The Great Recession of 2008 vs COVID-19

Updated: May 21

Everyone was minding there own business and doing what we normally do; work, eat, travel, invest, and anything that we thought we could do. But behind the scenes, things were going downhill. It didn't start in 2008 or 2007. It all started in 2006 when the housing prices dropped significantly. No one seen it coming; especially the bankers and realtors. It seemed so great to be able to get everyone mortgages and become homeowners. Unfortunately, the reality is, most people couldn't really afford those mortgages.


In 2007, the banks decided that they weren't going to lend to each other anymore. In 2008, bailouts were on the rise with the Treasury Secretary took over mortgage companies, Fannie Mae and Freddie Mac. AIG was given 85 million dollars in loans and huge companies began asking for bailout money. In 2009, former President Obama created the American Recovery and Reinvestment Act, which included stimulus money to help the economy recover. Those times were what we call the Great Recession.


What do we do now with what's going around the world surrounding the COVID-19?


COVID-19 is a type of coronavirus. Coronaviruses cause the common cold, severe acute respiratory syndrome, and it's also what caused the Spanish Flu of 1918. Symptoms include (not everyone gets these symptoms) fever, cough, shortness of breath, chills and aches in your body, tiredness, diarrhea, conjunctivitis, fatigue, headache, sore throat, congestion, and loss of smell and taste. Severe symptoms include trouble breathing, chest pain, and sudden confusion. Severe symptoms can lead to pneumonia, kidney failure, and/or even death.


This situation has caused our world to literally be turned upside down! No traveling, no being around others, no school, high unemployment rate, etc. It's something out of a horror movie or a nightmare. The real question is, how has this affected our economy? Well, the economy has not been this bad off since 2007/2008 and honestly there seems to be no light at the end of the tunnel. The government wants to try and open the economy back up but is that the right move? What is the right move? The stock market has crashed, thousands upon thousands of jobs have had to close temporarily, and people aren't really that happy with getting just $1200 from the Economic Impact Payment. Some experts are stating that the travel industry will continue to suffer (frontier airlines filed for chapter 11 bankruptcy protection https://www.npr.org/templates/story/story.php?storyId=89551872), lockdown will continue but gradually be reduced, and some states will probably continue with the social distance.


With the future looking down on us in such a horrible way, what have we learned from all of this? My hope is that after this is all over with, we will have learned our lesson and put money away for a rainy day and stock up BEFORE something like this happens again. Now on to the hurricane season...


Exodus 15:26-And said, If thou wilt diligently hearken to the voice of the LORD thy God, and wilt do that which is right in his sight, and wilt give ear to his commandments, and keep all his statutes, I will put none of these diseases upon thee, which I have brought upon the Egyptians: for I [am] the LORD that healeth thee.


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