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Fantastic_Bar3109 OP t1_j67ghff wrote

Reply to comment by joevan55645 in Found some old Reddit threads from 15 years ago talking about the 07-08 recession by Fantastic_Bar3109

Yep! It all sounds like doomsday predictions until it really happens

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_PM_me_your_MOONs_ t1_j67t7zv wrote

When you predict a doomsday every day...eventually you will be right, sort of.

If you were young enough, holding worked out....and then there was almost a decade of home buying opportunities afterwards.

Yet somehow, people are still complaining about not being able to buy a home and are gambling their lifesavings away on pennystocks and bad plays.

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pw7090 t1_j698g4s wrote

That's me to a T.

Had about 25k saved up (3 years savings), but houses in my area are $400k+, so I wasn't even close to being able to afford.

Having a baby soon, so since savings was about to go to $0, I "took the chance" on gambling in the market last year...and lost it all.

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[deleted] t1_j6b3gmq wrote

[deleted]

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pw7090 t1_j6bb6bz wrote

The mortgage would be way too high. We would have needed to put over $100k down in order to be able to make the monthly payments, even with the old 3% rates.

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Fantastic_Bar3109 OP t1_j67ubd8 wrote

Recessions are incredible buying opportunities if you can afford to do so. I've been saving for moments like this.

You are right, people make dumb and risky plays instead of preserving capital to buy the dips. I'm done trying to time everything and just open positions on solid companies. The real value plays

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lucidvein t1_j6kg5hu wrote

somehow people complaining about not being able to buy a home?

probably because we went from one working individual per family to two.. jumping house prices due to supply and demand.. and then not giving raises that are in line with inflation.

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_PM_me_your_MOONs_ t1_j6km6bl wrote

That excuse works now...but if you read the comments and understand that this discussion is from 2007 to present, that mouthbreathing argument doesn't stand up.

Houses were dirt cheap in most states for years after the crash.

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Stachemaster86 t1_j67j9sl wrote

We know what’s “capable” so it’s “forecasting” and sensationalizing. No different than Katrina reporting and hyping up NO being hit, only for it to “miss” the French quarter and reporters didn’t have material ready for the 9th ward being hit. People get glued to the fear, they don’t watch if “everything is fine”.

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Fantastic_Bar3109 OP t1_j67kcw0 wrote

Couldn’t agree more! With analysts and reporters having different views, we often look for confirmation bias instead of looking at the whole picture

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