Allinlife worded his opinion a little harshly but it is pretty much correct. Raising 8xbb in early position is asking for disaster, your either going to be dominated or you'll win the blinds because of the fear an EP raise brings. The table may have been loose, but when someone comes over the top of an EP raise you have to give them credit for holding something.

Your read was great, but you should have played for a flop and tried to push him out after (if he missed). 88 has potential but it just isn't a great starting hand in EP.