While the housing crisis is still everlasting (most significantly in the US, many other countries have started national housing programs) the economic one has ended in the june(?) of 2009!

[–] PP_BOY_@lemmy.world 9 points 5 days ago* (last edited 5 days ago) (2 children)

Says who? Billionaire investors and regulators for a newly-elected President who saw an imaginary red line go up for two consecutive quarters? "Peace for our times." The '08 crash was (is) massive and will be the defining event of the 21st century for future historians. Literally nothing but WW3 could overshadow it's legacy.

Notice how the "timeline" section doesn't end with "and then everything went back to normal in June 2009." Tens of trillions of dollars evaporated overnight.

Wikipedia | 2008 Financial Crisis

Selections:

2011: Median household wealth fell 35% in the U.S., from $106,591 to $68,839 between 2005 and 2011.

2014: A report showed that the distribution of household incomes in the United States became more unequal during the post-2008 economic recovery, a first for the United States but in line with the trend over the last ten economic recoveries since 1949.

2017: Per the International Monetary Fund, from 2007 to 2017, "advanced" economies accounted for only 26.5% of global GDP (PPP) growth while emerging and developing economies accounted for 73.5% of global GDP (PPP) growth.

A shrinking median household incomes, racial wealth inequality, the rise of non-Western economies, do these not sound like contemporary issues to you?

[–] theUwUhugger@lemmy.world 2 points 5 days ago

And you think other parts of the world developing is an issue?

[–] theUwUhugger@lemmy.world 0 points 5 days ago

*In the us, you mean?

But an eternally silly statement, even within the your worldview that seems to only consist of the us! The minimal wage in ‘80s was 3.35$, the price of a big max was .15$! So from one hours of working you could buy 21! 20-fucking-1 big macs. In 1990 the minimal wage climbed to 3.80$ and the price of the big mac went up to 2.45$!!! Your living standards nosedived in the 80s!!!!

By the end of the red menace (USSR fell apart) your government had absolutely no reason to provide your wellbeing, after all its really not democratic by any standard and it didn’t have to worry about a communist uprising anymore

[–] BakerBagel@midwest.social 7 points 5 days ago (1 children)

Idk how you can say it ended when the fundamental causes of the collapse were never addressed, the perpetrators were never punished, and the middle class continued to shrink. Stocks were pretty much the only thing that improved since 2008.

[–] theUwUhugger@lemmy.world -3 points 5 days ago (1 children)

The markets recovered, the employment rate recovered. The financial crisis ended regardless of whatever happened/didn’t happened to the perpetrators, benefactors of it

[–] BakerBagel@midwest.social 3 points 4 days ago (1 children)

Replacing salaried desk jobs with hourly wages and no pay increase isn't exactly employment growth. If everything recovered just fine, why are millennials miles behind where their parents were at a similar age? Homeownership has been steadily declining, savings accounts have steadily been dwindling, and the rate of Americans living paycheck to paycheck has only gone up in the past 20 years. That's not a recovery, it's an adaptation to a new normal.

[–] theUwUhugger@lemmy.world -1 points 4 days ago (1 children)

Pls don’t be a tittertale cuck and look up what a financial crisis is! Neither the housing crisis, nor minimal wage not following inflation necessarily continuated, nor possibly exacerbated by a financial crisis

Also while your ever tiny world is only compromised of the us, in the rest of the world the housing crisis is not nearly as severe and their living standards are either stagnating or increasing with very-very few exceptions

[–] BakerBagel@midwest.social 1 points 4 days ago (1 children)

Europe is in the midst of a massive housing crisis.

Canada has possibly the worst housing crisis in the developed world

Korean homes are 3x as much in the major cities as smaller rural cities.

Housing has been consuming a larger and larger chunk of people's incomes for the past 15 years. That's a cost of living crisis. Because the 2008 crash allowed the wealthy to pick up all the pieces and restart the game using the exact same rules. Nothing changed, nothing improved, neoiberals just painted over the foundational cracks of our society and said everything is fine now. The finacialization of every aspect of our lives has only become more extreme, so i would definitely say the 2008 crisis was never actually solved.

[–] theUwUhugger@lemmy.world 0 points 2 days ago

…did you actually read your sources? -Your source about that you titled ‘Europe having a massive housing crisis’ exclusively talks about barcelona and 2/3 of the article is about what they are doing ag it? -Your source about Canada does not state anywhere what you wrote in no misunderstable increments. It only explains its source and what they are doing againts it -So… your third country that you brought up doesn’t have a housing crisis but a major development diff between its urban and rural areas… ok? You are becoming more and more convincing by the second!

Very nice goal post shifting too! I guess you googled what a financial crisis is? I only had to ask you 3 or so times? So as I stated in my first comment to you: the financial crisis of 2008 ended in 2009, regardless of (as I stated in every single comment to you) of what other issues it started/enchanced/continuated; the FINANCIAL CRISIS of 2008 ended