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Who lost their job in the great Recession of 2008-2009?

  • Last Updated:
  • Jun 19th, 2018 8:38 am
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Apr 8, 2006
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at1212b wrote:
Jun 13th, 2018 1:33 pm
Not only work ethic but a level of respect and gratitude to be employed.

These job number losses are in the US, but look at the monthly numbers for latter half 2008 and 2009.

https://en.m.wikipedia.org/wiki/Job_los ... _Recession

Scary scary stuff. Canada was about 10x smaller on average. It literally was like a twilight zone episode where people on masse would disappear and had no idea when the nightmare was going to end.

Trust me, if you have committed to expenses such as a mortgage, had any sort of debt, or had to support a family, including parents who might have had a big chunk of retirement savings wiped out, and you might have had to help out, it is something one will not forget. Staring down a cliff with no 'out' in sight.

The system fundamentally changed since then. Which explains the dysfunction and extremism today. I personally worry what worked last time won't work again the next (the Fed does not have nearly the level of credibility, flexibility, tools or options it had last time).
Although people were losing job in Canada during the recession, I don't hear about houses getting cheaper or people having a tough time so I think we fared better than the US and also our currency were at par at one point. Also Canadian are more frugal I think and save for a rainy day.
[OP]
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Jun 24, 2015
1228 posts
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Woodbridge, ON
The problem I have is the previous Liberal when they were campaigning door to door came by last election and were praising how many jobs their government created, I called them out on their BS. According to their logic, a part time or contract / temp job with someone only getting 8 hours a week they bucket that into their job count, and they do not distinguish full time permanent vs part time vs contract. They said in 2009 the government did soo good and so many jobs were created, yeah I called out that liar mpp and called out his BS and told him Bull, those are all temp agency jobs, paying minimum wage, most people getting the minimum hours per week, when the same people had a full time permanent job before and was making good money so your numbers are skewed to make your government look good, and he had nothing to say. but its true these gov't smudge their numbers on purpose to make the recession look not so bad as it truely was, cant we have a friggin honest politician for once
Hi
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Jan 2, 2015
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My spouse was laid off at the very beginning of 2009. Our second child was just born, he took a couple weeks off for the north and Christmas. He even got one of e ONLY year end bonuses for performances of company as things were so tight with his company. Then the day he came back after vacation he was laid offwhule I was on mat leave with a three old.

The market dried in our area so it took 6 months for him to find a job in the US.
On a 'smart' device that isn't always so smart. So please forgive the autocorrects and typos. If it brothers you, then don't read my posts, but don't waste my time correcting me. If you can get past the typos, then my posts generally have some value.
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Sep 5, 2014
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Brampton, ON
I was laid off in Oct. 2008 but they gave me a months notice at least. I found a job pretty quickly after that which I've had ever since.. but i'm in this forum now looking for resume advice so you can see where this is going.
Newbie
Jun 15, 2018
6 posts
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Not only did I lose my accounting job but also lost motivation in my field of work. I left the industry, went back to 4 years of uni to study science.
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May 11, 2008
435 posts
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Vancouver
I did (2009) but I was also looking to leave the company I was working for anyway.
Ended up getting a 3 months severance package and just relaxed most of the summer before getting a part time job.
Worked part time for a while before finding another job in my field.
Basically treated it as an extended vacation.
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Jan 2, 2015
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GoodFellaz wrote:
Jun 14th, 2018 1:49 pm
sorry to hear
Thanks, but no need to be sorry. Lay offs things like that are life. What doesn’t kill you makes you stronger.

It was a real wake up call for us. My spouse got 6 DAYS severance, yep, he was not there long, I was on mat leave making 17% of my income, we had a newborn, and full time nanny we loved whom would be irreplaceble, so kept her, even though her salary was more than my EI at the time. Just prior to the recession, I fully refinanced my rental property and took the equity to invest in the stock market. I made some good money [maybe $10k in a few months) only not reconginize the markets were dropping long term, so I kept throwing money into. We lost 6 digits in our investments but held on.

My spouse found a contract in the states, but I stayed with the kids. We cut ALL expense that were essentially in day to day living, expect their schooling and the nanny (the largest expenses). We had saved enough to conver my income loss because we were trying to have a second child, but did not expect my spouses loss. We learned some really important life lessons that time that have since stuck.

We learned some very important lessons from that time
  • always have an emergency fund in CASH, we could always cover most unexpected expenses short term, but long term many have to cash investments. It’s really hard to cash your investments at 40% value, is also really hard to borrow money and put yourself in debt ,even though I had a line of credit

    Pay off the mortgage as quick as possible, even at a low interest rate, it’s a stressor. After about a year we got back to where we’re were and started saving again, the first thing did was pay off the mortgage in about 3 years, though we considered to drag it out.

    We really learned what was a priority in our spending. Prior to this, we spent a lot on expensive luxury items, and junk. When push came to shove, we learned what we valued most. There are a few things that I wish we didn’t cut during that time, but all in all it rebounded my spending and values.
My spouse has been laid off since then, we realized that he will always be the first to be laid off because he comes from consulting and is usually highest the pay scale, lowest in terms of severance pay out. He is always the best business decision to cut, when thingare tough. We have prepared for that for whatever recession.

I make this post for those that haven’t been through it, that people weather thru relatively unscathed if they plan and prepare during the good times. As my spouse said, it’s nothing personally, and it’s definately not the end of the world.
Last edited by Macx2mommy on Jun 19th, 2018 11:11 am, edited 1 time in total.
On a 'smart' device that isn't always so smart. So please forgive the autocorrects and typos. If it brothers you, then don't read my posts, but don't waste my time correcting me. If you can get past the typos, then my posts generally have some value.
[OP]
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Jun 24, 2015
1228 posts
136 upvotes
Woodbridge, ON
A lot of my family have huge houses and big mortgages, I decided to get a smaller house which I could afford, which still ended up costing me some pretty coin however i did not break the bank, After the great recession of 2018 I eventually bounced back on my feet and I started working I have now since found a stable job, I have been working hard, I even have 2/3's of my mortgage paid off. so even if the interest rate goes up, Its not going to be impossible to pay off this mortgage, yes life is expensive so im doing as best as I can and trying to put some money aside for a rainy day or a layoff, or some life event which could impact me. so far i think im doing well
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I got laid off in November 2008, but it was a mutual decision and it was planned. I never got another job. I basically retired.
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Nov 30, 2007
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I got my first real job after graduating and traveling in the end of 2006. The recession along with bad US performance destroyed the insurance company I worked for and they consolidated and sold off to an investment company over the span of '08-'09. Throughout that time I saw our stock go from ~$20/share to around $1.50. Everyone around me was let go. Forget about raises. Tons of restructuring. Every week we'd receive announcements or emails with someone in a new role (assuming another that was eliminated). They literally put us in two rooms and one room would be told they were all being laid off and the other room told to be compassionate to the ones that were getting let go. I, being the cheap labour at the time was kept and fortunately left on my own terms later on.

It was brutal. There were people that had been with the company for 15-20 years crying. Everyone was constantly looking over their shoulder. It was in retrospect, a pretty somber experience and a harsh dose of reality for me being in my mid 20's at the time - and I'm extremely lucky to be where I am now.
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Aug 31, 2017
649 posts
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First off, GREAT thread OP.
lif3sci wrote:
Jun 16th, 2018 11:19 am
Not only did I lose my accounting job but also lost motivation in my field of work. I left the industry, went back to 4 years of uni to study science.
How did that work out for you? Did you return to accounting?
wyseguy wrote:
Jun 18th, 2018 6:41 pm
I got my first real job after graduating and traveling in the end of 2006. The recession along with bad US performance destroyed the insurance company I worked for and they consolidated and sold off to an investment company over the span of '08-'09. Throughout that time I saw our stock go from ~$20/share to around $1.50. Everyone around me was let go. Forget about raises. Tons of restructuring. Every week we'd receive announcements or emails with someone in a new role (assuming another that was eliminated). They literally put us in two rooms and one room would be told they were all being laid off and the other room told to be compassionate to the ones that were getting let go. I, being the cheap labour at the time was kept and fortunately left on my own terms later on.

It was brutal. There were people that had been with the company for 15-20 years crying. Everyone was constantly looking over their shoulder. It was in retrospect, a pretty somber experience and a harsh dose of reality for me being in my mid 20's at the time - and I'm extremely lucky to be where I am now.
Oh yeah, the insurance industry was clobbered. Well, it was American International Group that caused the great recession and got bailed out. Not as big as they once were, but appears to be coming back now that they no longer have oversight.
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Jun 15, 2018
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MyNameWasTaken wrote:
Jun 18th, 2018 11:03 pm
First off, GREAT thread OP.

How did that work out for you? Did you return to accounting?
Did not return to accounting. At the time I was working towards a CGA, a designation merged with CPA some years later which made the process harder and set me back even further. Lost any interest I had left, even in related fields, i.e. finance.

I actually had to enroll in highschool (online) classes to get prereqs for admission into a science program. That took a year, and another 4.5 years to finish off the BSc. Couple years spent working in a cancer research lab, then I drifted into a slight tangent away from my field into agricultural biochemistry. Now enrolled part-time in an Agri MSc program, working part-time as a private contractor developing and integrating irrigation systems. I also have a small (privately funded) lab on the side where I conduct (botanical) genetic engineering and irrigation systems research.

If I continued towards a CPA or even got into finance, I'd be better off today financially. I took a harder hit mentally than most others I guess. I just couldn't think about a business-related career for several years after that damn recession.

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