Where were you when the Great Recession hit?
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I had something of a front row seat since at the time I was in charge of risk and valuation for the fixed income derivatives business at Credit Suisse. The single most memorial event that I can place myself is the run on Northern Rock since I saw it with my own eyes. People lined up in front of bank branches in the UK like it’s 1933 America.
In fact that was the first bank run in the UK since the 1860s.
The other major events I can’t tell you where I was when I experienced them. In many cases at work dealing with the aftermath.
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I remember the exact moment it started. Someone on this board posted an article reporting that the foreclosure rate had risen 1/8 of 1%. At the time I wondered why that was important news - didn’t seem like a big jump and not unexpected given the loans that were being offered at the time.
Everything went downhill from there.
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I was the chief financial officer of a good sized California bank that specialized in variable rate mortgages.
I don’t remember much about those years other than my company going bankrupt, losing my job and my 401(k) plan, being unemployed for six months, getting divorced and my brother dying.
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When will the next one start? heh
Within 6 years. Maybe even this year. (Bond markets are already nervous)
But in 2032 or before Congress will have to change the law to cover social security shortfalls out of the general budget. If the dollar crash hasn’t happened by then it will certainly happen then.
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I was the chief financial officer of a good sized California bank that specialized in variable rate mortgages.
I don’t remember much about those years other than my company going bankrupt, losing my job and my 401(k) plan, being unemployed for six months, getting divorced and my brother dying.
-
When will the next one start? heh
Within 6 years. Maybe even this year. (Bond markets are already nervous)
But in 2032 or before Congress will have to change the law to cover social security shortfalls out of the general budget. If the dollar crash hasn’t happened by then it will certainly happen then.
When will the next one start? heh
Within 6 years. Maybe even this year. (Bond markets are already nervous)
But in 2032 or before Congress will have to change the law to cover social security shortfalls out of the general budget. If the dollar crash hasn’t happened by then it will certainly happen then.
@ Both, I have no knowledge or experience to offer for my opinion, but, yes; I agree with this. I've thought the same thing since at least 1/1/2026. It's worrisome.
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I was getting divorced, becoming a grandmother, and becoming more and more responsible for my mother's health and wellbeing. I had just bought a house, semi-benefitting from the downturn by catching it as the cost was on its way down. By the time I sold it a couple of years ago, it had far more than recovered.
My two elder children also benefited from that part of the recession. They both bolted out of my house, got educated, married early, had kids early, and bought their houses before most people their age at a time when real estate prices and interest rates were low. That will have positive ramifications on their financial stability for the rest of their lives.
So for me, the upheaval of that time was mostly emotional.
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