But I remember flipping through the Washington Post and seeing page after page after page of foreclosure announcements. I also noticed many cars broken down at the side of the road, I guess because people were trying to stretch out car maintenance or their gas tank... I had a small job shelving books at the local library. The county government had 15% budget cuts, so they fired all of us so they could hire back half the employees at a lower rate...
I graduated high school in 2008, got my degrees over the next couple years and the one thing I feel that once separated me from older generations was the fact I had seen and heard enough to know everyone is full of it, all these things are man-created buildings or systems, and humans all bleed red. I don’t take anything too seriously because everything is fallible and I’m really able to look past first impressions in people because I’ve learned nothing is what it seems
in all have your getting of wisdom (which though bleak does contains truth) have you gained the wisdom to find Christ and God as the infallible, incorruptible, perfect and everlasting truths behind sin, the fallen nature of man? Jesus said "In the world you will find much tribulation but take heart, I have overcome the world." He also said, "My Peace I leave with you, my peace I give to you. not as the world gives do I give. Do not let your hearts be troubled and do not be afraid."
As someone who had worked on Wall St in the 80s and 90s I was used to mini-crashes (in the gold market) on a daily basis. So I predicted the housing crash in 05 as the house price rises we're totally unsustainable, it was easy to see. When the crash finally happened there were no jobs in my small Colorado town that I had moved to in 95, and no housemates to be found. There was also no safety net. I couldn't get section 8 because I had a mortgage, so had no choice but to send my 7 year old child to live with her dad and rent my place to a section 8 Mom and move in with relatives in a different town where there were $8/hour jobs. The recession in my area lasted till 2012 and during that time I spent a year living in a van. Eventually moving back home in 2013. The banks that caused this got a safety net from the public. But the public lost their homes, or in my case lost seeing my child grow up. She stayed with her dad and then went on to college. Wall St exists to take, take, take. Without inside information only 2% of active traders are skilled enough to make money. So what goes on there is a corrupt collusion between banks and politicians. And there is no way to vote against this.
@@singular9 yup, market manipulation dates way back. The powerful buy in and run the market up, and then get out when the public gets in. I've seen it happen on an intra-day basis. I learned about it in a book called Reminisces of a Stock Operator.
It’s hard to keep the people sitting at the top of the pyramid accountable for their abusive actions bcuz 90% of the population are brainwashed by the corporate media.this is what I call human abuse.
yep and then when a bunch of young smart gamer kids figured out their play and bet against them and their shorts on game-stop they actually removed the buy button. And the government allowed them to do so without any form of repercussion cause it was only the little man who lost and the large wall-street firms were saved, its sickening to see and they still have the audacity to go out there and call it a free market.
As someone who was still in middle school in 2008, I never really understood what happened. Even watching documentaries and movies about this crisis didn’t help much. But this video here is such a clear and structured piece of work that finally give long awaited answers for me.
Really awesome to live in the information era.
Cosfusion is very very smart by not naming names. Just do some research on which company owns the most bofa, wellsfargo and bank stocks then and now. From there you can see the web they have. I have a feeling that their end goal was to destroy government backed loans aka fannie mae and freddie mac because they can’t compete with subsidized low interest mortgage loans. Luckily the government took controlled of fannie mae. If they took over the mortgage markets we would see 15% interest loans and a much riskier bubble
Ill be blunt Republicans are the root of all evil the cause of why every war we have been in is a disgraced war instead of investing in America they want to be no better then russia constantly giving our money away to the rich no strings attached this is nothing new trickle down economics pff doesnt work maybe for slaves as republicans create homeless not help them they hurt us not help us they have turned the republican party into the confederate party and this has been far before trump bush senior est est est the republicans who surround the republican president are no better then russia in terms of there states and actions
The era where 95% of channels narrate Wikipedia articles in the vocal tone of a fake professor, but yeah
@@SeethingSimp I think Dagogo does a little better than those channels now…
@@chowderwhillis9448 He does, I'm just saying that those are the majority. It's funny when the channel is run by someone who sounds like they're 18 and obviously doesn't know anything about what they're regurgitating and the channel name is called like "Learn With Me" or something pretentious 😂
I did IT work for a major IT firm at a major chemical producer starting in 2001. In 2008 our IT work staff went from 15 people to 8 to 4 to 2 in a matter of months. Everyone took mandatory pay cuts, loss of benefits, loss of vacation, and more overtime even as they were shoving people out the door. I kept my job through all of it watching both the IT firm and chemical producer tighten their belts. We understood the world was hurting and we thought if we were lucky for just surviving.
Here's the dirty little secret... even when things got better and both companies were posting record profit, we never got our pay, benefits, or vacation restored nor a reduction of overtime. The companies might have been forced to reduce, but it also allowed them to see the minimum human factor they could maintain and survive.
By 2016, I was used up. The companies had literally worked me so much I was experiencing both mental and physical health issues. Being the 'Senior' of the two remaining employees, I was on call 280 days a year when it was common to get called in two or three times a night. They expanded the territory I was expected to cover time and time again. I was left no choice but to leave -- not only that job, but IT completely. I now work as a layout / designer for a small print shop making a fraction of what I was making.
That's my takeaway from 2008. Companies used the opportunity to weed out the weak and exploit those that remained under the guise of, "Look how lucky you are" all while pocketing record profits. All 2008 did was let the greed trickle down, fester, and ruin even more lives.
This exactly. None of the elite ruling class or heads of these companies experience any of the actual stress or deprivation. We do
100% true
exactly, getting rid of the useless eaters as the WMF calls us, at a global scale
Hope you're happier now bro. I realised that work, albeit a necessity , should never come at the sacrifice of one's well being
That's what happens with crisis, but this Also destroys the ability of companies to innovate, so there should appear new companies that surpass them. The issue Is that doesn't happen yet
It’s amazing really. We have a financial crisis, caused by greedy, reckless financial institutions. Congress passes legislation requiring those institutions to be less greedy and reckless. The institutions then lobby to have those restrictions removed, usually in the name of “remaining competitive”. This leads to another financial crisis. It’s completely predictable, and we have been doing this dance since the Great Depression almost 100 years ago.
Agree; the rules should be applicable to all banks - big or small. First; very few meaningful laws are passed and then this cycle of doing-undoing seems to support deregulation risking the economy and the faith in banks.
I believe using an investing advisor isn’t a terrific idea. In the midst of the 2008 financial crisis, I was literally experiencing horrible dreams before I spoke with an advisor. In conclusion, I was able to increase my initial investment from $320k to almost $2.5 million in 2011 with the aid of my advisor, and I later bought my first investment property.
I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up on web, and I have sent her an email. I hope she gets back to me soon.
2008 lost my house, 2009 lost business, husband died, ended up a widow at age 30 with no credit cards, no saving, and no job. Still trying to get my feet under me. I’ll definitely never be able to own a house again. 2009 has definitely marked my life, and derail all my future plans.
Don’t know what else to say other than I’m sorry…
your very strong for continuing on. you will be blessed i promise. just keep on keeping on. very proud of you. you got this
U don't need a credit card
@@jaybrown7811It's helpful when you don't have much else. A sudden expense, say your car breaks down, can now be covered while you wait for your next paycheck.
If you straight up can't get a credit card, it's a good indication that your life is completely fucked.
Lost everything too. My best advice is stay busy. Make a list of everything you want to do before you die and everyday work on it. Give yourself more stuff to do than you have time left in life to actually accomplish it. I have more games, books, entertainment, etc. than I'll ever live to get to.
It really helps because it keeps yourself distracted from a reality your powerless to change.
A big consequence that nobody talks much about is that an entire generation of high school students never got to enter the workforce like they normally would. Myself and nearly everyone I knew was competing against grown adults who had lost their jobs and were now applying to the formerly entry-level work like fast food and retail. A generation of kids lost out on 2-3 years of savings and work experience. The “summer job” became a thing of the past.
Yes that's what I always thought. It was hard to get a job even 4 years after.
Yup I was extremely poor until I got into my 30s and now that I'm doing well and have the ability to buy a house the prices are insane again.
Yep this is a huge thing that somehow never gets mentioned. I couldn't get hired literally anywhere as a teenager, even places like McDonalds. When I graduated high school there were no job opportunities, you'd be hired by fast food and sometimes factories now that you were an adult. But anything that could lead to a real career? Nope. So I just went to college and barely inched along in my career until the pandemic hit and then I got fast tracked to higher and higher positions because of all the old people retiring. I finally have the money for a home but the market is terrible to buy in now, boomers literally destroyed the world for an entire generation and still managing to cause crisis after crisis. Covid disproportionately killing old people was the planet's attempt to correct course.
The people who graduated high school in 2008 weren't actually hit that hard. By the time they graduated college 4 years later things were back on track. Try having graduated from college in 2008, that's a pain few people know.
You went from "don't worry about getting an internship or pre-applying to companies, with a college degree companies will be coming to you!" to "yeah...how's your negotiating and business acumen skills? I hope they're top notch because you'll need them if you're planning on getting that job at McDonalds."
@@fuzzypanda1684 I graduated high school in 2012 actually so my comment more has to do with the fact past generations of students were able to get work experience and begin their savings while in their teens. Just pointing out that summer jobs basically were non existent for those in high school 2008-2012.
2008 sucked. One day I was an aggregate manager. The next I was an equipment operator working seasonally. I was called to a meeting and told to bring my laptop, company phone, and company truck. They left me in the shop parking lot with my own tools and no way to get to my home 30 miles away. I never felt like such a failure. To make it even better my wife was on bed rest with our child due to complications and I did not want to tell her our income was not cut by 60 percent. We lost everything in the next 9 months. House. Savings. Vehicles. Most of retirement. I watched friends, who I warned about the sub prime loans lose their houses. I never want to go through that again. I am still trying to recover. The only good that came out of that time was my wonderful daughter.
And your daughter was worth every bit of the pain you endured. I hope your life has been better since '08 and be ready for what may be ahead.. Best...
@@scottdecarrillo3082 His daughter isn't a consequence of the pain that he endured, so this is a ridiculous and irrelevant platitude.
@@fmachine86he meant she was worth surviving and living through that time, please don’t take things at face value that can make you look like a moron.
No.
His daughter will be born into a world that may LOOK better in some aspects but then become destroyed of human opertunity
My son was also born during the financial crisis. My company went under. Both my wife and I both lost our jobs. we were both in the mortgage and financial industry.we both had to work in retail to bring in money. terrible times i want to forget!
It’s just crazy to me that so many of these bank managers and executives didn’t go to prison or worse. Absolute free license for unrestrained psychopathy; it’s no different a problem than letting dogs with rabies run around.
Well said
Free Market Economy, and innocent until proven guilty. Its not right to blame an entire group of people for what a very very small select did. The real problem is trying to prove intent. They can just say they didnt know and unless u can prove otherwise your going nowhere and just wasting your time/money/energy for something that happened alot time ago.
Thats what happens when you have every politician in your pocket
@@AcidBombYT It's not a free market. If it were, banks and insurance companies would have been allowed to fail on a large scale.
It is a failure of citizens / voters for allowing this.
High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.
Agreed! this is why I work with one. My $520k portfolio is well-matched for every market season yielding 85% rise from early last year to date. I and my advisor are working on more figures for this year. IMO, financial advisors are the most sought-after professionals after doctors.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My advisor is Melissa Terri Swayne, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks, I just googled Melissa Terri Swayne and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
I graduated undergrad and entered the workforce in 2009. As a working adult, I have never had full confidence that the money I’m working for will actually be there on payday. I know millennials catch a lot of flack for being critical of employers and workplace expectations, but truly I think we are so traumatized by the era we work in. Growing up seeing our parents get by with no degree, climbing corporate ladders from entry level positions while being able to afford a house, a family, a savings… Being told that if we work hard enough we can have what they have… Looking at the bigger picture, it feels like gaslighting 😵💫
They won’t let the house market fall low enough to make housing obtainable for the younger because too many of our population has all their worth in the houses. This is a result of our fed policy and the manipulation they engaged in. It’s a disaster.
Look at the national debt. That tells the whole story.
Think of what debt is. Our parents spent decades saying "I want to be comfortable now and I'll sacrifice later instead."
Well later has arrived. And it's only going to get worse the longer we try to put it off. We're going to need 2-3x the Great Depression to pay for what our parents got for free.
Gaslighting... Or perhaps simply being unable to comprehend what it's like to be working in a gig-economy. What it's like to be part of the precariat.
I honestly didn't realize how bad it was until one day when I noticed how my heart rate always kicked up a notch every time my team leader and boss went into a meeting. And how I almost compulsively started checking my bank account and calculating just how many months of unemployment I could handle. When I realized that I spend every day at work expecting to get fired without warning.
Paranoid? Perhaps... But having worked in a gig-economy for over a decade, rarely managing to stay in one place for more than a year, it's really hard to not be just a little paranoid about these things. My parents and grandparents could easily spend a decade or more at the same company. They had the confidence needed to settle down, buy a house, have kids... All the stuff you might be dreaming about. Me...? I've been moving from project to project, from job to job, from apartment to apartment... I've never been able to settle down, buy a house, and have a couple of kids. How can I, when I struggle so much with work? When I never know if I have a job next week?
@@chaoscarl8414 In the 90' there was a TV show called Married with Children. Al Bundy was a shoe salesman and he had a wife (no job), 2 kids (no jobs), a dog, a house and a car. All of that with a shoe salesman paycheck.
that's why I still buy physical gold, even if they gamble with my dollar savings, gold doesn't care it's still valuable no matter what happens so I can lock my savings in it
I started my career as a young banker in 1976 until the failure of Seafirst bank and its acquisition by Bank of America in 1982. Later as banker, IT manager, entrepreneur, college professor and investor I have lived through the 30 years described in this video. I have NEVER found a summary of our financial and economic history as well done as this. This video should be mandatory for high school graduation and for college graduation again. In less than one hour it could deliver a population that understands economic and financial history of the US and of the world at large with an understanding of the toxic collaboration of government and financial institutions. AWESOME JOB. Thank you.
I agree with this comment ^^ and enjoyed the program. I have been in the hotel biz and the new lending rules (although necessary) have had some negative impacts on the working environment of being in that type of business ever since! Long story. But also, I feel like many political decisions leading up to and impacting the '08 crash were not touched on enough in the story. For example, POTUS and Dems in Congress inserted well-meaning but stupid quotas in Fannie Mae operations that required minority loans NOT based on income, credit or likely ability to pay - which fostered the invention of insane loan products and intentional confusion designed to befuddle new homeowners.
You should watch 'Inside Job' documentary. It's the best documentary and explanation of the 2008 crash. I've watched it few times and my blood still boils when I see it. And even today, our family is still feeling the effects of it.
I agree Cold Fusion is great at his work. This creator was one of first channels that made me see great things can be made and shared on You Tube
@@thelorelei1884 Yes, I agree, I saw it and combined with this video, the picture is so clear.
Economy of greed is going to fail again and ordinary people like us will be left to foot the bills. The psychology of unending growth promoted by corporate culture is the root problem. Companies operate today not satisfy their customer but the stockholders. This is not capitalism but cartel culture presented to us as capitalism. As long as we keep this model of economy that has nothing to do with the real economy human behaviour will keep this cycle of boom and bust going.
My parents immigrated to Italy in 1992 when they were just 20yo. They didn't know the language, had no money, no family nor friends yet they managed to find a job, get a house and grow a family. In 2008 i was just 13 yo and I remember my father and older sister were extremely stressed and worried all the time. I will never forget the scene of my sister and I, in the bedroom, as she was trying to explain to me what was happening. she said: 'before, if you lost your job, you could find a new one the next day. Now is not like that anymore. There are no jobs and very little money'. the memory it's still vivid in my mind. It has really created a sort of 'trauma' around money and finance.
My motto during my 70+ years on this planet is, Make hay while the sun shines -- and save it!
It's relatively easy to do if you decide not to waste any. Believe me, I've been stressed many times, but being disciplined makes the goal easier.
I used to think everybody went broke during the Great Depression and other major crashes but they didn’t… Some made millions, I also thought everybody went out of business during these times but they didn’t, some went into business, there's always depression/recession for some people and there's always a good time for others, it's all about perspective.
Inflation has not always been around there was a 15 year period of deflation. Yes as prices went down income went up. Once you go to Fiat currencies with no tangible backing then inflation is an intentional factor. Patience, Cash on hand & Short Term Investments are key
True. I first came across investing in the market in 2019. Already stashed about $480k in savings then, and the free money from the Government was pouring in, increasing inflation rate. I just got an advisor and kept the money there, just because I didn't want to keep the value of the money depreciating in the bank. Tbh, it's the best investment decision I've made since then.
Impressive can you share more info?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I found her page by searching for her entire name online. After that, I emailed her and we set up a meeting so we could talk; I'm currently waiting on her response.
The amount of financial trauma this gave my now-ex girlfriend...she is terrified of credit, debt, loans, and banks, and constantly thinks she has no money and will lose everything overnight. Her family was hit hard by 2008 and it shows in her approach to personal finance today. Her father did not learn his lesson and continues reckless spending and debt habits swearing one day he will get rich again. It is so sad.
literally me
That is sadly the same for many, as enough is never enough.
It’s not trauma, it’s called financial wisdom.
The Bible has taught credit, debt, loans and banks are not your friends and should be eyed warily with a heavy dose of skepticism.
Need look no further than the looming student loan crisis. It will make the housing crisis look like a walk in the park when70%+ of borrowers refuse or are unable to pay back their loans many of which are 6 figures plus… for liberal arts degrees and other just as useless degrees (useless for making a living) like phys Ed teacher or social work.
If you pay $80k+ for a degree that leads to a JOB where salary cap is $60-70k you’re not just dumb you’re a mark.
@@xman666soad gtfo with bible quotes this is real life
@@xman666soad unfortunately the situation you describe, apply to people studying stem classes too. A degree in quantum physics has the same value as the art major since they work the same Starbucks job.
I was born a planned child. My parents had set up a few of accounts for me for college and a house. They were doing their hardest to build me a future they dreamt of for themselves. I remember going down to the bank once a week with my dad and depositing money into my fund. “This will be here for you, one day you can buy a house!” I remember when my sister was born, they started one for her as well.
I remember the rental property my dad bought and was renovating. I remember the plans he had to build a new building for his business. I remember how my mom was always in time to pick me up from school.
Then one day, it all disappeared. We stopped going to the bank, my dad didn’t mention his rental nor his architectural plans, mom stopped picking me up. I remember how often I was home alone in the house, I was already in bed by the time they’d come home from work. I remember the countless arguments they would have. Couldn’t sleep at times. My dad had a heart attack due to the stress, but I didn’t understand at the time why dad was in the hospital. I remember how often we’d eat frozen/prepared food. How we started it buying in bulk, a habit that they still have today.
My parents barely kept the house and my dad’s business. Both declared bankruptcy.Only by having it under my grandmother’s name did they keep it. After my dad’s heart attack, grandma ransomed it back. We haven’t seen her since.
My parents were robbed of their work and time with their family. They lost their savings and future.
Meanwhile, head bankers got paid EXTRA to ruin millions of lives and continue to this day.
At least they voted for trump
So many with similar stories, so sad how the money and power grab by the 1% ruined families
@@sovereign6445bro you need to see a therapist
Wait, your grandma stole your parents house?? You need to tell more
Similar story.
As someone who was just starting my adult life during the 2008 crisis, I can tell you exactly how it felt. It felt like showing up to a party 2 minutes after they stopped letting people in. Just got to stand outside in the rain looking through the window at all the partiers (the older generation) having a good time oblivious to what was going on outside.
You described this so perfectly. This was a time we needed a house and the prices skyrocketed and priced us out of a home. House prices went from a 275K home in NJ to now being 600K +. It got absurd while the elders looked down upon us for not affording a proper house lol.
The overwhelming majority of the 'older generation' got royally f**ked as their pensions got gutted. Your issue is with the 1%, not the overwhelming majority of older people who are felling the same pain you are.
Yup
Oh they know they just dont care they are inside already.
The government has been committing elder abuse against the “older generation”.by reducing interest rates. Elders who did the responsible thing by saving up a nest egg have not been receiving interest to live on. And I wouldn’t call having been drafted into the Vietnam War like all the young men of this “older generation” an “oblivious good time”.
I was working as a Computer Network Engineer at the time.
Then all hell broke loose over the next few years.
It was like watching a slow motion train wreck. As things imploded,
I lost my job, my house, my wife and my way of life.
I was trying to do consulting in any type of IT that I could find but no luck.
It was just too hard while I was fighting my ex-wife over child support and
paying huge lawyer fees. I finally just gave up and moved back in with my father and mother. At the time, my mother was slowly dying of some sort of brain related dementia or
Alzheimer's (I really don't think they ever really knew).
This is when I got low wage driver jobs at Pizza Hut and then as a package handler for FedEx. This is very hard work when you are going on 60, I wasn't a kid anymore.
I seriously considered some kind of suicide at this time. During all this I had run up my credit card debt to about $70k ( a combination of business debts and reeducation).
I ended up borrowing money from a friend and invested in foreclosures.
It was the only best game in town. I made a little money but nowhere near enough.
When my mother passed and then my father a few years later, I was able to pay off most of my debts with the inheritance.
As soon as I hit 62, I claimed my social security and moved to the Philippines. I live a meager life. I paid my debts and I am enjoying the lower cost of living.
I never thought this could happen to me. I had a good life up to the crash of 2008. Thanks for the video. It's a nice piece of work that shows how our lives were destroyed and many of us never recovered. My sons will never have a better life than my parents did.
Yes sir. In 2008 I had a 25 year career in I.T. in Australia and then America destroyed. By 2011 I attempted suicide. People disparage taking out student loans as some kind of moral choice, but in the mid 2010's in my 50's I took Obama's free money to help with staying out of the Field. Am 61 now, all multiple-degreed-up with no options, and have driven a semi truck for 4 years now.
As I've trucked all over the U.S., and particularly out West over the past few years, I've seen the misery out on the streets explode way beyond the long extended deprivation I dealt with for a long time. I'm just a bare step up from that, only just now, and somehow feel lucky. But I will never go anywhere nor make it, and will never cover anything I owe, literally to everything from the past 15 years. Mere *survival* is the only imperative now. It aint the 80's no more, and none of the young people will ever see that stark reality.
Stay in the fight Greg and Wsmeo. Many ppl must move overseas. Ppl need to join their voices and put their stories on social media to make ppl know of the personal effects of this continued fallout.,
That's terrifying. I'm so sorry that happened
That almost happened to us in the early 2000's. Siemens bought out the privately owned company my ex worked for, it was going to be a 20 Years Retirement & Watch kind of job, and then it wasn't anymore.
So fortunately we were already half-screwed by 2008; wasn't anything much left to lose by then. Plus a developmentally disabled younger daughter (She's on SSI, in a supported group home, the joke being that financially she's better off than her parents and her older sister.)
Crapo! that sounds like a country song!! in all seriousness, yes, very tumultuous.
I was 15 when this happened, my parents lost their house in 2009. My dad was working 3 jobs just to keep food on the table and had a small stroke from stress and lack of sleep. The impact that this event had on everyday people was just horrible. Everyone involved should have been put behind bars.
I think world is fucked up from time of 2008 and so on. It did not really recovered.
I think the people behind this should have been made into soylent green. Risky investments are not investments, they are high stakes gambling. And ths folks who did it made out like bandits, at least in the U.S.
Why those were people to be admired, who saw opportunity and took it. When they failed our Congress bailed them out and turned all further decisions over to the Federal Reserve System, our Central Bank which is privately owned.
@Bob Habib Nah, nah I didn't. I am one of them deplorables marginally qualified as a tax payer cluttering up the view of our Olympian Overlords who got everything they have on their own
I can relate buddy
Comments feels like an AA meeting... Having lived through this as a millinial has woken me up to how brutal the systems can be. Hope we can fix this. Great vid man.❤
There's not going to be a fix. World population is going to decline. And the economic model we use only functions given the precondition of never ending growth. That's not going to work.
The 2008 crisis taught us how crucial it is to focus on fundamentals and stay diversified. With today’s market volatility and rising rates, I’m leaning toward value stocks and companies with strong balance sheets. Economic uncertainty is tough, but it often creates opportunities for long-term investors who can stay patient.
I agree. Even with great opportunities, we should proceed cautiously. Seeking market analysis or advice from certified market strategists is important.
Absolutely, having a solid plan is crucial. My portfolio has doubled since early last year. My financial advisor and I are working towards a seven-figure goal, though it might take until Q3 2024.
Can you share details of your advisor? I want to invest my increased cash flow in stocks and alternative assets to achieve my financial goals.
Her name is “CATERINA MARY CIARLANTE”. You can research her name to find the necessary details and set up an appointment.
Thanks for sharing. I searched for her name and found her website. I reviewed her credentials and did my research before contacting her. Thanks again.
I was a senior in high school in 2008 and looking back after this video, a lot of things that my dad did/said during that time make sense. He mentioned that we were very close to the bank reposessing our house and that our finances were in shambles. It always bothered me and even to this day I've dedicated a huge part of my life to being better with money than my dad was (despite him being my hero in just about every other area of life), but now looking back with the knowledge from this video, I can hardly blame my dad. And actually, the fact that he managed to keep the house through it all makes him a hero to me even in that area.
Your dad was lied to by the loan officers, they all lied through their teeth to make people take on the maximum amount of debt they could possibly make monthly payments on at that moment. Every salesman, whether it was car loans or real estate, repeated some variety of "Enjoy life now! give your family the best! You can't lose!". Hear that dozens of times from all directions and whatever normal financial sense you had is replaced by the new normal which has masked the risks you once thought sensibly about. - Icelander who had loans in 2008
I feel the same way about my parents, I went through a very similar situation. Made me a very good spender and saver in my adult life now, looking back at how hard times were.
He did better than some.
Yea man, your dad did what he had to do for your family. It was a rough time, no one can relate to unless they had to live through it. Next time you see your pops, give him a big hug and say thanks for not giving up.
The video has inaccuracies in it.
I was 10 years old when this happened. Over the years I’ve begun to increasingly notice the shadow of the Financial crash hanging over everything and it really feels like it was the end of the good times. The UK feels like it never truly recovered from the crash, like many other countries.
The worst thing is, people think everything is all right due to stock and home values being high
Having the Tories in government for 12 years since the end of the crash didn't help either. Politicians who specifically chose to make people poorer while making the rich richer, to increase economic inequality. We really have only gotten worse and worse.
Same here, i live in the netherlands and i feel much the same way though we recovered better than the uk i believe
Oil run 1st world countries problem
if you think that was a crash ...just wait to see what's coming after the quantitative easing is failing
I was working at a Canadian bank. I wrote a small application that helped them manage short term securities borrowing and lending in 2007-2008. I tested the app with the help of a person in ops. The first morning that we went into production, I noticed that the Canadian dollar page was full of activity, but the US dollar page was absolutely empty. I called my contact in ops to tell him that the app wasn’t working, and the US dollar page was empty.
I will never forget his reply: he said “no, that’s correct. We aren’t dealing with US banks”.
Then why were you asked to support USD in the first place?
@@aravindvissamsetty Canadian banks routinely conduct business with US banks. In this case, the specs for the app were done before the big US collapse.
The solution to all of this was outlined in Bill Still's documentary. The Money Masters. Sadly, that solution is ignored by our representatives, our teachers, and the media.
@@vytallicaq.6881 Sadly, theres a radio series from 2001 called _The Wizards of Money_ that detailed exactly how and why the GFC was going to happen.
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market, I’m really worried about survival after retirement.
Just buy and invest in Gold or other reliable stock
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
Pls how can I reach this expert, I need someone to help me manage my portfolio
*Marissa Lynn Babula* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Bots
This one hits very close to home, Dagogo. Just like you, I was too young, 14 to be specific, in 2008 to fully realize what was going on. Unfortunately for me, I am Greek, and man did we get shafted hard. I vividly remember the days of the collapse, with the news blabbering all day about it, and thought that it was just a bunch of distant problems that weren't interesting and would never affect me. But I still remember my parents being concerned. The truth is, we didn't realize how bad it really was until a bit later on, I wanna say 2010-2011.
My father is a civil engineer and my mother a high school teacher. They were both earning respectable salaries and, while we weren't rich by any stretch, we were good. Nothing essential was ever missing in our home, we could buy stuff we wanted, my parents had bought a second car in 2006 to help with my and my sister's transportation for lessons and such, they took a loan in 2007 to buy a small piece of land near the sea to build a little cottage (seafront property is rather abundant in Greece, after all) and we could still live comfortably. My mother's salary was cut quite a bit, but my father's was higher so we still seemed ok.
But one day in I think 2011 I remember my dad coming home pale, sick looking. He told us that his salary was cut by a bit more than half. That was the year I was finishing school. I was quite successful and went into med school in 2012. My parents were overjoyed, but that didn't last long, as soon the reality set in that they would struggle to pay for my studies. Then 3 years on, my sister was in the same position as me. And suddenly, we went from being well off to struggling with every day spending. We had to go for the cheap groceries, we would completely forego non essential items, we would replace our clothes only after they were totally worn out, mostly to keep paying a terribly timed loan paid.
Now, my father is a stoic man, but seeing him barely holding back tears because he didn't know if we could make it, all while my mother had already broken down, that was traumatic. And the saddest part? We were still well off, relatively speaking. I mean, we were struggling, but we still had our home, we still had food on our table and my sister and I could still, though barely, keep up with our studies. Others were in even worse shape. Friends and family were losing their jobs, some their homes, older people's pensions went from ok to being unable to cover even their most basic needs, putting even more stress on people who had old parents to look after.
Then society devolved into complete chaos. Suddenly, everyone was outraged. Suddenly, everyone was out in the streets protesting. Suddenly, the far right and far left gained power. Suddenly, we couldn't care anymore. People had nothing more to lose, nothing more to give, and austerity measures still demanded more be given. People just stopped paying for loans, taxes, utilities, you name it. It was as if society raised a collective middle finger upwards. It was glorious and sad to witness. Sadly, it all fizzled out and people became comfortable again, when instead of being homeless, they could rent a 25sq.m home, or when minimum wage went from 550€ a month (yes, 550 A MONTH) to a whopping 600€. And instead of these hardships forging us into better people, we became complacent and accepted that we're the poor, the bums of the EU. Nowadays Greece is barely more than a tourist destination and a factory of cheap scientists for richer countries. Countless people, myself included, studied in Greek universities and have highly sought after degrees, but are leaving Greece in favor of countries with better wages and, honestly, more acceptable living and working conditions, because no one studied to become a doctor or an engineer or a lawyer or what have you to work endless hours for scraps, but scraps is what we get.
So yeah, the title is spot on. 2008 still affects us. I don't like that I had all these memories brought back, but you did a hell of a job with this video. Cheers man.
dude I was 18 and remember how much ASS the job market sucked at the time... for a long time. "employment insurance" (which then recently changed from "unemployment insurance" truly a euphemism) was something old men who still had work had to use for the friday, people got laid off and fired and schools were backlogged with students
@@Matanumi Stuff like that makes me think. Is our generation lucky because our working lives barely missed going through that period? Or are we the unlucky ones because we have to build our careers on the aftermath of all of that? It's something I've been thinking about for quite a while. Maybe the truth is somewhere in between, I guess. No matter how much the job markets sucked for a while and how our generation is, as Dagogo said in the video, the first one that's poorer than the preceding one, I really wouldn't want to be in the position of people like my parents back then. Not being able to find the job you want, the one you studied for is one thing, but I can't imagine having your wage halved or worse, being laid off while you have kids to raise and debt to repay. People who took on debt they could sustain to build up their lives were affected the worst, I think.
Honestly boss, Greek economy and tax policy was just bad up until recently
@@michaelvick2872 You are completely wrong and should've been better informed before posting such nonsense! It's still just bad!
Just joking here, but honestly, it is still bad. Not as horrible as it used to be back when the Greek state was spending money like a gambling addict on a losing spree, but it's still bad. Salaries are still terrible, tax evasion is still a big problem, high/unreasonable taxes still exist, the list goes on. It's gonna be a while, if ever, until Greece manages to get on Western Europe levels of economy management and standards of living.
never heard of scientist from Greece
Great work brother! You put a lot of effort into creating real quality and informative content! Much appreciated ❤
There are some inaccuracies though.
The irony of reading this comment, as an educator with nearly a decade of education, and wondering how could anyone afford to give $50.
I'm so exhausted
@@aleckazamproductions8139 Feel you man. Keep up the good work, your contribution is greater than monetary
@@zaco-km3su What do you see as inaccurate? Timestamps?
💰ColdFusion is the financial literacy info we needed in school. Applied learning. 💰
Yes. Personally, I am still being affected by the good will of the Canadian Conservatives Government who lowered significantly interest rates at that time and allowed everyone to renegotiate their mortgage, I would not have a home without Steven Harper. This allowed Canadians to not loose their homes.
But fuck George Bush in the USA for even allowing that to happen in the first place and letting people get kicked out of their homes.
They don't want to teach finance in school... (at least in the US) they want people to be uninformed.
Check out The Maverick of Wall Street too. He uploads frequently too
@@volvo09 In the USA, they don't want to teach anything relevant beyond basic math and language.
I disagree. Yes, he simplifies it, and helps non financial people understand it, but it lacks a lot of the detail, and I say this as someone who has studied this very comprehensively. I'm not hating. It's good for what it is.
Edit to add - completely wrong about Ireland who were the first to repay their debt to the IMF and the ECB.
In light of the ongoing global financial crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.
Amazing! I hope it's okay to inquire if you're still collaborating with the same fiduciary and how I can get in touch with them?
The decision on when to pick an Adviser is a very personal one. I take guidance from Annette Christine Conte to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
My needs are kind of unique and complex. I'll contact her nonetheless, and I hope I'm able to make something out of it.
"History doesn't repeat itself, but it often rhymes" - Mark Twain
This sums up everything happening now
This has never been more true
" i can fit 3 golf balls and a small bag of marbles up my ass." -Oscar Wilde
Great quote!👍👍
Marx said it better
This hit close to home for me. My family had to foreclose on our home and relocate to another state following the crisis. At the time, I didn't realize why we had to leave my friends and the place I loved. Trying to understand the trauma my family dealt with actually led me to major in finance -- I don't work in the industry, but knowing how mistakes made in that field screwed so many people over really helped me make sense of the direction my life had gone. Ultimately, it worked out well in the end -- I wouldn't have met my spouse if it weren't for us moving here! -- but it's crazy to think how a few bankers and investors shaped the entire course of my life thus far.
@Yummy Spaghetti Noodles i used to hate spaghetti... now I like'em
@@harris977 at least you corrected your mistake
I think it's generous to call what happend a "mistake".
There was clear malicious intent behind the great financial crisis.
From 2008-2012, the company I worked at had wave after wave of mass layoffs. Every conference call was people yelling at each other. We had 3 cancer deaths, 4 heart attacks, 2 suicides, and lots of divorces. All due to stress. It was awful.
Wow, my goodness! Very sad
Very sad. All due to greed.
History repeats often.
that story was so stressful, it gave me cancer, too.
I now realised why we have so much e-waste as well... it then means that, those office equipments were or must have been liquidated... a lot.. after that. And all those stocks, were moved or sold on.. Maybe I was lucky to have resided in a small city that, had cushions or had small businesses, that acted as a cushion, cos I didn't foresee the big events like this.... Not at all. I was also on the road as consultant back then as well... Had no idea of the continuous daisy-chain events.... one after another. Right now, we are indeed trying to equalise, aren't we ? To increase growth and reduce inequalities as well.. to raise the next generation etc... Now I realised why so many of my friends went to work in the charity sector to stay anchored... whilst the institutional entities reorganises itself...
Housing crisis, health crisis, financial crisis, cost of living crisis, debt crisis, inflation crisis, EU war crisis, Middle East crisis. How many crises can we endure? As I approach retirement with a solid financial cushion, I'm anxious about a potential banking crisis. Is private equity a good option to grow my money securely?
Diversify… T bills, CDs, Gold, Stocks, Municipal bonds, Bitcoin, Real estate, etc assets speak when cash has no value. If you're not confident in your financial knowledge, consultant a financial advisor.
Agreed, investing with the help of an advisor set me up for life. Retired with about $1.6m in stock portfolio only. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. Supplementing my income with stocks and alternative investments helped me by far beat the retirement age of 65.
I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now.. mind if I look up the professional guiding you please?
The advisor am currently working with is Judith Lynn Staufer. I came across her in a Bloomberg interview for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look her up.
excellent share, Just looked up her name and spotted her consulting page ranked top. after reviewing her credentials i reached out to her.
The scary part about this recession was, usually recessions use to last 4-6 months....this one - really never ended....I lost my job, thought I'd just go on unemployment for a few months, instead - 2 years later I hadn't found another comparable job, lost all my savings, unemployment had run out, lost my family, and really never recovered.
I'm so sorry to hear that.
If we are going to be honest with ourselves, this wasn’t actually a recession. It was the collapse of the West. When you take a good look at what western society, culture, and ethic was before 2008, you will understand what I mean. It has been said that we live in the decaying carcass of a failed world. And that everything we have now is simply what we have been able to salvage from the past. Everything now is essentially just a hollow shell. But, these days, we are already in the process of resetting the system to restore what we lost.
So the economy caused you to lose your family........ 🤔 i dont know about that one chief
@@byloyuripka9624 maybe his wife divorced him
Any Job after 2 years.
Honestly my country, Spain, was so hard hit by the crisis that it has never been the same here. Economic indicators went up this past years, but the climate of dispair and precariousness never went away, it was a before and after moment for this country.
Hey, at least you guys have a beautiful language. You can be sad in that beautiful melody. Jokes aside, the same happened in Croatia. We are not as developed as Spain but we lost 400k people from 2011 to 2021. Most of them left for Germany/Austria/Ireland.
This is how the US passes its problems to others. Sorry for Spain. They are after Germany and Japan now. God bless the US
@@Adriana-eu6ty And who knows where it goes from here, it's looking pretty fucking grim. It's so fucking infuriating that our livelihoods are gambled by cocaine fueled maniacs in like 5 global cities, of whom we don't even know their names, their mechanisms to do so, and we know they will never be hold accountable for their crimes.
Eat
The
Fucking
Rich
Mostly because european funds dried a lot. Too bad, you didn't have the time to build yourself up :(
In Italy it’s the same
I am 21. In 2008, I was 6 years old. My understanding and experience of the economy is wholly shaped by a post-2008 experience, similar to how I will never understand the "pre-9/11" world either... Thanks for explaining the complete disconnect between the way I conceptualize the economy, and the way Gen X adults do. It's so difficult to see why they still see innate value in certain assets, especially "conceptual" ones.
What are you referring to by "conceptual" assets? As a pre 9-11 Gen Xer, I don't know this term. I can say though that most of my generation got totally nailed but a lot of them have gone on like nothing happened. (Not me- I got nailed and learned a lesson) Anyway, I am wondering what kind of things you were referring to. Thanks!
@@mariahsmom9457I'm assuming he's referring to conceptual assets as being financial products that have somewhat imaginary or pretend value as part of their attraction. I'm thinking like NFT's (Non fungible tokens) which some pay a huge price for. Their value is underpinned by fad-factor, hype and the celebration of stupidity.
@@mariahsmom9457I think what was meant by "conceptual" assets was the idea that the value of things like stocks, currency, homes to some degree, and some other "assets" in markets aren't really defined by anything tangible or based in the real world (think of the gold or silver standard) or any evidence-backed economic formulas, they're defined by what people can ultimately convince other people they're worth (speculative markets), which results in companies invested in those assets trying to increase that value by any means necessary, even if that value doesn't make sense in reality.
I was born into a well off family, but in 2008 we lost everything. Went from living comfortably to unemployment checks and food stamps. It’s pretty much all I’ve ever known because I was so young and my family still suffers to this day. My parents lost all their savings over the years trying to keep us off the streets and I’ve already promised myself to never have children no matter how well I am doing financially because I’d never want my child to experience this. I think a lot of people my age feel the same way, it’s sad that we can’t trust our government not to give in to corporate lobbyists. 2008-2010 were some of the most impactful years of my entire life.
same
I've spent most of my 20s and all of my 4
30s building my business. I was damn near wiped out in 08 and had to do a short sale on my condo. I paid my mortgage up until the month I moved out voluntarily to initiate the short sale. I rented a guest house from a client and then ended up renting a condo from a man that bought it for next to nothing after the crash. I spent years rebuilding my business and lived in my car for quite some time to make it all work. After years of struggling and feeling like I was getting nowhere with my business things started to turn around around 2017 for me and buy a 2020 I finally purchased my own gym. One week after that purchase was when the COVID shutdowns kicked off in California. 2 weeks of flat in the curve ended up being roughly 2 years of either being shut down or forced to operate in a very limited capacity. I received no help from the government and I will never be compensated for those losses. And I'm having to let that the gym go a year later and I'm now subleasing from a much larger gym. They are struggling as well and we work together to survive. And now we're in a recession and things are getting worse. So basically I spent the better part of my youth busting my ass to build something that was ripped out of my hands twice for no reason of my own. It's heartbreaking to be honest and I don't know if I have it in me I keep fighting cuz I'm not sure if I even believe a better future will exist if I do. I hope one day we all rise up and make these people pay for what they've done. It's not the working folks fault but it certainly becomes our problem doesn't it?
It's not your fault things didn't work out as planned. The truth of the matter is that - without government bailouts, NONE of these companies would be around.
You're working with a small amount of capital. Just do what you can.
@@rayj7699 you're right for sure. Just doing the best I can but not even sure if it's worth it.
The government of California ripped your dream from you. Period. I live in the Midwest, and we (mostly) continued business as usual here during the COVID pandemic. Yet, the mass majority of us somehow survived and prospered. I haven't seen a single gym in my area close or get bought out by a chain since 2020. Not one. I'm truly sorry for what you went through, but the government of your state alone is to blame in this case. There's a reason why the employment/housing/debt issues are affecting the coasts in such a high proportionality compared to middle America. You, unfortunately, live in one of the two worst states to be a business owner during COVID. I know you know the other one... You, sir, got truly screwed by your state government. I feel for your for that. At this point, those of us in the Midwest, feel like we're living in a different reality than the coastal states. It's honestly odd, when we view the disparities between regions.
@@fmrscout33 you are 100% correct... I was born and raised in Virginia and then lived in Florida for 5 years before moving to California. I plan on moving back to the east coast as soon as I can. I can't give up on the business so I'm training my successor now because I want out of this hell hole. I'm glad you were able to avoid most of this b.s.
@@jamesorourke34352 Corinthians 12:9-10
9 But he said to me, “My grace is sufficient for you, for my power is made perfect in weakness. Therefore I will boast all the more gladly about my weaknesses, so that Christ’s power may rest on me. 10 That is why, for Christ’s sake, I delight in weaknesses, in insults, in hardships, in persecutions, in difficulties. For when I am weak, then I am strong.
I understand the struggle of working so hard, only to see it all crumble; all of that hard work in vain. I have come to see that truly, its providence so that we stop relying on ourselves. We are so weak, all of us. But as a people our pride (my pride) doesnt allow us to accept that.
God wants us to seek Him, to call out to Him for help, not for financial means but for salvation. Really and truly, in my weakness, He has glorified himself, and Ive never been happier.
Ive never replied on someones comment like this before, but I feel its God will, so let His will be done. I hope it provides some comfort to you. Seek Jesus Christ, He's knocking at the door. God bless you
I was 9 in 2008. I grew up in Portugal, where recession deepened through many years of sociopathic austerity. my most basic understanding about how life works became that the next year would always be worse than the previous. I told my dad that when I was about 11 and he explained to me that it wasn't always like that. That never really sinked in for me. So many people a little older than me finished their degrees only to end up earning 400-something € a month in exhausting retail jobs. Several speeches were made about how people were over-educated, even though most of that generation were the first of their families to go beyond high school. Even though people who are now in their 60s often have 6th grade educations. even though my grandfather's sister never learned to read or write, and became a maid in the city at 7, and he had to move away for work at 14.
but I think the worst was the "lazy southern people" spreads in the magazines of countries with free university and 35 hour work weeks. I think that might be why I'm writing this rant; there's an incurable, toxic bitterness in me from seeing people work themselves to the bone, until there's nothing left, only to be called slothful bon vivants. fuck every single person involved in fabricating that myth. it's heartless to keep yourself so ignorant while passing sentences.
Good post. You have to move on though. Life is unfair at corporate level. I've been bankrupted and outsourced, bought and sold. It's left me bitter too at times.
What is more important is to have good friends and relationships
As a greek i related so much with the "lazy southern people" , till this day you see people in the internet calling some bullshit like that.
Being from Greece, I can completely understand and feel your pain, wrath and desperation
I absolutely love your work , you've taught me so much about scams , debt, tech , philosophy and more . Thank you !
Yeah he is awesome. But there is more!
Wow. $50 😮😮😮
$50 that's something
i didnt know you could give money on youtube how did you do that
@@Hostoryproject when I press the 3 dots there is a Dollar sign in a heart listed as the " Thanks button" and that's how I did it.
I finished work on Friday, woke up ready for work on the Monday only to find I didn't have a job, I'm a plumber and have struggled ever since.
In 2008 my world was turned upside down and never recovered.
Dam. I’m so sorry.
You still here mate so am I. I became invincible after GFC. I feared nothing not even the 2020 virus demic.😊😅 I kept telling myself you have been through this before OG. God blessings 🙌 🙏 I did survive again.
I thought plumbers made real money
I was a kid in 2008 and when this hit here in Iceland we lost everything and had to move into a tiny 100+ year old house which was mostly just made out of wood and a tiny bit of concrete. We just barely managed to get that house because my mom was smart and somehow managed to prevent us becoming homeless. The fact that we still haven’t fully recovered just goes to show how devastating this mess was.
wait? iceland? it effected other areas of the world too? i thought it only effected the united states?
@nazgulbarakas5767 did you even watch the video? :\
@@nazgulbarakas5767difference was Iceland at least jailed the bankers.
It hit hard everywhere. Netherlands here
@@a13xdunlop Some of them. Some of the people who played a part in it got off free. Still pisses me off. My mom's friend literally went homeless because her mother wouldn't take her in. She has since somewhat recovered but still. A lot of good people were absolutely ruined and some recovered addicts even died due to them returning to substance abuse and It's all just very sad. Heard of some dude from my town that built his dream house from scratch and then had to sell it. There are a bunch of stories and yet some of the people responsible have the nerve to try and get into politics again.
I was 39 and fresh from a divorce. I was renting an apartment. All my friends were buying houses and living the high life. They thought I was crazy for paying off my debt and refusing to buy a home. Then it happened. They lost homes, cars, boats, etc. I felt bad for them but, I tried to warn them that this spiral upward cannot be sustained.
It can for the individual if you’re not a fuckin idiot. You don’t have to be among the average, I know plenty of people who were cashing in but DIDN’T have to suffer when it popped
Funny how the world works.
Ignore people!
Live your own life.
Enjoy nature.
If you actually had the insight in 08 you think you did you'd be rich right now. Why pay off your debt when you could have shorted the market and been rich overnight?
@@fj06carnone there is a difference between feeling that something is off and thus being cautious vs. being confident and risking money by shorting the market
You did the smart thing!
It sickens me that no one was punished for this. Banks need to be held accountable and hold less power in the world.
Use monero then
Yea the people responsible got bail outs and nobel prizes. The problem was kicked down the road. We are dealing with it today
I can't believe we even allow them to breath.
Capitalism
Yup the 2008 Bankstas got away scot free for blowing up Lehman Bros
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
With the US dollar losing value to inflation and other currencies gaining traction, uncertainty looms. Yet, many still trust in the Dollar's perceived safety. Worried about my $420,000 retirement savings losing value, I seek alternative security for my money.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Growth is not returning during our lifetime I expect. People are having less children. It's not possible to have a growing economy with a shrinking population.
I would recommend to forget the idea of society improving in any way for the next forty years.
@@chivalryisdead6440The US is growing in population along with swaths of Asia and huge population growth in Africa. Europe and east Asia are staring down the barrel of population collapse.
My experience of 2008-2009 was, I had my first corporate job as an IT analyst on March 08. Being so young I committed all my loyalty to the company thinking they'll have my back. By 2009, they decided to do "restructuring" and I was told that my particular role would no longer exist, and asked if I had any suggestions for how I can fit into any other role. There was no other role. It was just their way of trying to get rid of me without having to pay compensation. That's when I learned there's no such thing as loyalty when working for any company. Anyway, amazing documentary. Back then I found it difficult to understand the 2008 crisis. Quite lucky that we have a channel like ColdFusion.
That sounds like rubbing salt in the wound: making it feel like your fault for not having creative ideas for a new job
@@sd-ch2cq You said it. To make matters worse, at the time I was so young, I had no clue about employment laws, what my rights were, no assistance ... nothing. Honestly, as much as this generation has it hard in some aspects I envy the fact from a young age they have Google, RUclips and so many tools at their fingertips to help them with almost anything. If I had RUclips alone when I was younger, I'd be watching channels like ColdFusion and other educational channels that would've given me so many insights and I'd be able to make many informed decisions.
My story is similar to yours. First corporate job as an engineer, loyal to them, and then laid off one day in 2008. I was blindside. I was shocked but one if the questions I asked was, “when is my last day?” They told me I could just leave. I thought it was crap that an employee was supposed to give two weeks notice before leaving but an employer could just let you go. I was SO young and knew nothing but at the same time it opened my eyes.
Your lesson is wrong.
There no way to pay people when there's no money to.
Also, you either one year. And your talking about loyalty?
Maybe they wouldn't have taken care of you even if you had worked longer but your explanation didn't justify your conclusion
@@gwho in this situation there's no right or wrong. I didn't say I'm right and they're wrong. The fact is things can always be looked at in different ways. Some businesses look after their employees very well and do everything they can to protect their jobs, so as to retain talent and increase employees' loyalty to them. While other businesses when trying to reduce costs look at redundancies first. Every management has a different mindset. Also, things like this can be prevented in the first place, if there's been better foresight and planning (including having strong liquidity and cash flow for a rainy day and a better business model. It can't all be blamed on Macroeconomics, or otherwise all businesses would've died). Perhaps I should've also provided more context. I started in March 08 and was made redundant towards the end of 09. So actually it's close to 2 years (not 1). I was always one of the first to arrive in the office and one of the last to leave. Staying behind for unpaid overtime. I did every course and exam that was on offer, to advance and progress my knowledge and skills (at my own cost). And lastly, the business was eventually declared bankrupt in 2016. Perhaps that may be a reflection of the management's abilities after all. In the end, all I said was that I learned there's no such thing as loyalty working for a business, which I still stand by this point. I understand it is a free market economy after all, and loyalty stretches as far as how much value both parties see in each other. Businesses always need to protect their bottom line, but that shouldn't always automatically translate to redundancies. Businesses that are able to protect their employees' jobs, especially those who are hard-working and contributed a lot, is a reflection of the management's great leadership and abilities.
I have always tried to keep my head up and look on the bright side, but you can just see and feel the middle/lower classes getting crushed. Education is expensive and fueled by debt. Homeless is rampant. Inflation is rampant. Health insurance is worse than ever. Wages are stagnant. Wealth inequality is at all time highs.
The birth rate is still falling, and why should it not? I feel badly because my parents and grandparents just can't seem to understand how bad it's gotten. When they were younger, they were paid commensurately with their productivity - they could be independent, explore the world, and, when they were ready to settle down, afford a middle class lifestyle, (house, kids, take vacations, ect.).
I am a engineer in biotech and I turn 30 in a month and do you want to know what I feel on the ground? I am blessed with what used to be a good paycheck, but I can't afford an apartment in my own market, let alone a house. I pay $1350 in rent for my room in San Diego and live with four roommates. I have student loans hanging around my neck. My health insurance is poor. And I'm tired, so tired. My company has had such churn and now runs as us a skeleton crew. I am beginning to question the system and why I participate in it, and that is a very, very bad sign. If engineers feel that (and I've talked to many of my peers), then that feeling is seething in lower jobs as well.
I am not complaining. I am not a materialistic person, and accumulating things for the sake of it has never brought me happiness. I merely am pointing out the disparity between generations that corroborates the belief of many young people - that for all intents and purposes, the American Dream feels dead. And it feels like it died in 2008.
Have you ever thought about living in a different country? Sounds like you have the skills to get a visa elsewhere.
ruclips.net/video/cTPopNG6LRM/видео.html
Software engineer here in the UK and "I am beginning to question the system and why I participate in it, and that is a very, very bad sign. If engineers feel that (and I've talked to many of my peers), then that feeling is seething in lower jobs as well." rings very, very true. Especially with our political system at the moment. I think people will eventually break and realise that the current society bares nothing for them, once that happens it doesn't matter how much money the bankers have if no-one respects its value. We've been overcome with greed.
Don't wait to long Countries like Canada want productive people to add to their labor market. I waited until retirement and can't get a permanent resident visa even though I'm set.
Oh dear. Wish u luck in finding your way out of all this and guide others too
2008 :: Sydney Australia, I graduated Tafe, got into IT then within a month we were all let go and no jobs besides retail. I ended up going into a retail job for 6 years as I went to uni to get a Comp Sci degree. It was stressful, I thought my career was on track but when all the opportunities dried up, it hit me so hard mentally. Because I was considered older than most graduates by the time I graduated, I couldn't find a decent grad job as a foot in the door. I'm doing a lot better now, but 2008 really shook me and many others. Yes I have a roof over my head and I'm careful with my money but life just went by and I never really lived it, I just survived week by week, stressing about uni, work and money, no friends, no relationships, just stress.
Same here. My senior year of high school was 2009. My family went bust. I got lucky and found a crap full time job. Was struggle for a decade.
was in my final year of Uni in Gold Coast, '08. The crash completely trashed everyone with even a moderate degree is useless unless you could make something of it, turning Gold Coast into quite the ghost town
I want to read/hear more stories like this.
Yes. It happened to me too, I have to settle for a lower pay and this still affect my pay today. As you see, you started with lower salary, during interview and salary negotiation it does affect you.
Didnt study, 2008 wasn't good but by now I own my house and have a family, all debt free, what I noticed is the labour market in modern days means reinvention and moving even to other countries, jobs are in boom areas and not at the home porch, had to swap country 2 times, that's regretfully how the world works now.
I was in middle school and we went from living in a gated community to a trailer Park. My mom went into depression and completely withdrew from everything and my dad straight up told me I had no college fund left and I took that as "I only have a future if we win the lottery" so I completely stopped caring about school and got depressed and I was in a lot of advanced classes. That was our 2008
“You can’t model human behavior with math.” Love that
Because human behavior is irrationnal and beyond logic mostly. Hence why people often won't choose what will benefit them in the long run because confortable lies and short term profits rule.
There's nothing irrational about human behaviours. Decisions made based on instinct is perfectly rationalized in both social science and cognitive science.
Humans in fact can't make rational decisions due to imperfect understanding of world. They can only justify rationality of decisions based on hindsight or past data
Except for The Medallion Fund.
i disagree
It's possible, we just don’t have the ability to account for all of the variables yet
Finally some recognition for people who lived through this. Important years of my life were a hard struggle. Even a job as a garbage collector was hard to get.
Better get a job while you can and build up a year's worth of living reserves in cash. 😉
And if you have excess cash, follow the markets and start dollar-cost-averaging buys into stocks & crypto when them bottom hits (hint: right before the unemployment rate peaks)
you mean almost literally everyone on earth mate? its not like you went through a civil war or something
@@Kektamusprime No. Many people who had steady jobs on fixed contract had no problem in the recession.
Actually many of them had it better. They were able to hire blue collar workers for unfair low prices.
I agree civil war is another scale of misery
Sadly, it's about to get much worse over the next few years.
@@Kektamusprime Those just entering or trying to leave the workforce through retirement were disproportionally affected. It helps to finally hear how fucked up it all was. A vindication if you will of the struggle my generation has had to suffer through while we try desperately to build our lives.
The evolution of RUclips from “Purple Rain” to in-depth retrospectives of complex and compound failures of history’s greatest economy never ceases to amaze me. Phenomenal content. This channel constitutes a traditional broadcasting company in width and depth-but with a sole contributor. More remarkable than most people realize.
Graduated high school 2010 it would be great to actually enjoy a stable economy for once in my adult life
Probably we will NEVER know good financial times
I don't get how people can be "too young to be affected".
Back then I was 16 and lived at my parents, they lost their jobs and it was a hard time.
It's just insane that those responsible for completely ruining so many peoples lives are still not in jail.
There should've been trials similar to the Nuremburg trials for these crimes against humanity.
How about a Salem style witch trial? Thats what they deserve.
You most likely are going to target the bankers and not the politicians that enabled them to do what they did. Politicians get off Scott free while the rich businessmen take the blame.
@@thereaper2615 Consistency in ethics is what makes all the difference.
If I were to ruin peoples' lives I would go to jail for a long time.
This should apply to anyone, regardless of their profession, social class or modus operandi.
@@QoraxAudio Nah, Salem style, get e'm👉🧙
The Nuremberg Trails are too kind.
These people should get the Gaddafi treatment.
It's sickening that the top 1% gambled with our economy, brought it to shambles when it all failed, begged for bailouts and then ran away with all the money while everyone else suffers to this day. We're heading into another recession and those same 1% continue to profit off of our suffering.
I was actually talking about this with my husband today and we concluded that nothing will ever change in terms of accountability unless these people will be dragged by the crowd to the streets and have their heads cut by guillotine. I know it sounds crazy but consider a fact how depraved the 1% got, whether it's a bank, energy sector or pharma, they are laughing in our faces because they are too rich to be jailed
I graduated from college in 2009, and I remember being in my last year of school and reading about the crisis and seeing headlines like "the college graduates of 2009 will have the worst job prospects in history." It was pretty disheartening, to say the least. Then after graduating I couldn't find a job anywhere, even at places like McDonald's. My mental health was already shaky, and it got so much worse during this time. In order to escape the hole I felt like I was in, I enlisted in the US Marine Corps, which is a totally insane thing to do but I was that desperate. The financial crisis was a total disaster that shaped the course of my entire life, often in profoundly negative ways.
How was your military experience? Looking back would you consider it a good thing?
You are not alone
Graduated high school in 2010, and I was in the same boat. I had 5-7 interviews in a 7-year span (2008-2014) until I got an entry-level job in 2014. I had lots of suicidal thoughts, and it was very frustrating.
Should've joined the Air Force.
Why is joining the military "a totally insane thing to do?" I was on active duty for over twenty-one years, and I am the sanest person I know.
To be kinda blunt, I am giving up on investing in stocks... I put between 2000 to 3000 a month and it's nothing but down down.... Sooooo frustrating and I only invest in boring big companies. How can I capitalize in such a market?
Great Buying opportunities today. Embracing pullbacks and correction is key. This is where the money is made!
Absolutely! Wealth is made in bear markets. We aren’t in a bear market, but nibbling heavy red days has proven to be fruitful for me over 4 years of investing. I am at 2.25 mil. Biggest positions VOO, VTI, SCHD, VYM, and now looking to build up DRGO alongside finding quality value/growth stocks to buy. I got $48k divs last year in taxable divs. Q2 taxable divs this year was $17,388 this year. Don't sell when the market is down. Having a skilled CFA that puts the time in to do in-depth research can be invaluable in strategizing your portfolio.
*TRUDY ELIZABETH STOUFFER* .. has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
You trade your money for necessities, and stock up
@@Monicamonasky-some of these etfs have lower yields then you’d get with CDs with high interest rates nowadays
The 2008 crisis brought many challenges and also changed me forever. It left the fear of not being able to get a job and that you could lose everything very quickly. Made me a more cautious person and always planning for the worst.
I was 27 in 2008 and was working at an investment bank in downtown Manhattan near Wall St. It was a nightmare. Everyday you wake up to the news of another 300k to 500k people being laid off for months. The list of banks failing and shutting down just kept growing. Occupy Wall Street movement was right outside our doors. Under all the pressure, some ppl took there own lives. My firm said nothing, and we as employees were scared. I was paralyzed to make any major financial decisions as the recession dragged on year after year I thought I was next. It turns out, the investment bank I worked for never got involved in MSBs or any risky products for that matter, and they didn’t over hire so no one lost their job. It was a miracle.
They did it smart. Glad you didn’t have to take your life or anything along those lines.
And not one of these criminal Banking CEOs and bankers went to jail, not one God damn one. Lehman Brothers former CEO is enjoying his billions somewhere in Monoco
May i ask wich bank was it?
Im guessing Goldman?
@@UNOwen-nn6ui crazy how banks will slaughter each other over money and greed
I had just finished grad school in 2006 and got my first tech job at an architecture firm January 2007. The real estate market was already beginning to crumble.
We didn't get a single new project the whole 6 months I was there. They laid off half the company by May that same year. I had moved to that state for this job, so I didn't have anyone to help me when the bottom fell out of my life. And I had only just gotten out of school!
I was on unemployment for 3 months until I found a tech job in another state. The financial crisis scarred me for life, and I've been working hard to stay a few steps ahead of economic downturns ever since.
I didn’t think it affected me until last week my mum told me the reason I’m an only child is because of how close they came to losing their house in 2008. I guess I would have a brother or sister if it weren’t for the crisis.
add to that anyone whose housing costs or rent is that high they can't afford having a family, or a larger family. Unless we get a huge windfall in the next couple of years, my child will almost certainly be an only child, as it's a choice of what quality of life & security we can offer. This isn't about luxury, just a remotely modest & secure living. There's always a tradeoff, but Millennials, Gen Z, and late Gen X have been made to trade off far more than the boomers ever had to.
The bankers killed the siblings you were never able to have. Because of them. If you would have met them, it would make you angrier.
I graduated with a bachelors degree in criminal justice in 2009, and in Miami, Fl, there was a freeze on the types of jobs that could get with my ridiculous degree. Long story short. I never did anything with it because no one ever hired me! Today, im stuck with student debt! A degree in the US changed my life for the worst!
ok phoenix wright
@@AddyEspresso lol
This has gotta be one of the most comprehensive and approachable videos about this topic I've seen.
Get over approachability
@@X11CHASE you can either have those around you understand complex things by finding or making easy to understand explanations. Otherwise people just think magic fairy dust is what causes the world to function and that isn’t helpful.
@@daveSoupy or you could actually study the nuances and intricacies of what happened? This is very simplified, and I watched it just to be sure it wasn't misinformation (which some of his videos are, not necessarily by choice, but rather from lack of research).
Overall, it's probably enough for the layman, but as someone who studied this, there are a lot of inaccuracies.
@@LiamNI why don't you make a video going into the nuances and intricacies? give us all of the stuff you think is missing.
The 2008 collapse was the event that solidified my belief that luck is the single most important factor for success in life. I graduated college in 2008 along with a number of friends and people that I knew. Every one of them ended up doing just fine, the collapse was nothing more than a slight bump in the road for them. Within a year it was like nothing happened and they were all in good paying jobs with massive vertical potential. Meanwhile, I was still struggling to get job interviews and make anything happen, the collapse had absolutely decimated my ability to do anything.
Looking back at the wide scope of degrees we all had and where we ended up, my belief that luck is the single most important factor in life has been set in stone.
It's also hilarious @35:20 seeing the national debt at "only" $11 trillion, seeing as how now it's over $31 trillion. $31 trillion...just let that sink in.
what degrees
@@NewWesternFront We all got bachelors degrees. My friend who's doing the best out of us got a degree in construction management and is currently working at Google, my other friend who's doing pretty well got a liberal arts degree and is currently working in banking.
My other friend got a degree in either music or liberal arts, I can't remember, and I believe she's running a store on the East coast as a regional manager or something.
My other friend got a degree in film and works as a visual effects artist in Hollywood, and the last two friends I can think of off the top of my head didn't actually graduate but one is running an automotive store and the other works as a coder for an independent company.
I got a BS in Business Administration and have been unemployed more years than not over the past 15 years, with most of those working at basic, name tag jobs.
@@fuzzypanda1684Have you considered that you are not unlucky but undesirable in some way? Appearance, personality, cognitive ability. I agree that luck is important but it’s not a reason to be unemployed for the better part of 15 years.
@@richardlyman2961 I've definitely thought of that, which is why I've spent years improving those areas. Those years of working out, eating clean, skin care, socializing etc. have made me a man with a head turning physique, good hair, great skin, and pretty solid charisma and confidence. All of which have been confirmed by both people I know as well as total strangers.
Just in the past month, I've had 2 people tell me I look like and actor, one person tell me I should start a RUclips fitness channel because I'm in great shape and am very personable, had 2 girls go out of their way to tell me that I have an amazing physique, and had a woman become very confused when I told her I was single because I couldn't get a girlfriend. All of these people were strangers who I'd never met before.
So yeah, I've thought about what you said, but the reactions I get on a regular basis tell me it isn't the case. I appreciate your input though, and thank you for reading my comment.
And now it's 35 trillion!
I was 24 in 2008, and I was in construction at the time. I got into construction as soon as I graduated in 2000, and everything was great, tons of work, lots of money to be made. Looking back I can see the slowing and eventual drop of the economy. But it kinda started in 2006 with maybe a week here or there without any work, then as time rolled on it would turn into 2 weeks with no work and so on. Even with little gaps without work, my wife and I had money in the bank. In 2008, I was without work for almost 6 months, I definitely waited too long to move into something else, but I honestly assumed everything would come roaring back, it never did. We still to this day live paycheck to paycheck. My brother is still in construction and is in far worse shape than me, but he's much older than me and doesn't have a choice. Videos like this bring the animosity and hatred back up in me towards the people that did this to us, they walked away with no criminal charges AND millions of dollars. Their greed took so much away from us all. They should never be forgiven.
Have you noticed how discussion of banking corruption has largely disappeared from the discourse? Ask someone if they remember what Occupy Wall Street was about and they'll probably have trouble remembering it at this point. Now the banks think that as long as they have a diverse board of directors and they support ESG that they can make everyone forget about what happened not that long ago.
whats the point of not forgetting if youre not ever going to do anything about it? seems like the proverbial poison pill.
I was doing high end construction in scottsdale AZ when this happened. Still doing construction today. Nobody talks about the bailed-out banks, and the bail-outs allowing them to sit on the repossessed inventory for 5-6 years creating an artificial shortage of available housing to raise home values and kicking off the recovery on false pretenses. Nobody, especially the boomer home owners want to hear or believe it but the current home values a BS and the market cannot sustain its current valuations. The bankers, mortgage companies, appraisers, investors, and corrupt govenment officials within the zoning, and permit offices have destroyed this market, and its all fake.
Correct, nothing is actually at market value and is being artificially held up.
hoping and praying we seed a major market readjustment soon. I want to be able to own a home at some point within my lifetime. I don't care about the American dream anymore, I dont care about the false hope that i'll live a better life than my parents did. At this point I just want to live in a place other than some shitty apartment.
It's heartbreaking to read the comments on this documentary video, so many childhoods destroyed, some many dreams crushed, and to think that a small group of people profited from this and actually set it in motion.
yet the older the comments are the better off they seemed to do.
As usual the rich get richer and the middle class pays for it. Yet government doesn’t hold anyone accountable cause they are also people getting rich off the back of the people they are supposed to be protecting.
With absolutely no consequences.
And it keeps happening
all the scam comments are ironic, lol
The small hats. Every single time.
I started my senior year of university when the 2008 crash happened. When I graduated in 2009, I was $30k in debt and no one wanted to hire new college grads (especially if you weren't already employed!). I spent months looking for work and ended up taking part-time jobs. My resume looked like complete trash. It permanently ruined my career prospects.
Did things get better for you later on?(I hope they did)
I graduated in 2010 and took refuge in grad school. Luckily as a scientist there was funding, albeit poverty wages and zero protections. My mental health was garbage and I seriously considered suicide a few times a week. That’s my Great Recession story.
@Rufaid Roub alot of us never recovered. We got forced into other careers or lower paying jobs and bad credit. Most of my friends have never recovered. Some did but its funny cuz the ones who did rebound okay, their parents were well off too, in the banking/financial industry, or tied to the military, DoD or government in some way.
same here. Graduated 2009. Absolutely no one would hire either myself or my wife. People with masters degrees were working at Bestbuy and JCPennys. My wife and I have recovered our lives in different career paths, but it took an entire decade....and then Covid happened..... 2009 Changed our lives forever....the same can be said for 2001 and 2020 FUCK! Our generation right? Jesus. 9/11, 2008-2009, 2020......what the fuck is next? Never mind, I DON'T WANT TO KNOW!
Same. It took around 2015 before I recovered and to this day still saving for a home. Boy did we get screwed!
The government's response to the crisis was crucial in lowering market apprehension. The economy of the United States of America as well as that of other countries was impacted by a lack of transparency and public trust. It makes me question whether it is morally appropriate-or even secure-to rely solely on the analyses provided by these so-called experts. I hope this doesn't happen again given where we're going
Bianca Rantzsch | Your Way of Life, Yes I do agree with all you've said there may have been avoidable mistakes but coming from a personal experience, the prominence of institutional or basic financial education and managers cannot be exaggerated. Markets are oceans not lakes. Take myself, having encountered my fair share of bad trades, I was able to realize how timing, capital, entry and a lot more are essential. Now, I have a $122k portfolio averaging a 12% monthly roi in less than a year following - Yvonne Annette Lively's guide so I do know the importance of basic knowledge and delegation.
@@joecaruso06 Was she on a fin-pod recently? Talked about management policies with Tate? Crazy how she keeps soaring with the roi. Whats her charge on commission? I mean Yvonne Annette Lively
@@joecaruso06 Just looked her up. Records are detailed but wouldn’t she sorta pricy for 11% m-roi?
@@Gregfreemann insha allah. thanks info
It just did, SVB
I was an IT graduate at Australia's largest insurance company, started working in 2007.
I still remember that day in 2008 when Deloitte consultants sent out a mass email to all of IT to meet in a large room.
Using an over head projector (lol), a fancy man in a suit put up our existing structure, then showed the next slide with a new structure.
Anyone who didn't have a name there was gone.
We were instructed to go back to our desks, wait for a HR phone call.
All projects were paused except for big fixes.
It was a terrible time. Watching my colleagues and friends walk out one by one into an office on every floor in tears was such a weird way to start my post university working career.
IT people were brutally hit. I was in IT working at a bank at the time. Laid off, almost lost my home.
The crisis in Greece affected us in between 2011-2013. I had a little RC hobby shop I've opened it in late 2008 and it was thriving up until 2012. I closed my shop with debt in 2014 and gone through a hard depression because of that. I was only 25 when I opened it and saw my dreams crash. Now I'm 38 and still struggling.
Yeah hobby shops struggle during financially uncertain times. A lot of trading card stores shut down during the late 90s and a lot are shutting down right now during the recession.
Have you thought about opening something less risky like a restaurant?
At the time I read about people there living in cardboard boxes.
@@gregorysagegreene Homelessness in Greece is almost zero and it was like that as long as I remember. We have strong family bonds and smaller urbanization.
@@sp123 It's almost impossible to open anything else after that. Currently I'm doing two jobs and I can barely survive. The standards of living have increased dramatically while the wages are very low. For an example, I'm making 400/mo (part time, no insurance) from one job while the rent for a cheap apartment is around 350 (excluding electricity, oil/gas, telephony/internet and water).
@@sp123 Restaurants are legitimately the single most risky industry, by far. Only 5% of all new restaurants make it longer than five years in operation.
I was very young, 11 y/o, but my dad was laid off during the crisis, and many of my peers experienced similar. My mother was a stay at home mom my whole life up until that point. At that young age I became hyper-aware of what everything cost, my family became food insecure. The trauma of it lasted well in to my college years, where I felt like I couldn't even buy myself food, I always had to save as much money as possible. The stress of it also destroyed my parents' marriage.
I have always wanted kids, but I will not have them until I have substantial runway. My parents generation had the mindset of "it will just work out", and they don't seem to understand mine and my husband's hesitancy to start a family before achieving absolute financial security, I guess because they conveniently forget that the 2008 crisis was very much a part of our formative years.
Just have the kids, and the family you want....as long as you have each other and a good partner, things will work out. You may or not be a millionaire, but i wanted more kids with that frame of thought of being financially secure, and now regret not having them when i was younger....just my 2 cents.
The same thing happened to me. It’s fucked up that these bankers could decide the fate of my parent’s marriage…
@@cheezeball6109 I understand that point of view, and I'm aware the complications that can come with having kids when you are older. But my fiance and I definitely view it as a quality of life thing for our children. You seem to think that it was some failing on my parents part that made them split, but let me reframe it. They shielded us from most of the stress, but unprecedented amounts like that can fundamentally change you as a person. Trauma can change you as a person. My parents tried to work it out and were as level-headed as one can be. But in the end, it just wasn't where life was taking them. Especially for my mother, who is a caregiver to her very soul. Forcing her to go back to work crunching numbers instead of caring for her kids as was her passion made her deeply unhappy, and that kind of fundamental change can alter anyone. Changing jobs to childcare wasn't an option. Therapy wasn't an option. We didn't have enough to eat, never mind pay for a career change for my mom or a marriage counsellor. People grow apart, and a lifestyle change can facilitate that.
And, despite all their work in shielding myself and my siblings from their issues, kids just know. They know you, and how you are feeling. And despite best efforts, that WILL affect them. I will always admire my mom and dad for the brave face they put on and the tricks they used to disrupt our lives as little as possible, but in the end, I knew, and that affected me too. And I don't want my kids to go through that. I don't want them to be underweight like I was because they were too worried what it might cost to eat.
I was only 2 when the crash happened, but I still see the haunting reminders of it everywhere, including in my own family.
Also nice Vault Boy PFP. Do you like fallout too?
This 👏👏👏 I really feel like the 2008 crisis is directly linked to a lot of increased eating disorders or bad(ish) habits of young people. I hear this same sentiment over and over.
This video needs to be played to every student in every year / grade throughout the education process. I’ve watched it about 15 times and am finally starting to compute everything in it. So valuable. And terrifying
Lol I get it if you needed to watch it twice or thrice to comprehend but if you have to watch it 15 times to understand then my friend you're kind of a slow learner
@@SumiNaga19 No I’m just more meticulous than you. It’s a Russian trait to not be very meticulous. That’s why we won the space race:)
@@ImGairBair First satellite in space; Soviet Union
First man in space: Yuri Gagarin, Soviet Union
First woman in space:Valentina Tereshkova, Soviet Union
First animal in space: Laika, Soviet Union
First space craft to land in a Celestial object(moon) : luna 2, Soviet Union
First space craft to land on another planet: venera7, Soviet Union
The list goes on, the moon landing was hyped by western media. Only reason you "won" the space race was because the Soviet Union collapsed. Guess you aren't that meticulous as you thought brother
Stability is a result of our economy's struggles with uncertainty, housing issues, foreclosures, global volatility, and the pandemic's consequences. To restore stability and promote growth, all sectors must respond quickly to concerns about growing inflation, slow growth, and trade disruptions.
Consider hiring financial advisors, estate planners or tax experts. They can provide specialized knowledge and help you navigate complex financial decisions.
Having an investment advisor is currently the best way to approach the stock market. I was going alone, but it wasn't working. I've been working with an advisor for a while now, and last year, I achieved over 85% capital growth minus dividends
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Rebecca Nassar Dunne is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you so much! This is exactly what I needed right now. I wrote her an email and am waiting for her reply. Hopefully, she responds soon.
I lost a job in 2008, no fault of my own, and my life has been on a downward spiral ever since. Health issues didn't help, no jobs to apply to, health issues impacted me even more and here I am now, feeling like society looks down at me and yet most people are barely aware the damage it caused Generation X folk.
I was enraged for years at how scum got away with the crimes they've committed and how it continues, cos that's what they've done FOREVER.
2008 was my 1929.
Well I can see your point. Cant say I had a good job before it. But because of the FC, I took a job outside USA. Now in 2022 I have traveled the world, maintain employment and own a house I built.
Point is look for opportunities globally.
To be honest, as a 27 year old I probably can’t understand what you went through until I inevitably go through a similar issue since it’s not like they will stop happening, but I can say one thing for sure - if you still have (and you probably do, let’s just be real with ourselves) any resentments towards the financial situation you experienced and how it affected you, I would challenge you to do your very best to let go of as much resentment as possible and to put it behind you regardless of how badly you were affected and to effectively reinvent your view of things if you can because it will empower you greatly, and to attempt to get ahead financially regardless of the situation you are in, even if you have to start doing it one dollar at a time. By this I mean, try to start over in your mind, consider your journey a valuable lesson up to this day and do your best to see opportunity in today’s struggles - in the markets, just like one can make a lot of money on the way up, an equivalent amount can be made when going down… in fact, more money has been made because of recessions than because of growth simply because people who took advantage of hard times made fortunes when hard times were over, it just depends how we approach the problem… how we position and leverage ourselves against the economy… if you are not near retirement age (or even if you are, it’s not like it matters because of how many ways this can be done - the point is, if you desire to, deep within), I would challenge you to take a leap forward - if you can, perhaps try to start something big for yourself, perhaps something like a new investment goal, strategy, and career if you are not enjoying your current lifestyle or earnings (by the sound of your comment it doesn’t seem like you’re a happy camper right now but I don’t know you so take this with a grain of salt obviously), or perhaps try to invest yourself into a millionaire…
It IS doable… and just like those dirty banks, you have the ability to win just as much as they do…
We have cryptocurrency today that allows any mere human to effectively do what banks do… there is also a lot of risk, but that is exactly what gives one the ability to generate huge returns… BUT one must work very carefully to do so, lest that risk becomes a loss. Do your research, spend the time and effort, and you will make lots of money or find yourself doing something meaningful, regardless of what you decide to do - crypto/DeFi is currently the Wild West… you can do incredible things with money in DeFi… it’s easy to lose if not very very careful but if you ever wanted a chance to get back at the system, here it is! This is just an example I can personally relate to though… you do you.
My point is:
We can become traumatized by experiences in life and carry them on our shoulders for the rest of our lives which in the truth of reality becomes our own fault because the issue affects us a fixed amount for a fixed time, and then we continue to damage ourselves by carrying it with us forever… we can very easily allow people, places, and things to damage us more than once by doing it to ourselves… this isn’t to say it is something you can forget, and you shouldn’t forget, however, wouldn’t you want to have the last laugh? To get one over on these institutions and people by becoming rich despite the sticks they threw in your life’s cogs? Despite all of the issues you’ve had to overcome? Not to prove anything to anyone, but just to do it because you can do it… to effectively be cheeky… let other people suffer their entire lives due to one bad event in their lives that kicked everything else off for them, you don’t need to go down that road, you have the choice to reinvent yourself and your entire life if you want to, especially financially… you can decide at any moment that enough is enough and that the trauma and loss you experienced will become the very reason you got better than you’ve ever been while others carry it on their shoulders forever because of resentments and a broken world view that generates a limitless amount of limiting beliefs in their psyche… don’t let yourself be limited because of that experience which you had no control over! You CAN win and you WILL win, even if it is the last thing you do in life… you WILL win. I can say this because just a couple of years ago I was broke, in debt, a drug addict, and everyone other than my family hated me… fast forward 2 years, I taught myself on the internet how to program software, how to invest, I now have a well paying job and I work from home 100% of the time, I now live in a beautiful large home and bought a new car, I have an incredible relationship with my beautiful fiancée who just got her PhD despite me not having gone to college for more than 2 years after high school, I payed off my debts and saved up a lot of money that I invested into the DeFi space. All of this is to say, if I can do all of that and go from a broken empty struggling can’t-keep-a-job-for-more-than-one-month drug addict, I think you can pull yourself out and waaay above in time if you just believe in yourself and follow this belief religiously in life and your future actions. Think of it as if you already won but just have some stuff to do for fun, then execute the very things that make you win. If the rich get richer, so can you if you copy what they do. You don’t need more than $100 per week to win in a relatively short period of time if you play your cards right.
Maybe you already have won… I don’t know 🤷♂️
All I wish is for you to persevere… I wish for you to not feel like you are any lower than that guy driving a Bentley around town, both in happiness, fulfillment, and finances… because YOU CAN and YOU WILL do it. Believe that with your entire existence.
The 2008 financial crisis and what happened to you up to today does NOT define your future!
After all, a person’s true character is defined not by the way they bask in their success but in the way they persevere through struggles…
Don’t give up and let those toilet lickers get one over on you…
Beat them at their own game.
Go out there, and get yourself what you deserve.
The journey begins with letting go of any resentments, such that you may see the world clearly. If you already have, the next part is spiritual health, and lastly, the pursuit of wealth and power (which are merely tools to realize human ambitions! Want to see a better world, community, family, etc? Employ wealth and power to do so!).
You still have time to leave your mark on this world, and I do not know, maybe you already have… but if you haven’t and you still feel broken from 2008, perhaps it’s time to let go and do what you’ve always wanted to, and get all the wealth and power you can muster up, because wealth and power are what you deserve, and only you can decide what type of world you will create for someone with those resources… while those corrupt and wealthy are mentally undeveloped and thus create such realities, you may undo their terrible work and leave the world better than how you found it.
Never let someone step on you and get away with it. You must, for the sake of your humanity, have the last laugh - whether it be through genuine lasting happiness, wealth, power, or some combination of the three… you must get one over on those dirty bastards who broke the lives and dreams of entire generations. Why? Because you can and because you maybe feel like it.
@Liz Muschinski mmmm yes, a very very valuable lesson indeed. I am pleased to hear you say this because it shows you really dug deep to the core of your existence to come up with what you wrote… that’s what will make you a winner more than even your friends. Just employ that experience and knowledge now. It’s never too late and success is for you just like it is for the wealthy. Unless you are happy where you are, do not accept your circumstances, just be grateful for them to remain humble… then go out there and make yourself a fortune. Do what you’ve always dreamed of doing before it’s too late. Remember, success is for those who believe in the fact that success is for them. Success is for you and success is whatever you define it as.
We the people must hold them to account. We can't trust a government, who is usually playing along with the banks, to hold their friends to account. Bring back tar and feathering.
Honestly if you're a rich or connected person you seem to be able to commit any kind of shady exploitative financial stuff you want and not only get away with it but get a pat on the back too.
It's disgusting that these greedy pigs running these insanely risky investments at the highest levels were able to walk into the sunset with millions. Our society is broken at that level.
My team was outsourced in 2009. I was in IT as a Release Engineer making nearly 6 figures. Life went south soon after. Lost my apt. Brother lost his business. Dad's ALZ accelerated. We sold the family home in 2010. Dad passed in 2016. Brother passed last year. We can tie a lot of our life's downturn to two things: 2009 crash of course, but secondly and most importantly, not preparing. Around 2014 I bought a few bitcoin but never kept an eye on it due to family trauma, care giver stress, etc. Real shame. Still struggling now but thankfully I kept my wits and haven't given up. Mom is with me and is well considering. All the other men in my family are gone. 50th and 80th birthday coming up.
Damn mate, that's heart breaking. But I'm glad that you were able to keep your head up. Those Bitcoins must be worth quite a bit now.
@@danlightened I bought 5 at $50 each, sold half when the price doubled thinking that would be it. Had no idea what was to come. Never kept track of them. Found a small fraction in some random wallet backup. The rest I think were on an old laptop drive that I have long since wiped.
@@mayurdotca oh damn! And even though I earned double in one and half years, post the covid crash, I could have just left my stocks alone and it would have been 4-5 times more.
Hope you sold the Bitcoin at the right time.
I was 16 in 2010 and looking for my first job…. I got turned down by Arby’s, McDonald’s, walmart and many more jobs paying $7.25 an hour. My friends parents were working in these jobs because they had been laid off from corporate positions
I was far to young to have remembered exactly what was happening but I do remember my parents reactions. Where once we had the means to go on family trips every weekend in years prior, we slowly stopped going out as much, we were eating at home more, my father in particular seemed stressed out all the time (he was an architect for a home builder). Finally one day in 2009 we were told we had to leave the home I grew up in and move into a smaller one in the Orlando area and where we had previously held a mortgage, we would now be renting. My family would ultimately split apart a couple years later and I'm sure the financial crises was a contributing factor in that considering how stressed out my father in particular was all the time. Now as a college student, its just an interesting period for me to study and understand considering how impactful it has been on my life.
In other words, your mother left your father when he needed her most.
Not exactly, some poor decisions were made on both parties which resulted in my father leaving. Can't say I really blame him. We are still close and visit fairly frequently.
I'm sorry this happened to your family. Such a hard time for so many then.
@@CeltonHenderson : Be good to both your parents, and remember to always write "I love you" to them. And of course.. whether they will have a happy life thereafter, is ALL going to be down to YOUR effort... ;) No pressure. If I were you, I would go into politics... and really try to turn things around. Like.. I think Bill Gates did similar to the UK.. which is to squeeze his portion of the wealth out from the company.. and he secured it as part of the charities. So therefore.. whatever happens to the market, it won't affect him too dearly. So then, his donations... would literally.. help the local economy, in a direct drop shot of money. I think similar thing is happening here in the UK as well. I know that in HK, kids were raised on funds as well... As to the future model... I have no idea. I don't know if the FinTech is meant to take over... or... Cos I don't know whether all countries are meant to follow a similar trajectory to that of Japan. They went into recession for a good 10 years... They crashed in the 1990s.. way before the 2008.
IF... you literally finish college.. and then.. consider to work in the sector that literally would get donations from those oligarchs. And be ready. And literally live off grid. By that, I mean, ensure your actual house is sell sufficient. Without extra energy consumption and things like that. Then you would NEVER be worried then. Anything you earn can add to the whole scheme of things.
I am admiring this couple... cos they have done what a lot of people have started to do in the UK too. Which is to use their existing bit of savings, and pool together with a larger bank and then build their own house for a couple of years ?
ruclips.net/video/22SkAp2KBHI/видео.html
That is what people did, literally. So are there any more commerce? Not really.... If we wanted a ESG... then surely, we would have a circular economy. i.e. What we ship, we turn back into raw materials and recycle it backwards, and it goes into the investment area, and it goes back round again.... but for now, there is a disconnect. A lot of people are now changing their houses to be a sustainable one. If you could achieve that, and then also ask your parents to move back in ! Or maybe have separate units and rooms for their own use ! Never say never... this is like the most unconventional times... nothing is conventional... and anything extra is a bonus.
In 2008 I did ok. I was in my early 20s, I had a stable job, though I was still living with my parents, i didn't have much in the way of savings or investments to lose. So I was missed by the worst bits of the crash.
But it's been the period since 2008 that has really affected me. All those things I am expected to have done by now (late 30s going into my 40s), e.g. have a house etc. I can't do and not sure I ever will be able to. I've never earned anything close to what I was promised by education and society pre-2008. I've watched everything get worse and yet the people responsible for 2008 have been allowed to continue making things worse with absolutely no repercussions.
I am fed up and tired of it all. I am fed up of being told that the economy is doing wonderful while I have to second guess whether I can afford a bar of chocolate. I am tired of the fact that the average person has been thrown aside while massive corporations are able to get away with destroying everything in the name of profit.
2008 was a wake up for me. It prompted me to start learning more about how society and the economy work. And to learn just how utterly screwed up it all is.
I feel you Bro~
It's better to leave U.S as many Americans are doing it. Don't let Hollywood propaganda get into your head. That's the only way. Even Israel former prime minister said that he has suggested Hollywood several times to make feel good movies to influence other countries a.k.a brainwash them that everything is great in America when it's not.
learn now, its never too late.....
I think instead of saving for a house, you should save for your retirement. Not saying that's easy either. That's going to be tough as hell too.
World before 2008 and after are another worlds.
My neighbors lost their house during this mess. They had a predatory balloon loan. Overnight, their loan went up to 4 times what the house was worth. They abandoned their home, Then the banks argued over which bank owned what percentage of the property as it sat empty for five years.
During that time, a tree on their property fell and smashed the side of my car. My insurance company couldn't even find out who owned the property.
I remember a person at an Occupy Wall Street protest with a sign saying "JUMP! YOU F*CK*RS! (without the edit) and I think that summed up pretty thoroughly what people I knew were thinking.
They jumped… but with Golden Parachutes
and then Obama bulldozed occupy. And they gave him a nobel peace prize
Did you (or your insurance) put a lien on the neighbor's property?
@@jender8022If they filed a lien, they never mentioned it to me. The insurance covered the repairs, and I don't like getting involved with lawyers, the courts or banks unless I have to.
I graduated HS in 2002 and I was barely able to get back on my my feet in 2017. Took 15 years to stabalize my situation.
I’m happy to hear. We are all unique and face different challenges.
I graduated from a state university with a BS in finance in December 2007. At the time, the banking situation was being referred to as a subprime mortgage crisis. I presented papers describing subprime and predatory lending as well as the role the ratings agencies played in the problem. My peers thought I was an idiot but my professor, a former employee at the SEC, respected my work. She even bought me a graduation gift. Then I went right to work at a large custodial bank and witnessed the issues with Bear and failure of Lehman, and many related issues from a back office perspective. I worked on the financial reporting of our client's pension funds.
What is your rationalization for evading the fact that finance is one of the two most regulated industries? You can find online at govt websites a vast list of govt financial agencies and controls in a few seconds. Mans independent mind produces goods. The SEC does not produce anything. Govt guns stuck in the faces of productive people are unproductive. Virtually all economists are scientific frauds who pretend that political demand causes supply. How many goods can be bought with Fed "money" in a tribal economy?
Financial Crisis-John Allison, ex-BB&T head, forced to take a govt loan.
Economics In One Easy Lesson-Henry Hazlitt; long-range , indirect, unintended effects.
It is so weird how the world turns out... cos... when I was at uni.. I was also researched into tech areas.. which is also related to banking too... and if other.. well.. if only I was also hired as well... Cos I thought that once you do, or did, you would be able to get in as well. I have heard so many people, that is qualified finance people, not be able to get in... Cos if they did, would the crash have happened? Wouldn't the qualified people knew how to mitigate the risks ? Or to even stop it ??....
@@MeiinUK Surprisingly many people either don't care or are too selfish. Also never underestimate how uncordinated big corporations and governments can be, because they are and more often that they would like to admit.
@@MJ-uk6lu : I came to realise that, there are blind spots.. and it gets worst as well.. and everything seems to be just "an experiement" ?? I have so many of my uni peers who have lost and were recruited to banking as well.. here and there.. and then fired etc... And yet.. we now see this kind of "global high street bank" scenario rolling out and playing out now.. which I don't get. I don't understand it either. I really don't ??? And these so called "I just paid for an entire building"... like it is my own house, without the depreciation and tax deduction on a building, that kind of thing? I didn't think that was possible. (I learnt about the taxation thing from a friend.. an acturary friend).... I mean.... It is just so.... messed up ! Ironically, I watched the actual youtube video.. about how the insurance companies, didn't protect certain buildings as well.. that kind of thing.. and when Lehman collapsed.. and the insurance companies did not step up.. and now, with these so called "marketing" techs.. and these so called "apps upon apps".. doing sod all. Really. It grates my goats. It is like.. all hell have broken loose !!!!
@@MeiinUK All I can say, don't look at corporations too closely, a lot of them are full of shit, rotten morals and etc. The only difference is the sector that they screw up.
It might be too little, but I'm grateful for your efforts to make this video. Thank you.
I was in high school when this happened and I wanted to be a real estate agent at the time. Needless to say my father put this into perspective for me at the time and I chose something else to pursue.
Well 2008 was also bad for Europe but in Europe after 2 year it came better.
@@stefaancodde6578 you didnt watch the vid did you?
Same except not real estate but a similar field. Crazy how you can find similar situation with people across the global regarding this issue.
Do you realized you would have been rich today right?
It would have been good because property was dirt cheap after the housing market crashed
I’m portuguese, and yes, we’re still feeling the impact of 2008 here. We’ve been trying to get back on our feet, but I fear it’s taken too long and we won’t be fine yet, when the next crisis happens (I think it’s close).
Anyway, the best we can do is to try to make a true difference in our lives and in the world, and that might, hopefully, be enough to get us through the tough times.
Great video, you’re doing a great service to the world!
I purchased my first home in 2008, the asking price dropped 40k so I went for it. 2 Months later I was laid off of work and remained unemployed for 13 months. The house I bought is a duplex so having a renter helped, but I went massively into credit card debt to make it through. It took me a long time to dig myself out of that debt. While I had a hard time, I know of many more who had it way worse than I.
CC companies should not allowed to charge some much in interest. Its because so many people default on them. I was victim of CC fraud and didn't pay them back.
Don’t forget it happend because of gov and huge banking companies
@@crand20033 they're taking a risk lending you money. They're going to want high interest if you don't pay on time
If you were a bank, you might have been bailed out.
@@crand20033 Credit cards are giving you an unsecured loan. Of course the interest is high.
2007-2008 was surprisingly an amazing point in my career. I was around 26 at that time, just transitioning from new grad to experienced employee. I live in the Philippines which was a hub for outsourcing. In my case transitioned from an American bank to a German bank, to a British bank. All keen to hire with a more competitive salary, and eventually I got offered a permanent position to Japan. I remember clearly Sept 2008 coming from my first ever vacation, Sunday afternoon, my friend just informed me that Lehman went bust. Monday I found out that my colleagues and managers spent the night figuring out how to manage the Lehman risk (I work at the Product Control department btw). I was a stressfull 2-3 months and I remember going home at 1am almost at a daily (in this case nightly) basis. But all in all, I learned a lot from this experience in terms of handling the company's risk.
Cool
It's funny... I've also worked in mostly internal finance roles of companies too. And I couldn't believe my position. Even now.. I still cannot believe it. Especially when I found many accounting errors... I was so shocked that, I actually want to walk away cos I fear that, I would literally be accountable... or liable. But I think this.. if we are honest for the next generation to do. I am most certain that, the next generation has to ensure stabilities. And ensure that it is correct. Cleaned. And appropiate. Something which still stand in my mind of... what George Osborne stated... is that.. Families have to stay together more. Some families I see, are more or less around 2-3 generation living under one generation's savings. If they are lucky. I could see that, why some of the people in the UK got their MBEs and so forth. I think it was one or two actual MP or was it Lords that declared that they are gay, and therefore sacrificed their own companies.. and gave their entire lot of profits into society again. I never knew that this was.. what it was... Similar thing too in HK. Chow Yun Fat.. he gave away his wealth... from his movies to charities. I really never ever knew that. Well... even in his case.. this happened way before the 2008. I see in my peer group. Many of us, have decided not to have kids too. There are so many educated people in this world. And to recover, makes sacrifices really. I also do not buy in that argument of.."there is not enough people"...
Granddad who survived the first Great Depression said that 2008 should have been the start of the second Great Depression except the money printing and bailouts saving the full on catastrophe from happening as it did. In his opinion all of that government effort only would delay the same kind of depression he saw and that nobody had actually saved anything.
He got increasingly worried about things before he passed and he told me that what I would live through would be more like his era than my dads.
He's probably right but the next depression won't happen for the same reason as the first
@@HH-le1vi Do you have a guess?
@@victuz as to what will cause the next depression?
@@HH-le1vi Yeah.
@@victuzglobal civil unrest and/or prolonged inflation in energy and food that will also lead to civil unrest in most likely what'll trigger the next great depression. That being said we'll have a prolonged period of people just not spending much outside of necessities.
The 08 crash erased my college fund, I had zero option out of high-school but to join the military. While overseas my parents lost our lifelong family home and divorced. I returned from the war to a nation ran by bullshit jobs and gig work with zero family support structure and a society obsessed with wringing the most profit out of productivity whilst providing as few incentives and benefits as possible. The 2008 crisis completely altered the entire trajectory of my life. By 2019 I was just starting to maybe see the light at the end of the tunnel when covid hit. I don't think my lot in life is to succeed anymore. I think I was just born to survive one catastrophe after another.
Don't be sad everything will be alright soon don't worry ❤
I was only a child in 2008, my relative owned his own mortgage company. He went from making roughly 100,000$ a year in the early 2000s to making millions a year by 2007. By 2009 every car he had was repod, his house was foreclosed, he lost everything. My experience seeing that is the reason I got my degree in economics. I just pray the average person never has to go through this again, but we probably will.
Companies are getting more and more blatant with their complete disregard for the workers. Another recession IS coming and this one may not end up in just protests.
Right on Joseph Brandon is fucking everything up so hard this crash will make 08 laughable.
I’ve seen that same thing happen a few times.
@@SimonLloydGuitar Austrian economics is just rule by oligrachy turned into an economic theory. That you imply that this is economics to the benefit of the common man, is top quality irony. Austrian economics has some significant differences, but shares many ideals with neoliberalism, the neoliberalism that has been the dominant economic practice for the last 40 years and produced the exact opposite of what it promised (Austrian economics would be even worse). In this very video Stiglitz explained how he thinks the repeal of Glass Steagall played a significant role in the 2008 crash, wouldn't that have been exactly what your "part of the solution" and "leaving the plantation" economic theory would support doing? Repealing Glass Steagall that is.
@@gallectee6032 Brilliant response friend.
I was working at my first job after engineering school. I remember half my department got laid off. I remember seeing a grown man burst into tears after they informed him in front of all of us how he was being terminated. I was lucky to be the only electrical drafter in the department, and that's the only reason I wasn't laid off. At the time, I didn't really understand that this was a serious worldwide issue. I thought it was just some kind of a blow in our industry. Only much later, I understood what had really happened.
Being laid-off is terribly stressful. I have been fired or laid off about 10 times. I am lucky to have survived. It's been rough.
@@crand20033 14 jobs in 20 years. No family, no home, no friends, no future.
My father was fired when this happened. The family economy felt it, sure (but he had quite a bit of money, so our situation wasn't as bad as others', we could afford to put food on the plater), but his work was his pride and joy and his mental health got really bad. He grew angry and the smallest annoyance would bring him to a fit of rage and he made me the main target of his wrath. I was entering puberty and it really shaped me as a person.
He's still damaged as a person, although working as a freelancer helped him, and I retain the trust issues I got during that time.
The company that fired him started focusing on younger, cheaper engineers after firing the experienced ones they had. The quality of their buildings suffered and not even the corrupt politicians who commissioned their services for public buildings could justify doing business with them. They were eventually acquired by some Mexican investors.
Housing crisis, health crisis, financial crisis, cost of living crisis, debt crisis, inflation crisis, EU war crisis, middle East crisis. How many crises can a koala bear? I'm approaching retirement with comfortable millions, yet scared of a banking crisis. Where do I best grow my money?
Diversify… T bills, CDs, Gold, Stocks, Municipal bonds, Bitcoin, Real estate, etc assets speak when cash has no value
I would advise the counsel of a seasoned financial pro. It may be expensive, but as the old saying goes "You get what you pay for." "Expert solutions require Expert providers" - my mantra.
Truth is, investing with the help of a financial advisor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. But if it wasn't for 2020 covid lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
@@justamanwithbeliefs bravo! I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now... mind if I look up the professional guiding you please?
Annette Louise Connors is the licensed advisor I use. Just google the name and you’d find necessary deets. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
I graduated from college in 2009. I couldn't find work anywhere pertaining to my education. To this day I'm still working at the supermarket across the street from campus. It was weird going from grad school to bagging groceries. It was a total mess and still is.
holy shit its almost impossible to imagine someone with a grad degree working at a grocery store for that long
what degree
I grew up around this crisis, I was 4 years old in 2008 and what this video explains puts my childhood into a lot of context.
The financial crisis couldn’t have come at a worse time for my family. My dad had just left the army and was starting education, my mum had been a stay at home parent for me and my little brother and was just starting about getting back into work. They had bought a house using practically all of my dad’s wages, so when the crisis happened we had nothing but a house which was practically worthless at the time as it had (and still has!) negative equity, and nobody was willing to buy real estate from them.
I vividly remember only being able to eat meat once a week during our roast dinners, as we couldn’t afford more. Jam sandwiches, random veg stew and plain or ketchup pasta was eaten a lot. I remember when I was about 6 (Around 2010) my dad taking me to Burger King for my birthday and having to sneak a sandwich in as he couldn’t afford to buy anything for himself. It makes me really appreciate both of them, as even though they were definitely struggling they managed to hide it from me and my brother and I had a decent childhood, despite the instances of crushing poverty in my family and in my neighbourhood.
Because of this experience I had as a young kid, I am now extremely cautious with my money. I have issues around money anxiety and buying non essentials for myself, as I feel guilty for buying them. I hope this gives some perspective into how this affected not only adults, but even young kids.
Xd
I feel the same way about money. My grandparents lived through the Great Depression and were very frugal. There was high inflation when I was a child in the ‘70s, a bad economy in the ‘80s affected my stepfather’s business, then he and my mom divorced and there was deprivation in the house. I grew up never having what the other kids had. I graduated college straight into another recession. I’m hyper-aware of financial security.
Wow man this moved me, especially your pops sneaking in that sandwich to BK
I was in the 10th grade in high school when the 2008 recession hit. My dad lost his primary source of income when he was laid off from his clothing factory. I started college in 2010 with several grants and scholarships to cover my whole tuition but by 2011, the full effect of the recession was happening and I lost a good chunk of my grants, forcing me to apply for federal student loans (something I never thought would happen). I had finally finished paying them off during the pandemic forebearance period. So about 7 years after I graduated (basically the rest of my 20s), I chose not to buy a house, marry or have children while I was in debt. I’m fairly certain my story is not unique.
The 9/11 attacks and the crash of 2008 are the most traumatic events I remember, with the longest lasting consequences for the American empire. Both made me lose my innocence and what little faith I had in humanity. 9/11 was followed by our country getting into countless wars to try to contain so called terrorism, as though you can fight something so nebulous with guns/bombs, and 2008 destroyed whatever financial stability our country had.
Our country never recovered from either and I have noticed a steady decline in people’s faith in our institutions since these things happened. People don’t want to have kids bc they don’t want to bring more people into our current shit show. Drug abuse and depression are rampant as people have no hope. Younger generations have nothing to look forward to as our environment degrades and they witness our economic system and political systems get exposed for their flaws repeatedly.
Considering this I don’t think we will make it past 2050
Great episode. I was a rising 'art star' in Australia when this all went down - I had a super-hot gallery in Sydney, winning prizes, in the collections of the rich and famous, and within two weeks my gallery had shuttered, along with 70-80% of Australian commercial galleries, and I had no way to generate income. My dealer lost around $2 million in sales that were pending - all of his clients cancelled their purchases. He lost his stunning gallery in a very expensive part of town - which was a million dollar mortgage.
The only galleries that were left were 'too big to fail,' and only survived through their own collateral i.e. they owned their own premises and were old money. They took on a few artists from other galleries, but the contraction in the market meant even their own big name artists were suddenly without any income. This, along with the permanent closure of most other galleries, resulted in art being non-viable as a profession for everyone but blue-chip artists - the ones selling artworks for more than $100k a piece - the 'safe' investments.
After the dust settled I had lost my house, my girlfriend ditched me for a more financially secure model, and my previously upwardly-mobile career was no more. I ended up staying with my parents for a couple of months, then lived in a variety of share houses. I had a few shows in the intervening years, but I didn't sell anything, and each show wound up costing more than $1000 just to ship, not including the time, materials, and labour to make it, so it was no longer a viable business model. I wasn't alone in this - some of my peers survived by becoming lecturers at universities - but many stopped altogether, despite being highly talented.
Am I bitter? Not really, primarily because the stress involved in fulfilling that role is absolutely insane. Professional artists in Australia generally have a 5-6 year life span before they burn out. My dealer reminded me that I was directly responsible for his million dollar mortgage every time I spoke with him. The collectors buying my work expected not just a high standard of work, but an ever-increasing dollar value on their investment. The art market is a con job. e.g. my first show in Sydney I sold a large painting for $4000, and a week later the buyer flipped it for $10,000, of which I saw nothing. This is normal. The allocation of 'value' is arbitrary, not inherent - what's hot today is not tomorrow.
Yeah it's kind of sad, but all good things must come to an end.
The art world is the playground of the mucky-mucks and is the most pyramid-shaped ponzi scheme imaginable. When the finance world sneezes the art world catches a cold.
I don't understand why you should see anything from 10000 deal if you sold it fairly at 4000? Deal was done already
I'm curious, what are you doing now?
@@zawarudo1041 Resale rights, like they have in Europe. Artist receives a small percentage of any profit on resale of their work. It's completely fair when you take into consideration the fact that artists are at the bottom of the food chain, yet they produce the product entirely at their expense. Art is not like other commodities due to its often skyrocketing 'value.' The only people who profit from art are dealers and collectors.
@@polydistorsion Writing.
How can this channel make a 40 min RUclips video (1/2 the length of a movie) and still make you watch it till the end. Amazing job. Content is King. Great work on this!!!
The recession ruined my life and family when it happened, dad left, mom & my older brother turned to drugs. In my late 20s now, spent my entire life working to avoid ever having to experience poverty again. Finally got my shit together, looking at getting married and buying my first house, then Covid hits… and now another recession is looming. To be completely honest I don’t think I’d be able to handle losing everything again.
Don't buy a house yet mate, ride this one out
I say save your money in a trust or something similar so you know it’s safe from banks when reccesion hit and u can’t get money out, if reccesion hit again which is likely, house prices will fall and they may lower interest rate to encourage house buyers, then u can buy house for cheap in a nice area, but obvs don’t take advice blindly, I’m not a financial advisor
I lost EVERYTHING in the GREAT RECESSION and know how you feel!!! I will NEVER take another RISK AGAIN!!!
Definitely do not buy a house right now. Probably not for another year or two tbh, wait for the prices and mortgage rates to come down. Also don't have kids unless you're in a super stable situation with a solid and growing nest egg of savings. 2023 is probably gonna be worse than 2022.
Sorry to hear about your family. Best of luck.
Dig your avatar pic btw
@@rdean150 Everything started going DOWNHILL at the turn of the century!!! By 2040 the world will come to an end!!!
In 2008 I was at university. My family was pretty sheltered from the hardship. But I remember flipping through the Washington Post and seeing page after page after page of foreclosure announcements. I also noticed many cars broken down at the side of the road, I guess because people were trying to stretch out car maintenance or their gas tank...
I had a small job shelving books at the local library. The county government had 15% budget cuts, so they fired all of us so they could hire back half the employees at a lower rate...
I graduated high school in 2008, got my degrees over the next couple years and the one thing I feel that once separated me from older generations was the fact I had seen and heard enough to know everyone is full of it, all these things are man-created buildings or systems, and humans all bleed red. I don’t take anything too seriously because everything is fallible and I’m really able to look past first impressions in people because I’ve learned nothing is what it seems
Well said : )
in all have your getting of wisdom (which though bleak does contains truth) have you gained the wisdom to find Christ and God as the infallible, incorruptible, perfect and everlasting truths behind sin, the fallen nature of man? Jesus said "In the world you will find much tribulation but take heart, I have overcome the world." He also said, "My Peace I leave with you, my peace I give to you. not as the world gives do I give. Do not let your hearts be troubled and do not be afraid."
As someone who had worked on Wall St in the 80s and 90s I was used to mini-crashes (in the gold market) on a daily basis. So I predicted the housing crash in 05 as the house price rises we're totally unsustainable, it was easy to see. When the crash finally happened there were no jobs in my small Colorado town that I had moved to in 95, and no housemates to be found. There was also no safety net. I couldn't get section 8 because I had a mortgage, so had no choice but to send my 7 year old child to live with her dad and rent my place to a section 8 Mom and move in with relatives in a different town where there were $8/hour jobs. The recession in my area lasted till 2012 and during that time I spent a year living in a van. Eventually moving back home in 2013.
The banks that caused this got a safety net from the public. But the public lost their homes, or in my case lost seeing my child grow up. She stayed with her dad and then went on to college.
Wall St exists to take, take, take. Without inside information only 2% of active traders are skilled enough to make money. So what goes on there is a corrupt collusion between banks and politicians. And there is no way to vote against this.
The crash was orchestrated by the rich to get richer. Anyone who thinks this was "an accident" is blind. Its happening again NOW.
@@singular9 yup, market manipulation dates way back. The powerful buy in and run the market up, and then get out when the public gets in. I've seen it happen on an intra-day basis.
I learned about it in a book called Reminisces of a Stock Operator.
It’s hard to keep the people sitting at the top of the pyramid accountable for their abusive actions bcuz 90% of the population are brainwashed by the corporate media.this is what I call human abuse.
What a load of bs, you predicted the crash then went on to live in a van? Lool
yep and then when a bunch of young smart gamer kids figured out their play and bet against them and their shorts on game-stop they actually removed the buy button. And the government allowed them to do so without any form of repercussion cause it was only the little man who lost and the large wall-street firms were saved, its sickening to see and they still have the audacity to go out there and call it a free market.