I’m reading this book and it pisses me off. I can do a chapter or so and then I have to take a break. Because I am a direct victim of the 2008 financial crises, and this book explains why not one bank executive was brought to task for their egregious errors!
From about 2003 up until November of 2008 I was managing this fun little Gallery on Main Street in downtown Grand Junction. We were just getting our feet under us. Lots of foot traffic and good sales and promotions. We were gearing up for a good Christmas season.
We also carried some photo related retail products.
So the mortgage crisis hits summer and fall of 2008. The owner of the gallery was independently wealthy and had numerous accountants and lawyers at his disposal. As soon as the financial markets started to fall, his advisors recommended for him to divest and hunker down.
He walks into the gallery one morning about 2 weeks before Thanksgiving and asks to go out with him for coffee. Over the small table in the bagel shop he informs me of his decision to close the gallery. Just like that. No big preamble and I could not talk him out of this decision. He was stricken and visibly scared.
I had a staff of about 6 people who I had to inform of this decision. And then I needed to start figuring out what steps to take to close this business in a hurry.
And I was out of work also, with no other marketable skills, other than running businesses for 30 years. But no other businesses were hiring because they were scared also. My wife and I were very concerned about losing the house. Jeez what a time.
But there was one company hiring. And so I started in the fall of 2008 as a hired hand in the oil and gas industry, where I am to this day. It has worked out just fine. Of course it is not where I expected to be. Of course it is sometimes difficult to work for a giant corporation. But we kept the house. And life goes on…