me too I grew up on February 2003

I imagine you must have been relatively young at the time?

I was born in 1998 and looking at the two economic downturns between 2008 and 2020, the financial crisis of 2008 could’ve been avoided if the housing market had not allowed those with low credit to buy homes. The financial crisis of 2020 could not have been avoided because well obviously pandemics are operated by nature.

Same 😭 I mean I wasn’t even 10 then so it makes sense that I didn’t notice but it’s just so weird that I lived through it

born 2002 sooo yeah same

Lol same

@no no no I was 3

You know we are kinda going through a recession now thanks to COVID-19.

You're* ;)

and now some suggest the education market is next

@@projectjt3149 correct education is a big scam.

@@projectjt3149 get ready

Here we go again

rickiex That's their business. People should also research what the Federal Reserve Bank is. Hint: is not part of the US Gov't.

rickiex how would they unintentionally give out loans...? Lulz

He means that the banks knew that people would not be able to pay them back and people who invested in these loans would lose money. They didn't care and were only thinking of the ROI. They also knew that the Gov't would bail them out. They crashed the market and they got fat bonuses for it.

Abbas Timmy this is FALSE. They were required to! In 1992 congress order banks to offer subprime mortgages to low income and specifically minorities. These banks would never do this as it it wasn’t profitable. The mortgage back securities and all that stuff came in later. Credit rating companies and tranches absurd this. They would never been able to do this if banks weren’t required to hand out these mortgages.

@@SP3NTT Unintentional would mean that the banks did not know the risk. Every banks has a Risk Management division. The Mortgage companies and the banks knew exactly what they were initially doing in order to get rich. What they didn't bank on was that housing investment would cease and that the bubble would burst. This is because all prior charts pointed to home values increasing. Home values increasing too fast would make it hard for a person who normally would have no business buying a house to buy a house because they wouldn't be able to afford the home value plus interest rate and interest rates in 2005 were at 4-4.5% which at the time was low. So maybe they climbed in along with housing values but the bubble burst prior to 2008. It was actually in like early 2007.

I didn't even know there was a recession in 2008 untill now- I didn't learn this in school or nothing

We’re about to hit a recession now. How are you doing?

Wow I’m graduating high school soon and a new recession might hit….its really scary..

This goes back to my comment on this video. Have a look. It might explain a little about your situation back then. You were done wrong by Al Gore.

The material that they use to print money has value is not just a piece of paper so printing money can’t be done unless you use lenin and cotton and also making or printing money could double prices making the money less valueable

There will be domino effect they print more and business will take advantage until they print more and more then boom. The dollar has no value.

They did, they are doing and they will continue to do so. And now with negative interests rates coming, that is showing that it is taking increasing amounts of money to keep capitalism going, to the extent that the financial system has begun to require raiding its depositors for that continuation.

@@Nine-Signs , Bill Gates is giving away his money fast to charities because he knew it wont have any value and he knew where the dollar is heading.

@@theglorioussapphiremonkey4750 lol, wtf?! The masses of unearned income Bill Gates is given per year via dividends, rents, and compound interest on that, vastly dwarf his yearly contributions to a given charity or fund. If it did not, his personal fortune would not keep rising. Mr Gates knows little of economic systems, their strengths and weaknesses and their systemics. I've seen similar such questions put to him that he simply admitted he could not answer as he did not know enough to do so. Mr Gates like all of us to varying degree's, is in the position he is in due to how capitalism works not due to any particular brilliance on his part. Most of the base tech for DOS was stolen from a far brighter man and much of Bill Gates fortune is from extracting a portion of the wealth created by every worker under him from the first day he employed someone, never to end.

Me..lol

Me

you mean, “during”

@@NlCKXY not if they're from the future

@@antalyab3603me

overly arrogant? no sympathy.

Harvey An-Nasir Salah ad-Din Royce you have no idea what we went through or what I did for him. So don’t assume I said it for no reason.

Not sure why you would post all this up on youtube unless you're fishing for pity posts.

Ehhh maybe you shouldnt have said all that at the end.

Well with Obiden in office, We will see these bad times again in 2022.

In Asian culture, houses are usually inherited since land is more expensive in Asian Countries

ur si fat

During

Nah I’m here after the gamestop stocks That’s old news buddy

I made that mistake myself a few months back. My portfolio is almost at 8% losses. It'll be years before that portfolio turns a profit. RIP

Like California right now?

@@Eisenbison Did you keep your money in? You'd be rich of you did.

@@betohax I kept it in for my Roth IRA. I've made nearly $1000 in tax-free income.

@@Eisenbison How about now....

It happened during Obama's presidency and the administration was claiming it wasn't that big of a deal, and the media went along with it. Up to the 2008 election you can find many news sites complaining about an impending financial crisis in order to encourage voting for a democrats (since democrats got a good reputation for growing the economy during Clinton, even though it was actually due to Newt Gingrich), but after the election many articles start trying to downplay the economy. The administration even claimed jobs were growing in the second term by citing part time jobs over full time jobs. The current economy right now is like day and night compared to just several years ago. Many can tell you how difficult it was to get a job, even if you had the credentials. Google even reduced hours of most of their workers and claimed they were giving them "more free time" to have fun.

Dave Smith began in 2007 buddy and was 2 years before Obama takes office in inauguration in 2009

@@1999ToyotaSupra Foreclosures happened in 2007 because the media started claiming the economy was doing poorly when it wasn't for preparation for the coming election. This is because due to Newt Gingrich helping Bill Clinton, the democrats gained a recent reputation as being saviors of economic issues, so downplaying the economy would rate favorably for a democrat candidate. Foreclosures didn't become a major issue until 2008 when it doubled within months due to many early predictions were that Obama would win. Obama on the campaign trail frequently talked about how he would socialize medicare and increase taxes. This caused lots of companies to pull back and start downsizing early to prepare for the costs of 2008 and the following four years. Coupled with the Fed losing the pulse, it resulted in many people stuck in the middle.

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Yup because of Clinton

@@masculinemillennialtv7566 Yeah, the 1995 Cra, the same legislation that incentivized lenders to authorize subprime loans. They had good intentions, but the outcome was terrible.

at least with the coronavirus people were more social more in harmony

Now look

Kinda like now

​@repunklican1181 adjust it for inflation and consider cars were less fuel efficient then and its even more eye-popping.

How can you remember 9/11 when you was only 2-3 years old. I was 3 at the time and I don’t remember anything that happened that day.

supermoneymagnet1 the only thing I remember, was my parents dressed me and my brother up as a policeman and fireman that year for Halloween. So I don’t remember the day itself but I remember it being a season of mourning and commemoration and the “patriot spirit”

Same ... I just remember how depressed my family was

redv bae about 9/11 or the recession?

Buying a house is a great retirement plan, it’s better then paying rent

Larry Marsh of course it ignores the roll of government. What you expected an honest evaluation of the facts? Our government overlords are here to protect us from the evil rich guy. At least that’s what public school taught me

Larry Marsh, Don’t forget Bill Clinton’s contribution. In 1995, using the powers of the presidency, Bill Clinton turned the 1977 Community Reinvestment Act into an aggressive program that basically forced banks to lend money to "underserved" communities. That meant those with low incomes who couldn't necessarily repay a loan.

Yes! Thank you!

@@davidgrover5996 I don't think I've ever seen a more blatant racist dogwhistle in my life

How did australia prevent it?

Yeah but it’s racist they say to not give low credit people loans

but the only different is at that time the debt was at 8.9 trillion dollars now its 20 trillion dollars....

@@baussocks Uh, yeah but GDP was also lower as to now.

Obama's election. People got scared due to the impending regulation hits on business (primarily with healthcare fees) causing them to shrink back and that triggered the wave of job losses and refusal to hire we saw in the following several years. Basically it came down to why would a company hire a person full time and have to pay the enormous fees when they could hire multiple people part time at a much lower cost.

@@DaveSmith-cp5kj Obamas Election? False. the cause of the crash happened well before obama was elected president. in 2007, the defaults and foreclosures started, and the economy was well on its way to the bottom before the Obama campaign.

@@qntainmnt Not quite. Foreclosures happened in 2007 because the media started claiming the economy was doing poorly when it wasn't for preparation for the coming election. This is because due to Newt Gingrich helping Bill Clinton, the democrats gained a recent reputation as being saviors of economic issues, so downplaying the economy would rate favorably for a democrat candidate. Foreclosures didn't become a major issue until 2008 when it doubled within months due to many early predictions were that Obama would win. Obama on the campaign trail frequently talked about how he would socialize medicare and increase taxes. This caused lots of companies to pull back and start downsizing early to prepare for the costs of 2008 and the following four years. Coupled with the Fed losing the pulse, it resulted in many people stuck in the middle.

The bubble burst because economic bubbles are unstable. The market grew too fast and prices got too high for the bulk of the market. Once prices hit their peak, the only way left to go was down.

@@DaveSmith-cp5kj The threat of Obummercare and Gov't control was indeed a big factor in the falling economy. I still remember how the fake media would say during the Obama years unemployment was at a low yet millions of people were out of a job.

Sure, just like the Great Depression could have been avoided: stopping the Federal Reserve. The fed gets a bad pulse on the economy, lowers interest rates and banks end up having to give out easy loans people can't pay back and then the economy crashes. The video is actually very misleading saying it was due to deregulation, when both the Great Depression and the Recession were a factor of bad interest rate manipulation

@@DaveSmith-cp5kj Even without the Fed, interest rates can still be manipulated. Interest is the way to profit from the act of lending someone something.

@@tiendoan1333 You misunderstand. Interest rate manipulation itself is not bad, what is bad is the gov establishing the rates for various businesses. What is bad is someone else setting your prices for your business operation. It is like if you owned a store where you bought products for $5 and sold for $6, then the gov told you you had to sell it for $5 because bigger department store corporations can buy in bulk for $4 and profit at the same amount at $5 and tell you to deal with it, even though they don't understand the situation of your business. A bank for example would be very stupid to offer a low interest rate to an unstable business that clearly doesn't weigh the risk vs reward well. If a bank makes enough of those bad choices, they lose money and are unable to function as a bank. This hurts everyone. The Fed however takes away that judgement from the banks and decides for itself what the banks should do. This is done with the implication that the Fed has the most accurate pulse on the economy... but keep in mind that the government is trillions of dollars in debt, they aren't exactly very successful in economic proficiency. It is like making the head of all the banks a gambling addict. It is stupid. The main reason the Federal Reserve continues to exist is because the government cannot make a sound budget ever since FDR did away with the gold standard in order to fund the disastrous "New Deal". They constantly spend more than they are given through taxes. This is why taxes keep going up and the dollar keeps devaluing. This normally would destroy a country, but rather than becoming fiscally responsible, the government controlled the banks so they can manipulate trends of buying and saving via interest rates. This is why our markets are so economically unstable and people have trouble saving for retirement where as a century ago this was not nearly as difficult.

Exactly. I may be wrong, but I believe this video is trying to rewrite history to say deregulation is bad when government regulation of the economy via the fed was the real problem then and also in the depression too.

I don't understand. Can you explain, please?

I was worried about this for a long time after my high school graduation. Healthcare certainly guarantees employment, but no one imagined we would be living in a global pandemic. What has kept me and many others employed is working in non-profit. I've worked at more than 3 now and my experience so far has been positive. What also surprises me is they all went virtual without letting people.

this is very subjective, but I believe that banks as the lenders should have had a threshold to which they give people money. The reason why banks are to blame is because with higher interest comes more gains so they got greedy and you know how that goes.

Well, every rich guy is full of debt. Because when money printer goes brrrrr, it is way better to have assets bought with debt than having no debt and saving to buy assets. And that printer goes brrrr more often in past years. The only thing is to analyze market correctly and not overleverage yourself.

It's not like I'm going to save it.