How did the 2008 depression affect you?

[saunaman]

Genuine question, how did the dreadful 2008 recession affect you? Interest rates low if you had a mortgage ...All I can think of is that tuna used to be 27 pence a tin , then the price doubled overnight to 57 pence.

 

Not being flippant but would like to hear of other peoples' experiences - was it really that bad?

[Crosser]

Yep, it affected me, but not in 2008, you see the slowdown in the building trade took about 2 years to hit my company, then things just went from bad to worse.

[melthebell]

the 1930 one mightve been worse?

https://en.wikipedia.org/wiki/Great_Depression

[Bob Arctor]

It caused me a lot of anxiety for a few years. I went 5 years worrying over whether I would have a job and whether we would lose our home. Luckily it panned out ok for me in the end. Now in my work I help people who weren't so lucky, who were made to pay the price of the recession, and it makes me a bit depressed. I'm generally a lot less optimistic and a lot more risk averse than I was before. My mental health isn't what it used to be.

[tzijlstra]

We'd just sold up in the Netherlands and bought a house in Sheffield. Within months it lost over 20% of its value. Then our pensions changed.

 

Within 2 or 3 years we lost 50K£ in assets.

 

'But you are rich!' - 'it stopped us spending money. Now you are poor as well.'

 

Welcome to 2016, where this is about to be repeated.

[Crosser]

the 1930 one mightve been worse?

https://en.wikipedia.org/wiki/Great_Depression

 

 

Looks like it was definitely worse, however that was 86 years ago, so hardly relative, given the thread title.

 

Maybe Sheffield history & Expats?

[Longcol]

Made redundant in 2010 as local authority grants started to get slashed.

 

Got another job a year later but took a fairly substantial pay cut - although given I was late 50's, mortgage paid, and new job didn't involve managing staff - something I'd done for over 25 years - didn't turn out too bad.

[apelike]

Genuine question, how did the dreadful 2008 recession affect you? Interest rates low if you had a mortgage ...All I can think of is that tuna used to be 27 pence a tin , then the price doubled overnight to 57 pence.

 

Not being flippant but would like to hear of other peoples' experiences - was it really that bad?

 

Cant say that it affected me much at all and never thought it was that bad.

[saunaman]

Surely the movement of pension goalposts has nothing to do with the recession in 2008 and more to do with people born in the 1920's and 1930's who were born in and lived in colder houses , ate properly, walked more , whose immune systems were subsequently much stronger?

But that would necessitate a new thread...

 

Do you really think you will still be able to perform your job to the same standard at the age of 65 as you do now? Today's generation have no chance and many will die on their feet before they retire.

 

Comparing our life expectancy to that of the previous hardy generation is like comparing apples to pears .

[tinfoilhat]

Tinfoilhat inc turnover dropped by 40% and nearly (should have?) gone bust. Grew stronger (harder anyway) as a result. Better equipped should it go bonkers again. Hope it doesn't though.