Thread: Oldcels, is 2020 as bad as 2008?
09-25-2020, 06:22 PM
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#31
09-25-2020, 06:24 PM
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#32
09-25-2020, 06:26 PM
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#33
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2020 is way worse. 2008 had some people able to escape without feeling anything. 2020 though has everyone affected.
Originally Posted By climberbrah⏩
No it's not. People are still generally not going outNot true at all the economy is actually in pretty decent shape now that places are opening back up.
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09-25-2020, 06:28 PM
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#34
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Wait, having 99 weeks of full unemployment and time to do whatever you want in 2008 was supposed to be bad?
09-25-2020, 06:29 PM
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#35
09-25-2020, 06:32 PM
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#36
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2008 was bad economically especially around this time til the end of the year, but socially it was good people still interacted with each other they weren't glued to their phones yet like today.
2020 is overall worse. We have a country that's very divided politically...everyone gets easily offended. BLM, Riots for every little thing... At least in 2008 social media was just ******** before you would get censored for stating your opinion.
No Instagram yet, No Twitter yet, No OnlyFans lol the degeneracy wasn't even near anywhere it is today.
2020 is overall worse. We have a country that's very divided politically...everyone gets easily offended. BLM, Riots for every little thing... At least in 2008 social media was just ******** before you would get censored for stating your opinion.
No Instagram yet, No Twitter yet, No OnlyFans lol the degeneracy wasn't even near anywhere it is today.
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09-25-2020, 06:34 PM
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Originally Posted By Ratfish⏩
yikes rentcel and wagecel here.unfortunately for you rentcels, it might not have the same effect on housing
watch the case-shiller indices
watch the case-shiller indices
09-25-2020, 06:34 PM
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#38
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Originally Posted By mp83⏩
Look at the rising indicators and every chart at this link. We are still below the q1 2020 economic peak, but getting there.2020 is way worse. 2008 had some people able to escape without feeling anything. 2020 though has everyone affected.
No it's not. People are still generally not going out
No it's not. People are still generally not going out
https://www.cnn.com/business/us-econ...ry-coronavirus
Things are improving quickly. As soon as trump wins in nov and dem governors and mayors give up on lockdowns you will see this rise even more
09-25-2020, 06:38 PM
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#39
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Originally Posted By climberbrah⏩
Lol at thinking the virus is going away anytime soon. I know you Trumpers think it's a hoax, but it's not. Stocks are high because of tech and irrationalityLook at the rising indicators and every chart at this link. We are still below the q1 2020 economic peak, but getting there.
https://www.cnn.com/business/us-econ...ry-coronavirus
Things are improving quickly. As soon as trump wins in nov and dem governors and mayors give up on lockdowns you will see this rise even more
https://www.cnn.com/business/us-econ...ry-coronavirus
Things are improving quickly. As soon as trump wins in nov and dem governors and mayors give up on lockdowns you will see this rise even more
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09-25-2020, 06:39 PM
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#40
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Originally Posted By climberbrah⏩
We're headed to another civil war or communist regime but at least apple,google, and ******** stocks are doing well. YayLook at the rising indicators and every chart at this link. We are still below the q1 2020 economic peak, but getting there.
https://www.cnn.com/business/us-econ...ry-coronavirus
Things are improving quickly. As soon as trump wins in nov and dem governors and mayors give up on lockdowns you will see this rise even more
https://www.cnn.com/business/us-econ...ry-coronavirus
Things are improving quickly. As soon as trump wins in nov and dem governors and mayors give up on lockdowns you will see this rise even more
Not in the AM
09-25-2020, 06:55 PM
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#41
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Why “bad”?
The level of fear was about the same so the opportunities to score big are equally good
The level of fear was about the same so the opportunities to score big are equally good
09-25-2020, 07:01 PM
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#42
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you think it's bad now just wait until the fed pulls the rug. get skills that are in demand and serve a need NOW or you will get flushed
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09-25-2020, 07:23 PM
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#43
Originally Posted By orangetide⏩
2008 had much more optimism, people werent as divided and the media wasnt launching fear porn campaigns. If anything, they were downplaying the crooks on wall street, making a mockery of the tea party, and calling occupy wallstreet insane when it started
I remember gas being over $4-5/gal. That really sucked for most people
bunch of my friend's parents got laid off and had to move to find work.
But 2020 will be worse once the stimulus/unemployment ends and mass evictions start.
Marxism in the US is at an all time high.
I remember gas being over $4-5/gal. That really sucked for most people
bunch of my friend's parents got laid off and had to move to find work.
But 2020 will be worse once the stimulus/unemployment ends and mass evictions start.
Marxism in the US is at an all time high.
Originally Posted By mp83⏩
2020 is way worse. 2008 had some people able to escape without feeling anything. 2020 though has everyone affected.
No it's not. People are still generally not going out
No it's not. People are still generally not going out
Originally Posted By memcop⏩
^^^Worst ever 2020
Srs **** this ****
Srs **** this ****
These.
I was confused by posters saying that "2008 was worse economically" until I understood that they seem to be basing this on the stock market, not on employment.
September 24
Another 1.5 million people applied for unemployment insurance (UI) benefits last week. That includes 870,000 people who applied for regular state UI and 630,000 who applied for Pandemic Unemployment Assistance (PUA). PUA is the federal program for workers who are not eligible for regular unemployment insurance, like gig workers. It provides up to 39 weeks of benefits, but it is set to expire at the end of this year.
Last week was the 27th week in a row—more than six months—that total initial claims were far greater than the worst week of the Great Recession.If you restrict to regular state claims (because we didn’t have PUA in the Great Recession), claims are still greater than the 3rd-worst week of the Great Recession.
The initial extra unemployment money funded by congress ran out. The secondary extra unemployment money (from FEMA) is nearly gone with no way to replace it AFAIK.Another 1.5 million people applied for unemployment insurance (UI) benefits last week. That includes 870,000 people who applied for regular state UI and 630,000 who applied for Pandemic Unemployment Assistance (PUA). PUA is the federal program for workers who are not eligible for regular unemployment insurance, like gig workers. It provides up to 39 weeks of benefits, but it is set to expire at the end of this year.
Last week was the 27th week in a row—more than six months—that total initial claims were far greater than the worst week of the Great Recession.If you restrict to regular state claims (because we didn’t have PUA in the Great Recession), claims are still greater than the 3rd-worst week of the Great Recession.
60% of the businesses that have closed are saying they will not reopen-
As of Aug, 31, 163,735 businesses have indicated on Yelp that they have closed. That’s down from the 180,000 that closed at the very beginning of the pandemic. However, it actually shows a 23% increase in the number of closures since mid-July.
In addition to monitoring closed businesses, Yelp also takes into account the businesses whose closures have become permanent. That number has steadily increased throughout the past six months, now reaching 97,966, representing 60% of closed businesses that won’t be reopening.
“Overall, Yelp’s data shows that business closures have continued to rise with a 34% increase in permanent closures since our last report in mid-July,” Justin Norman, vice president of data science at Yelp, told CNBC.
In addition to monitoring closed businesses, Yelp also takes into account the businesses whose closures have become permanent. That number has steadily increased throughout the past six months, now reaching 97,966, representing 60% of closed businesses that won’t be reopening.
“Overall, Yelp’s data shows that business closures have continued to rise with a 34% increase in permanent closures since our last report in mid-July,” Justin Norman, vice president of data science at Yelp, told CNBC.
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09-25-2020, 07:24 PM
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#44
06-09 was actually an economic issue. 2020 is a political issue. Different aspects and criticisms. 06-09 was bad for housing market and legit valuation issues, 2020 there is no housing crisis or asset wide issues, but mass unemployment with certain tradies/hospitality areas due to political response.
Economic impact in 06-09 was due to overvaluing of assets (houses) and lack of equity. Impact was felt through defaults on mortgages as well as what were considered safe investments On the institutional side. Borrowers haven’t borrowed against their equity since then, current issues are related to unemployment for low / unskilled labor. They can shift focus and find jobs elsewhere, going from waiter to amazon warehouse worker.
06-09 is worse because it was an actual economic issue.
Economic impact in 06-09 was due to overvaluing of assets (houses) and lack of equity. Impact was felt through defaults on mortgages as well as what were considered safe investments On the institutional side. Borrowers haven’t borrowed against their equity since then, current issues are related to unemployment for low / unskilled labor. They can shift focus and find jobs elsewhere, going from waiter to amazon warehouse worker.
06-09 is worse because it was an actual economic issue.
09-25-2020, 07:49 PM
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#45
2020 feels like the end of the world and I’m not even joking.
Society is more divided than ever thanks to worldwide social media obsession.
Job market/economy is fukked.
Men are becoming more like women and women are becoming more like men.
Thanks to social media, women are now 1000x more picky in dating due to constant SIMP validation and abundance of options from Tinder, Instagram, OF, etc. which means nearly half of men in their 20s now identify as incel.
Armageddon virus going around making all of the above worse.
BLM, SJWs, people identifying as women when they’re men, men when they’re women, people getting offended when you “assume” their gender, brb “did you just call me a man? I identify as a basketball” I don’t know if the government put something in our water but nowadays people are losing their minds and it’s getting worse.
Brb the most powerful man in the world is a rotund orange who grabs women by the pussy and brags about it on Twitter while openly being friends with convicted ****files and suggests people inject bleach into their blood. What the actual fuk is going on in this world
Society is more divided than ever thanks to worldwide social media obsession.
Job market/economy is fukked.
Men are becoming more like women and women are becoming more like men.
Thanks to social media, women are now 1000x more picky in dating due to constant SIMP validation and abundance of options from Tinder, Instagram, OF, etc. which means nearly half of men in their 20s now identify as incel.
Armageddon virus going around making all of the above worse.
BLM, SJWs, people identifying as women when they’re men, men when they’re women, people getting offended when you “assume” their gender, brb “did you just call me a man? I identify as a basketball” I don’t know if the government put something in our water but nowadays people are losing their minds and it’s getting worse.
Brb the most powerful man in the world is a rotund orange who grabs women by the pussy and brags about it on Twitter while openly being friends with convicted ****files and suggests people inject bleach into their blood. What the actual fuk is going on in this world
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09-25-2020, 07:55 PM
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#46
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Originally Posted By climberbrah⏩
holy fuk do you live on the fuking moon?Not true at all the economy is actually in pretty decent shape now that places are opening back up.
im not in a major city, buy a good ~40% of mom & pop restaraunts closed permanently in my area.
probably 35-45% of small retail businesses as well will never open up.
Ive had 2 job offers (late march, june) recinded because:
1. 1st job (major corporation who actually did great from march-now) deleted the position i was applying for, and layed off 40 people in the department
2. 2nd job did not want to pay moving costs & wait for me to quarentine for 2 weeks to start because I was coming in from out of state....like 2 miles over the state line lmao
09-25-2020, 07:56 PM
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#47
Originally Posted By Ironface⏩
It feels like we merged timelines right after Trump took office srs2020 feels like the end of the world and I’m not even joking.
Society is more divided than ever thanks to worldwide social media obsession.
Job market/economy is fukked.
Men are becoming more like women and women are becoming more like men.
Thanks to social media, women are now 1000x more picky in dating due to constant SIMP validation and abundance of options from Tinder, Instagram, OF, etc. which means nearly half of men in their 20s now identify as incel.
Armageddon virus going around making all of the above worse.
BLM, SJWs, people identifying as women when they’re men, men when they’re women, people getting offended when you “assume” their gender, brb “did you just call me a man? I identify as a basketball” I don’t know if the government put something in our water but nowadays people are losing their minds and it’s getting worse.
Brb the most powerful man in the world is a rotund orange who grabs women by the pussy and brags about it on Twitter while openly being friends with convicted ****files and suggests people inject bleach into their blood. What the actual fuk is going on in this world
Society is more divided than ever thanks to worldwide social media obsession.
Job market/economy is fukked.
Men are becoming more like women and women are becoming more like men.
Thanks to social media, women are now 1000x more picky in dating due to constant SIMP validation and abundance of options from Tinder, Instagram, OF, etc. which means nearly half of men in their 20s now identify as incel.
Armageddon virus going around making all of the above worse.
BLM, SJWs, people identifying as women when they’re men, men when they’re women, people getting offended when you “assume” their gender, brb “did you just call me a man? I identify as a basketball” I don’t know if the government put something in our water but nowadays people are losing their minds and it’s getting worse.
Brb the most powerful man in the world is a rotund orange who grabs women by the pussy and brags about it on Twitter while openly being friends with convicted ****files and suggests people inject bleach into their blood. What the actual fuk is going on in this world
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09-25-2020, 07:56 PM
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#48
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Originally Posted By pak1351⏩
Exactly. The minute these ******* democrats let the economy open things will be fine.06-09 was actually an economic issue. 2020 is a political issue. Different aspects and criticisms. 06-09 was bad for housing market and legit valuation issues, 2020 there is no housing crisis or asset wide issues, but mass unemployment with certain tradies/hospitality areas due to political response.
Economic impact in 06-09 was due to overvaluing of assets (houses) and lack of equity. Impact was felt through defaults on mortgages as well as what were considered safe investments On the institutional side. Borrowers haven’t borrowed against their equity since then, current issues are related to unemployment for low / unskilled labor. They can shift focus and find jobs elsewhere, going from waiter to amazon warehouse worker.
06-09 is worse because it was an actual economic issue.
Economic impact in 06-09 was due to overvaluing of assets (houses) and lack of equity. Impact was felt through defaults on mortgages as well as what were considered safe investments On the institutional side. Borrowers haven’t borrowed against their equity since then, current issues are related to unemployment for low / unskilled labor. They can shift focus and find jobs elsewhere, going from waiter to amazon warehouse worker.
06-09 is worse because it was an actual economic issue.
Some of don't realize how bad 08 was and how close we were to complete breakdown of the financial system.
I work with companies and their boards and there is a ton of optimism and pent up energy. People are starting to hire and business is picking up. Its not just Amazon and tech companies. In 2008 there was general feeling of austerity and malaise that permeated both rich and poor and it took years for people to get optimistic again.
Sure if you own restaurants or hotels you are phucked....but there were too many of those anyways.
09-25-2020, 07:56 PM
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#49
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Originally Posted By mp83⏩
Lol, the virus isn't going away but it doesn't matter.Lol at thinking the virus is going away anytime soon. I know you Trumpers think it's a hoax, but it's not. Stocks are high because of tech and irrationality
09-25-2020, 07:59 PM
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#50
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Originally Posted By pak1351⏩
2008 was significantly deeper than your understanding of it, but your general idea is correct.Economic impact in 06-09 was due to overvaluing of assets (houses) and lack of equity. Impact was felt through defaults on mortgages as well as what were considered safe investments On the institutional side. Borrowers haven’t borrowed against their equity since then, current issues are related to unemployment for low / unskilled labor. They can shift focus and find jobs elsewhere, going from waiter to amazon warehouse worker.
09-25-2020, 08:00 PM
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#51
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2008/2009 hit the upper and middle class far worse than current conditions. I don't even think 2008/2009 hit the lower class that much to be honest. Maybe the lower-middle class that was overextended and purchased homes they couldn't afford to begin with, which wasn't an economic issue, that's an education issue. Brb, household income of $75k buying $300k house because houses only go up in value, peasants never learn.
This downturn has had relatively no impact on upper class. I can't think of a single person I know besides bartending gutter sloots, etc., that have been impacted by this. Poorer are barely getting by and would be in absolute rot status if it weren't for federal stimulus and rent/mortgage forbearance/deferral and running up credit card debt. Chit is going to get real as fuk in the next twelve months if federal government doesn't keep pumping stimulus.
This downturn has had relatively no impact on upper class. I can't think of a single person I know besides bartending gutter sloots, etc., that have been impacted by this. Poorer are barely getting by and would be in absolute rot status if it weren't for federal stimulus and rent/mortgage forbearance/deferral and running up credit card debt. Chit is going to get real as fuk in the next twelve months if federal government doesn't keep pumping stimulus.
09-25-2020, 08:02 PM
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#52
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2020 makes 1975 look like 1997.
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09-25-2020, 08:08 PM
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#53
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this is one of the worst years in modern history
brb corona
brb everything shutting down
brb people losing jobs and money
brb harder to party and meet sloots
brb sports is a joke right now
brb cant even go to gym
brb cant get yucky with the boys
brb people rioting in the streets
brb corona
brb everything shutting down
brb people losing jobs and money
brb harder to party and meet sloots
brb sports is a joke right now
brb cant even go to gym
brb cant get yucky with the boys
brb people rioting in the streets
09-25-2020, 08:13 PM
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#54
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interdasting... seems like 08 was worse from a pure economic standpoint but in 2020 everything in life has deteriorated AND the economy is in the ****ter.
09-25-2020, 08:14 PM
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#55
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Originally Posted By katya422⏩
show bobs and vegene^^^
These.
I was confused by posters saying that "2008 was worse economically" until I understood that they seem to be basing this on the stock market, not on employment.
The initial extra unemployment money funded by congress ran out. The secondary extra unemployment money (from FEMA) is nearly gone with no way to replace it AFAIK.
60% of the businesses that have closed are saying they will not reopen-
These.
I was confused by posters saying that "2008 was worse economically" until I understood that they seem to be basing this on the stock market, not on employment.
The initial extra unemployment money funded by congress ran out. The secondary extra unemployment money (from FEMA) is nearly gone with no way to replace it AFAIK.
60% of the businesses that have closed are saying they will not reopen-
09-25-2020, 08:30 PM
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#56
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34 here.
Finished undergrad in 2008 and was on the job hunt and finished masters in 2010.
Economically/Employment - 2008 crisis was far worse. Almost EVERYONE was impacted. I'm white collar and most people I know in good fields like finance, accounting, law, engineering, medicine, etc... are having zero trouble finding a job right now. Wasn't the case in 2008-2010. Then there's the mass mortgage defaults that led to unprecedented bankruptcy and foreclosure stats. That was soooo much worse than now.
Socially/Politically - Now is far worse. Riots, looting, MSM lies, dogmatic ideological framework of mind, etc... In 2008 "Occupy Wallstreet" was the leading protest. And it was legitimate. Mostly young kids that were screwed by a corrupt student loan system that served an economy that only cared about the wealthy. They were TRULY mostly peaceful and I actually wish they had gotten more accomplished.
Today, it's clown world from a social and/or political standpoint and it's 1,000,000 X worse.
Pick your poison I suppose. Personally, I'd take 2008 economy any day if it meant no more sh!t like we see presently with a divided nation of dogmatic idiots.
Finished undergrad in 2008 and was on the job hunt and finished masters in 2010.
Economically/Employment - 2008 crisis was far worse. Almost EVERYONE was impacted. I'm white collar and most people I know in good fields like finance, accounting, law, engineering, medicine, etc... are having zero trouble finding a job right now. Wasn't the case in 2008-2010. Then there's the mass mortgage defaults that led to unprecedented bankruptcy and foreclosure stats. That was soooo much worse than now.
Socially/Politically - Now is far worse. Riots, looting, MSM lies, dogmatic ideological framework of mind, etc... In 2008 "Occupy Wallstreet" was the leading protest. And it was legitimate. Mostly young kids that were screwed by a corrupt student loan system that served an economy that only cared about the wealthy. They were TRULY mostly peaceful and I actually wish they had gotten more accomplished.
Today, it's clown world from a social and/or political standpoint and it's 1,000,000 X worse.
Pick your poison I suppose. Personally, I'd take 2008 economy any day if it meant no more sh!t like we see presently with a divided nation of dogmatic idiots.
09-25-2020, 08:37 PM
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#57
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Originally Posted By memcop⏩
You're a government employee with union protection and a pension. You know nothing of economics and labor statistics.Worst ever 2020
Srs **** this ****
Srs **** this ****
Just like you tell people in cop/LEO threads that they don't know what they're talking about and should stay in their lane... as should you in this circumstance.
09-25-2020, 08:44 PM
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#58
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In 2008 I was just getting out of high school and I couldn't get a job anywhere, not even at McDonalds. Around 2011 I was able to get my first job after years of filling out applications, I had that job for about 7 years and then they ****ed me over and fired me. Then I drove for Lyft for a while, and then I got a pretty good job last December and I still have it. So for me, 2008 was worse.
09-25-2020, 08:45 PM
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#59
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Originally Posted By katya422⏩
You have to understand that a vast majority that lost employment were retail and service workers (retail stores, hair dressers, bartenders, servers).^^^
These.
I was confused by posters saying that "2008 was worse economically" until I understood that they seem to be basing this on the stock market, not on employment.
The initial extra unemployment money funded by congress ran out. The secondary extra unemployment money (from FEMA) is nearly gone with no way to replace it AFAIK.
60% of the businesses that have closed are saying they will not reopen-
These.
I was confused by posters saying that "2008 was worse economically" until I understood that they seem to be basing this on the stock market, not on employment.
The initial extra unemployment money funded by congress ran out. The secondary extra unemployment money (from FEMA) is nearly gone with no way to replace it AFAIK.
60% of the businesses that have closed are saying they will not reopen-
While it's not ok that that happened to them, from a GDP standpoint or overall intrinsic economy impact, it wasn't as detrimental as it seems. Yes, record unemployment, but a lot of that was temporary unemployment and it tended to impact lower wage workers and small business service proprietors. It didn't even come close to up-ending the economy the way the financial crisis did. Both situations suck but it's not even a close comparison.
09-25-2020, 08:46 PM
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#60
- DTRrex
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- DTRrex
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Originally Posted By ReyDelMundo⏩
This dude knows.2008/2009 hit the upper and middle class far worse than current conditions. I don't even think 2008/2009 hit the lower class that much to be honest. Maybe the lower-middle class that was overextended and purchased homes they couldn't afford to begin with, which wasn't an economic issue, that's an education issue. Brb, household income of $75k buying $300k house because houses only go up in value, peasants never learn.
This downturn has had relatively no impact on upper class. I can't think of a single person I know besides bartending gutter sloots, etc., that have been impacted by this. Poorer are barely getting by and would be in absolute rot status if it weren't for federal stimulus and rent/mortgage forbearance/deferral and running up credit card debt. Chit is going to get real as fuk in the next twelve months if federal government doesn't keep pumping stimulus.
This downturn has had relatively no impact on upper class. I can't think of a single person I know besides bartending gutter sloots, etc., that have been impacted by this. Poorer are barely getting by and would be in absolute rot status if it weren't for federal stimulus and rent/mortgage forbearance/deferral and running up credit card debt. Chit is going to get real as fuk in the next twelve months if federal government doesn't keep pumping stimulus.
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