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I am as old as my tongue and a little bit older than my teeth (which roughly equates to 36). Remember 80s recession very well-dad made redundant from 'job for life', big sister on dole sleeping in til 2pm to get up and go out clubbing with her oddball new romantic/goth/gay buddies..never ceased to amaze me how far she could make her social security stretch especially given the amount of hairspray she used!! :blink:

80s joke-what's green and brown and gets you pissed?

.....your giro :P

Edited by stonethecrows
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37.

I remember doing homework by candlelight in the Winter of Discontent, but it all seemed a bit of an adventure. I remember saying to mother 'it doesn't matter because you don't need the lights on to watch tellie'.

Eighties slump didn't seem to affect us much in London, though on the tellie every night you saw battling miners, and you sometimes saw miners collecting money on the tube.

The nineties slump was my first adult one. I left school in '90 and there were hardly any jobs - it took me three months to find anything and that was the worst job I've had, I hated it so much I asked to go part time!

Everyone knew unemployed people. Unemployed men in their late 40s-late 50s were especially common, there seemed to be a lot of men (my own father included) who took 'early retirement' which basically meant turning into Jim Royale.

I do recall the eighties boom being like the recent one in miniature. That was when BMWs started being popular (previously they had been weird foreign cars for techie types) and everyone seemed to replace their kitchen every three weeks, and everything was painted red and white!

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35, so born in 1973. I have a very vague recollection of power cuts. We were living in a cold, damp house with tonnes of slugs and a coal fire, so we always had the fire. (The best thing about the house was if you jumped in the upstairs bathroom bits of the kitchen ceiling would fall in.) My parents told me there was a schedule for blackouts in the village, and our house was always "off" while the pub a few streets along was "on". So I apparently spent quite a bit of time in the pub in my carry-cot. Don't remember that, but I remember power-cuts still being fairly common as a toddler.

1980s, I don't remember much about the economy at all. We were at war with the Argies and in constant fear of a nuclear strike by the Ruskies and that kind of dominated my childhood. We had a big oil refinery down the road by then, that was always lit up, so always reminded me of Christmas. Most folk's Dads worked there, or were away on the oil rigs. I do remember a time when a lot of people's parents were losing job, but at that age, you don't really twig what that means.

1990s I left school and jobs were hard to come by. I ended up on a YTS scheme for a while, then went to uni. My mum used to talk fondly of the 1960s as a time when you could leave one job on Friday and walk into another one on a Monday, and I was dead jealous. It's only recently I've realised the past few years has been exactly like that, ever since I graduated. So really, I've been very lucky so far.

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We were at war with the Argies and in constant fear of a nuclear strike by the Ruskies and that kind of dominated my childhood.

God I had forgotten about the nukes. The doomsday clock and what time it was set on, Two tribes, Greenham common lesbians. At Stevenage we had the British Aerospace missile factory plus we were near Luton Airport so we knew we would get it pretty quickly. Saw the film on how to make a nuclear bomb shelter at home using a door and sandbags.

Was told that an infantryman in the army had a life expectancy of about four minutes in the war that we expected in Germany and that in the event that nukes flew, Surrey i think was deemed to be the safest county as it was too far away from anything important.

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29

I remember the late 80s early 90s, my father was made redundant, but got a new job straight away luckily for us. Money was tight, as there were rows over money continually... And my parents are extremely frugal. Mother was sewing at home, I remember the big sewing maching lent to us. We had a Ford Escort which was well cool at the time. It replaced the clapped out Renault 9 which was a flimsy deathtrap box on wheels basically. The only people who had Mercedes were a very rare breed indeed, my uncle had one and he owned a big restaurant business.

1981R9_gtl.jpg

ford_escort_3.jpg

I remember being aware of the recession in the news, the Poll tax riots, Job loss counters on the news, and Spitting Image poking fun at the government. John Major had a blue face, and Thatcher, was just plain evil for some reason. Didn't understand it at the time of course. It was just funny watching the puppets. I had no idea about houseprices or what the stock market was doing [or that a stock market existed].

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<--- snip --->

The point of the above rambling.

Seventies recession, didn't notice it, I was a young guy, out to enjoy himself.

Eighties recession, didn't know what was happening, just that I got into debt, and had to sell my house.

Nineties recession. This was the first one that I took notice of, and hurt me and my family badly.

What do you remember of the previous hard times?

Like catching a disease, the older you get the less likely you are able to recover.

In the seventies I was still living at home. Thanks dad (no wonder you were a grumpy old b******).

In the eighties I was just getting going in my career (I accidentally stumbled into a proper "career" in I.T. after doing some crappy jobs).

Looking back at the nineties I wasn't too badly affected - except that before the recession I was beginning to think I was getting quite well off, rich even. By the time it finished my job was bog-standard and aspirations somewhat diminished.

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No one does now either ;)

I suspect they will be taboo subjects.

To add, I remember the cars vividly because of the long journeys we had to make in them. We couldn't afford proper holidays in Spain or whatever - it was 4 hours in the car going to Bognor or some far away town we want to explore on a bank holiday weekend. We get there and there would be no spaces to park. Happy days.

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I was beginning to think I was getting quite well off, rich even.

45.

Similar experience - having been a 'council house' kid in the 70s then riding the Financial Services IT Boom from '83 I felt very socially mobile, but by the late 90s the generous packages a lot of Programmers and Analysts like me were on suddenly became a 'problem'.

Youngsters beware - no matter how cherished your talents are right now, if you are an employee rather than a freelancer, partner or boss, sooner or later someone will be taking a hard look at your pay and benefits. Personal theory is that employers are uncomfortable with employees that are approaching financial independence.

Recession experience:

70s/early 80s - parent's money v. tight but secure tenure in a roomy council house. Once I got a job and my sister got a job then things were good.

Early 90s - thirtysomething with ~10 years solid IT experience so highly marketable - sailed through.

Dotcom bubble pop - within 1 month of Redundancy but then re-assigned to maintenance work that no-one else wanted to do.

Now freelancing and saving hard. Probably won't dodge the bullet this recession as its clearly going to be a real nasty one. Console myself that we have savings that might last 2 years and a tiny mortgage. This ought to leave us better placed than the millions about to be laid off with 6 figure mortgages and little savings.

Or maybe I've overlooked something?

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33

Have chatted with my dad about the 70s - sounds more chaotic as much as anything else - he said they had pay reviews every 3 months [inflation] and when they bought their second house in 1978 (sister on the way!) he had to seal the deal before my mum had even seen it cos house prices were flying up so fast.

My mum went back to work in 1989 (she's a teacher) so i am guessing the addition of that second income softened the blow of the early 90's recession. My dad kept his job (infact he worked for the same company Norwich Union from 1969 to the day he retired!). They bought the house they still live in today in 1986 for £79,000.

This time around I am a classic case study for all the bears on here and the person you guys love to deride!.....

Moved to London in 1997 (aged 21) - studied and qualified as a Chartered Accountant. Rented for 10 years until January 2007. Bought a house with girlfriend for [wince with pain] £385,000 and a £345,000 mortgage. Split up not too long after. House now worth less than mortgage. Cannot sell for love nor money!

Fortunately things are amicable and we will sort it out one way or the other but the story is my family made it through previous recessions but I am not exactly set up in great shape going into this one!!.... so fingers crossed - for me anyway....

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Moved to London in 1997 (aged 21) - studied and qualified as a Chartered Accountant. Rented for 10 years until January 2007. Bought a house with girlfriend for [wince with pain] £385,000 and a £345,000 mortgage. Split up not too long after. House now worth less than mortgage. Cannot sell for love nor money!

Fortunately things are amicable and we will sort it out one way or the other but the story is my family made it through previous recessions but I am not exactly set up in great shape going into this one!!.... so fingers crossed - for me anyway....

Hells Bells - talk to your lender if you haven't already and make damn sure everyone involved understands that you take responsibilty for 50% of the shortfall should you sell and not a penny more. Amicable is good but don't get suckered into letting your ex off lightly.

I can only think that you need to sell for whatever you can ASAP, preferably to a cash buyer to limit the risk of chain collapse. Its only going to keep dropping and incredibly there are still people out there who think otherwise so you could get lucky, hopefully any sellers near you are still in denial so you can undercut them.

It might be useful to make friends with a few EAs in the hope that you find an honest, realistic one who can actually help.

Your biggest problem might be convincing your ex to sell for a substantial 'loss'.

Otherwise rent it I suppose. Don't really know what to suggest there.

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45 years old

Remember being about 9 or 10 in the early seventies , and the miners always seemed to be on strike , power cuts three hours electricity on three hours off. Remember there was shortages , and people stocked up on things sugar was one thing and you were limited to two pound bag in the local shop. Rumors started about the next thing to have shortage but often more rumor than fact.

Remember very high inflation , my mum and dad discussing about how much things had gone up. Pretty scary for a kid to hear who did not understand that dad's wage was also going up , often had feeling that we would run out of money. Had cousin who got married and everyone freaking out her and husband were going to have to pay £100 p.m. mortgage.

Left school '79' everyone got a job , most boys got apprenticeships girls went into banks or civil service. This was the south east.

Then the recession started . that was all we heard about , unemployment going up , 15% interest rates , mate left school '80' and lots of his class got no jobs. Saw headline quoting 2M unemployed right across the front page.

By 85 in well paid job and bought my first home £34,500 ,new flat east London , had to go on night shift to do it. But did it on my own. £390 p.m. mortgage ,miras bought it down to about £310.

Late eighties Thatcher gave a few basic tax cuts and felt quite comfortable ,interest rates went very low in mid 88 and with a few good pay rises since buying flat felt very good . Took loan for £5,000 to buy new car. Early 89 made redundant , got good pay out . Shocked at the low pay jobs that were available after having good pay. Went from job to job it was easy .

Luckily got very good job for big profitable company just before recession kicked in and read about people queuing up for jobs I had turned my nose up at. Was very cosseted in the job I was in and totally insulated from the Sh-t that was going on outside , everyone I worked with was in the same position so it all felt like it was happening elsewhere.

What I did notice was how cheap things seemed to get in the shops and was easy to get a tradesman in to do some work .

Obviously saw my flat ( which had doubled in the first three years I had it ) drop by about 20% . Bought a house thinking it was the bottom of the slump and that dropped as well.

Then in 1993 bought a flat in Docklands for £50,000 someone had paid £150,000 for it in 88 most of the block was repossessed and like a ghost town.

Often thought over the years since about 98 that houses would crash again having remembered how quickly they went south last time . Redundant again 2006 and took job paying half what was earning . STR in December 2007 two reasons was working selling new build and could see how it was going , was shocked watching liar loans , sub prime and fraud taking place . Also struggling to pay mortgage , so sold got out right at the top very grateful for that . Not working right now but STR fund is quite large so not worried at this stage. But also really cannot be bothered right now looking for a sh-t paid job , while all this is going on.

My thoughts on these three recessions are this

The seventies were quite a bad time right up till the end then we had a recession that was a dip from where we had been . We had not been in very good place so not much different.

The eighties saw a boom like we had never seen before and wealth was available to the masses that had never been seen before , So when recession hit it was a much bigger shock and bigger drop . The drop was felt more by everyone and inflation at 10% did not easy the burden of debt that 20%+ had in the seventies.

This time round the boom outstrips the eighties by far and so does the debt. Low inflation will keep debts high for much longer. The drop is going to be a lot bigger and the shocks much harder to bear.

Edited by miko
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Mid 30s, lost my first ever job in early 90s through redundancy. I suppose that's why I'm pretty good with money now.

Also had a Spectrum with my brothers in the 80s, spent too much time playing Lords of Midnight, Skool Daze & Pyjamarama.

Long summers in the late 70s, early 80s. Coming in from playing football with my mates on the estate, asking mom if we had any cola or juice because we were sooooo thirsty, only to be told we only had 'council pop' (water). Still makes me laugh now

All our yesterdays

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I remember the 2008 recession. It came hard and fast, and caught many by surprise. It was a world phenomena causing many banks to be bailed out by goverments. It brought down London, many losts their high flying jobs for good.

It started, I remember with the first of many nationalisations of banks in the summer of 2007. By the winter of 2008 the economy fell off a cliff, no sector was unaffected. People woke up one morning to find they lost their jobs without warning. It was horrifying. People had huge debts, no savings and no jobs. Families were turfed out onto the streets, lived in their BMWs, or moved back to their parents or grandparents with children in tow. Crime soared, unemployment soared, people homeless soared. It was grim.

Inflation got out of control and interest rates had to be raised to double digits to contain it. That was the last straw for many homeowners who just sent their keys back to the bank. The then priminster was outed not long after and a election called, and things started to stabilise, but life was still very hard. It was not until well after 2010 did things start to pick up.

Before the internet was banned, it was funny to crack a pun at the latest job losses on threads on HPC. Happy days.

Edited by notanewmember
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