2007 recesion

[HillGoose]

where were u wen great recesion happen

i was sat at home eating macking cheese when phone ring

"Bear Stearns high grade structured credit fund is kil"

"no"

[Benjamin Frank 2.0]

The 2007 recession started before that with the rise of oil prices to well over $100 a barrel.

However, in case you think that it was the rise in oil prices and the subsequent increase in inflation and the rise in interest rates that led to the subprime mortgage collapse, you'd be wrong.

[Progressive Pessimist]

I was in high school and felt pretty disconnected from it. My family in fact was unaffected, financially. We were fortunate.

[Open Source Intelligence]

Worked at a factory that made 700 Cummins diesel engines a day. In less than a year we went from working 13 shifts a week to 4. So our 2 assembly lines' worth of workers they first went to "5 on, 5 off" alternating lines each week. Eventually they had to give in and they laid off an entire line's worth of workers. The only thing that brought our plant back to "normal" was China were buying engines like hotcakes and our assembly lines in China were at max capacity, so they were buying from us to make up the shortfall in demand. But that was still a couple years until domestic demand recovered.

It affected me in the sense of I was looking to buy a house circa 2006, saw everything that was going on, and then decided not to.

[Person Man]

Just graduated from school and couldn't find a job. Wouldn't actually find a job until I went back to school.

[Yelnoc]

where were u wen great recesion happen

i was sat at home eating macking cheese when phone ring

"Bear Stearns high grade structured credit fund is kil"

"no"

I was playing baseball! I had a mean fastball at that age. Looking back, I suppose it's been downhill ever since for me.

[Benjamin Frank 2.0]

where were u wen great recesion happen

i was sat at home eating macking cheese when phone ring

"Bear Stearns high grade structured credit fund is kil"

"no"

I was playing baseball! I had a mean fastball at that age. Looking back, I suppose it's been downhill ever since for me.

Glory Days.

[Agonized-Statism]

A Republican in my life told little me on election night that Obama winning would mean there would be a second Great Depression.

[Open Source Intelligence]

A Republican in my life told little me on election night that Obama winning would mean there would be a second Great Depression.

No we just operated on ZIRP for 8 years which drove greater inequality as the rich just bought everything on credit driving up the price of everything. Meanwhile not just our government but the Japanese and Europeans backstopped anything in the public markets.

[jaichind]

For me, the recession started when the Lehman rescue plan collapsed even though from a purely economic growth point of view it started months earlier.   It was on Sunday, Sept 14 late afternoon when the news came out that plans by BofA and Barclays to buy Lehman fell through and the federal government would not intervene to stop the collapse of Lehman.  

I was at a restaurant with my DW.  When I read the news on my mobile device while eating, I told my DW that there was going to be a market collapse and a deep recession as the financial system would freeze as a result of the crisis.  I expressed that this might be a silver lining as it will purge the system of all sorts of financial and economic efficiencies based on cheap money.   We talked about how it will be a tough few years ahead.  It turned out that despite the Great Recession our finances ended up not being hurt and benefited from the QE that followed.  Of course, QE also meant that the purging of economic inefficiencies that I had hoped for did not take place either.  But at the dinner table on Sept 14, my DW and I did not know that.  

[Open Source Intelligence]

For me, the recession started when the Lehman rescue plan collapsed even though from a purely economic growth point of view it started months earlier.   It was on Sunday, Sept 14 late afternoon when the news came out that plans by BofA and Barclays to buy Lehman fell through and the federal government would not intervene to stop the collapse of Lehman.

CNBC that Sunday night was must-watch TV. Lehman was going to fall, the weekday financial news crew analysts all on reacting in real time, then the news AIG was in trouble through a loophole whereby there was no public funding way for the Fed to keep them stable (I think they had to invent a manuever real time, not too different from the Swiss government's treatment of the fall of Credit Suisse the past year). Bear Stearns had already fallen, and in due time so did Merrill Lynch.

[satsuma]

I was in middle school and watched the news but my area didn't seem very affected by the recession. People were saying the 80s was worse for petro, and my parents' jobs are recession-proof.

[wnwnwn]

It was kind of good times here.

[Pres Mike]

I was 9 years old. I was a lonely and abused child. My only comfort in life were cartoons.

In late 2008, all my favorite Cartoon Network cartoons were cancelled. At the time, I didn't know why but I was really sad and depressed. While exploring the internet about my sadness, its when I learned about the economy falling apart.