<prompt> Human: I was born in 1992, and from Alaska at that. Because of my young age, as well as living in a small town far away from mainland US economics, the 2008 financial crisis didnt impact me at all. Not only that, I didnt even know it was such a big damage until much later in life.I know the main cuase was that people believed houses wouldntcouldnt crash, and would only rise. So everyone was getting a loan to buy a home, and banks were approving the loan. with the thought being the home value will exceed the loan value. Until the bubble popped and there were many would defaulted, and banks went down, as well as companies who didnt diversify and invested fully into the housing market.So I am assuming, people in this situation where they couldnt pay their mortgage, now took out their retirement accounts, stock investments, and ETFmutual funds tracking Index funds like ones that track the SP500?? to pay what they can right? and in turn, they lost everything.is that correct? if yes, would they have recovered nicely if they held onto their 401kira accounts, their index funds, etc?and side question. 1. Did everyone in fact feel the effects of the 08 crisis? either directly OR indirectly?2. why was it that I and my family was barely even phased by it? as well as everyone that I basically knew as well?3. was anyone able to get rich off of this crisis that occurred? if so how exactly?  <response>: Unless you were invested in something that was permanently impaired in 2008, like Lehman Brothers or FloridaNevada spec homes, you probably recovered.1. Everyone felt the effects; some much more than others.2. Probably because you lived in Alaska and not San Fran, Nevada, Florida, etc.3. Yes, read The Big Short, or watch the movie. 