Viewing a single comment thread. View all comments

joevan55645 t1_j67g8r3 wrote

Somewhat ironically so much of the content is about how nothing bad is going to happen while today much of the content is about all the bad things that are about to happen šŸ˜‚

181

PurpleSausage77 t1_j67if9b wrote

The social media factor is huge. Facebook was just getting started back then.

41

Fantastic_Bar3109 OP t1_j67ghff wrote

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

28

_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.

21

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.

14

[deleted] t1_j6b3gmq wrote

[deleted]

0

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.

4

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

10

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.

1

_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.

0

Stachemaster86 t1_j67j9sl wrote

We know whatā€™s ā€œcapableā€ so itā€™s ā€œforecastingā€ and sensationalizing. No different than Katrina reporting and hyping up NO being hit, only for it to ā€œmissā€ the French quarter and reporters didnā€™t have material ready for the 9th ward being hit. People get glued to the fear, they donā€™t watch if ā€œeverything is fineā€.

4

Fantastic_Bar3109 OP t1_j67kcw0 wrote

Couldnā€™t agree more! With analysts and reporters having different views, we often look for confirmation bias instead of looking at the whole picture

6

RecommendationNo6304 t1_j69par6 wrote

There's a saying, Generals are always fighting the last war. Applies to most aspects of life.

Availability bias is tough to escape and most people don't read, much less read history.

24

Normal_Ant_4612 t1_j6b1rbe wrote

These comments from one of the posts above could indicate otherwise, idk tho I was like 9 and not on Reddit:

ā€œhttp://finance.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chfdeh=0&chdet=1197131064000&chddm=493833&q=INDEXDJX:.DJI

Doesn't look like a stock market crash to me...ā€ ā€”ā€”

ā€œIt does if you're a 19 yr old zit-face.

In the oldest form of "misery loves company", the typical reddit dweeb roots for economic collapse.ā€

6

trynafigureitout444 t1_j6bup5c wrote

ā€œAnytime all the economists agree, something else is going to happenā€

-some finance guy

2

Pasdgrapd t1_j68q16q wrote

Well shit im about to start buying like crazy then. Everybody thought we were fine back then and it crashed.

1

Slicklickfstick t1_j6a8ncv wrote

I mean if you look at the 5 year chart we have clearly deviated significantly from the local trend line in a negative way. A crash at this point would mean our rate of gain when we come back to the trend would be incredibly fast. Like digital revolution fast.

3

No-Drag4078 t1_j6cdgt7 wrote

Well the content was saying nothing would happen and the articles on the news said the oppositeā€¦ which one ended up right though?

1