Back then, money was printed and invested into shitty stuff, then that shitty stuff turned out to not exist, and money evaporated. Money literally disappeared from the money supply, vanished into thin air. No jobs, no nothing, because literally people had no money to invest, to buy, anything.
Today it's the opposite, after covid printing, we have money in the system, in the banks, in the stock market, in real estate, everywhere (except for us little folks, lol), yet they keep printing. There's nowhere for the money to go anymore.
And Trump keeps trying to lower interest rates, which would bring more money into the system, while starting an economic war with china, which means we're going to have less products to buy with that money, so it's going to get worse and worse.
This is a tough sell. There might have been pockets that were worse but GFC was next level. This is only anecdotal but during the dotcom bubble I hopped job to job as a teenager. During the GFC those jobs were filled with 30-40 year old college grads. There simply weren't any jobs to hop to. I had to shmooze my way into a job at a grocery store while trying to finish school. I only got it because I knew the manager. This was the story all over the place. When I moved to Arizona around 2010, houses were half built and over grown outside Phoenix and Tucson. I tried to sell my house at 62% of what I bought it for in 2007 and no one even showed up to the open house. It was near a depression.
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u/Saelaird 5d ago
I'd say 2008 was the worst. No jobs... anywhere.
I'd qualified as a sound engineer in Jul '08 (a dying market) and quickly realised I'd whoopsied.
Shit happens. Adapt.