Can anyone remember the 2008 crash?

[Camouflags]

I was too young but can anyone tell me what it felt like before it crashed? Why did it crash? What crashed?!
Personally how did it affect you? Is this worse so far?

I divorced in 1995 and with my half proceeds of a house was able to buy a smaller ex Council house outright at £26k. In 2007 house prices went mad. I had remarried in 2005 and rented out my house with not good tenants who did a runner owing rent and leaving behind my damaged house £2k fixed it up but I was disillusioned and sold it. I got £126k. I was so lucky because house prices started to drop the following month.
I made £100k which allowed me to have a pension fund.
I'm the only person I know where the disaster of 2007/2008 was of a benefit. .

I started as a junior consultant in a temporary staffing agency in October 2008.
Soon after that, shit hit the fan.

I don’t remember hearing the news about Lehmann Brothers but I do remember that in a few months, a huge crisis broke loose and so many lost their jobs. I have spoken to countless people at that time who were job searching, some of them lost their jobs after decades of working for the same employer and didn’t even know anymore how to write an application letter. Many were very reluctant to accept a lower salary right after they lost their jobs but had to after months with no prospects of a new job with their old salary.
I remember some people crying at my desk and many were utterly grateful when I could find them a job. It were very hard times and many people lost the security they considered for granted.

'Can anyone remember the 2008 crash?'

OP, you pose the question as if it happened in 1908, and that only OAP's would remember.

2008 was relatively speaking , 5 minutes ago.

Hold on, we didn't actually recover from the last financial crisis, debt to GDP still very high.

If the chancellor commits to spending much more money the country could really go into the danger zone financially (think Weimar Republic)

@housepicturesqueclub
I vaguely remember it but I was only a child at the time. I only remember that my dad suddenly wanted to watch the news all the time so us kids missed our shows!

This could have wide financial and social implications, for example people realise they can learn as much online, as if they went to a decoy or third tier university....in a few years time, a lot less people getting into debt going to university (believe it or not this was a real economic driver in the late 90s to today)

People realise they don't need to see live football, they can play e-sports instead.

This going virtual could have a big impact on service type people.

I wonder if it's time for a bank account "haircut", the way Cyprus did in 2013

in-cyprus.com/coronavirus-crisis-reminds-of-2013-financial-shock-in-cyprus/

Probably the most efficient way to get money to people like Richard Branson without too much fuss ?

I imagined they'd start with 10%, and probably go for a couple more 10% snips before they've got enough.

@SerendipityJane I don't think the likes of Richard Branson keep their money in the local bank.

We have already had a big money cut. The £ Vs $ is very low £1 - $1.18 , that is a big cut to our purchasing power around the world.

Branson keeps his in Virgin bank surely?

Branson keeps his in Virgin bank surely?

Presumably that's hard to get into ?

Was it '95? Our flat went down to worth less than half what we paid for it very quickly. That was pretty scary.

We were buying at the start of 2009, all of a sudden the bank changed from wanting a 10% deposit to 25! My parents took out a loan for us to cover the difference and we had to pay that back over 3 years. We had a baby and DH worked horrible hours to pay the extra.

We have stayed in the same house and won't ever move. We are comfortable and our jobs should be ok, but I never want another mortgage or to increase the one we have. This is going to be far worse, I dreamt to think what the world economy will be like when we come out the other side.

I remember the late 80s and 90s as being the toughest time economically. It was a really hard time to have young children. Mortgage rates shot up and up and up - anyone remember when they actually hiked up more than once on a single day? It went up to something like 15% - hard to believe when interest rates have been so low for the last decade. What also made it really tough was there were no tax credits and no free hours of childcare. Basically, if one partners income couldn’t pay the bills (and with extortionate mortgages that was fairly common) the other partner had to work, even if it meant most of those wages went on childcare. There was none of this calculating whether it’s worth your while to work, or to give up one income to stay at home but then gain some money back in tax credits through having a lower household income. If one household income was, say, £200 a month short of covering the bills, the other partner just had to work.

2008 was tough too but with tax credits and subsidised childcare there were more safety nets in place.

2020 is something else though... it’s disease affecting the economy which is far more wide ranging and serious

@tttigress

I think it will be something slightly different- that people paying for premium education will realise that they can get much of it online, that will just have to organise it themselves.

I’m trying to work out what the real differences are in terms of institutions and degree content. The pace and intensity differ I think but in terms of my degree (English) it really was t so different to the English degree my friends did at polytechnics. We covered the same material. More emphasis on Middle English at Oxford but structured teaching in the same way Shakespeare is taught. Analysis and critical thinking skills obvious across the board.

Think many will be surprised at the quality of online free programmes like nrich from. Cambridge university which I use for maths.

Wasn’ so different, sorry.

I think this is worse

Ah! Wasn’t