In the late '80s, there weren't many bands who recorded their own music; it just wasn't feasible. Considering that you had to be able to afford magnetic recording tape, tape machines, a mixing board, microphones, instruments, studio monitors, and recording space to name a few things, it wasn't exactly easy. It's still no picnic, but much easier than it was back then, which is why you have to hand it to My Bloody Valentine to have recorded their first EP without any professional equipment or assistance. Sure, the recording might sound raw and dirty, but it lends itself to their sound, which is about as heavy and unrefined as it gets.
Got any favorite artists who utilized the D.I.Y. approach to recording?