I read What Happened in 2008? which gives some idea and similar things are happening in India. Seems India's 2019/2020 is similar yet different as millions are educated unemployed. While I can understand people having losses who had mortage, what about those who didn't have any mortage or loans. Did they escape ? From what I have been reading 85% of the money invested in a bank account upto some agreed amount is insured. Although I don't know whether that 85% figure insured amount was agreed after or before the 2008 financial crisis.
At the end, my question is simple, did people who had no loans of any sort, did they escape the 2008 financial crisis, or were they also caught in unexpected ways ?