Economy in trouble

swingking

I heard on the news that another company is planning to pull out of Ireland. Because there have been so many companies that have pulled out of Ireland, does anyone feel that the economy is going to change??

Rb

There's a Business/Economy/Finance forum here

constitutionus

the majority cant afford a house without engaging in insane financial practices, good jobs are being lost all the time in the pharmacutical and IT sector. we owe billions on credit cards which many use to survive amassing a debt second only to mortgage's. 20% of all workers are in health alone and a further 20% of the economy is dependant on continuing construction which in turn is dependant on the release of equity thats in existing properties for at least 35% of the new houses/appartments and more than likely more considering how parents are helping out kids in this area.

there has been negligable activity in the manufacturing sector and working conditions and wages are falling and static respectfully.

in other words, were fcuked:)

id love to be able to tell you when but all of the above are symptomatic of the start of a recession and if interest rates keep going up, which they will by at least 1/2 a percent by the end of this year, then its only a matter of time till repossessions start.

ironically most of the services sector will probably be ok seeing as its run on slave labour as it is. but if you intend to live in ireland permanently and raise a family, your buggered.

phantom_lord

It's nice of you to highlight all the important words.

aidan_walsh

phantom_lord wrote:

It's nice of you to highlight all the important words.

It makes it all feel so much more tabloid.

segadreamcast

Er, just as many jobs have been created as have been lost this year. While we are losing low-skilled manufacturing jobs, we are creating more-highly skilled jobs which are harder to outsource.

However, our economy will probably undergo something of a revamp in about four years time - it really all depends on a huge number of variables and, ultimately, it won't be a full-blown recession but, rather, slow slow growth akin to what France/Germany know all too well.

constitutionus

well dell sacked 60 people before christmas, hospharm relocated entirely to india bank of ireland outsourced its IT section to hewlett packkard and they let about half of that staff go after the trial period was out of the way and as we've heard today 250 are being let go from wyeth.
add to this both intell and microsoft have beem making rumblings about pulling out on competitive grounds and you've got some worrying stuff going on.
these arent low skilled jobs, they're the ones bertie's telling us to train for

segadreamcast

Constitution stop being reactionary. Many more jobs have been/are being created. Look to Amazon creating - what - 400 more jobs here? Check the employment figures - they haven't dipped at all. For every outsourced job, we've created another and - for all intensive purposes - we're at or, by some estiamtions, below 'zero unemployment'.

While there are grounds to worry - the troubles haven't started at all yet. Anything now is just overreactionary. We do need to continue investing in infrastructure, lowering our debt and, most importantly, investing in energy and education, if we want to stay ahead of the game.

constitutionus

NoelRock wrote:

Constitution stop being reactionary. Many more jobs have been/are being created. Look to Amazon creating - what - 400 more jobs here? Check the employment figures - they haven't dipped at all. For every outsourced job, we've created another and - for all intensive purposes - we're at or, by some estiamtions, below 'zero unemployment'.

While there are grounds to worry - the troubles haven't started at all yet. Anything now is just overreactionary. We do need to continue investing in infrastructure, lowering our debt and, most importantly, investing in energy and education, if we want to stay ahead of the game.

yeah but look at our government. can you see them investing in enegry and education? half the schools are falling down with substandard toilets and classrooms and the rest are killing themselves trying to limit the student teacher ratio to 30. and as to the debt the banks are actively encouraging reckless spending what with 100% loans and far to small minimum repayments on credit cards

look at it this way, would you buy a house in this climate?

Sleipnir

Wyeth were in the news recently as they announced a couple of hundred jobs were to be created. I've also heard them advertise on the radio.
They've implemented some new production lines which were more automated, this means that some people were made redundant. That's nothing to do with the economy.

Captain Trips

NoelRock wrote:

While there are grounds to worry - the troubles haven't started at all yet. Anything now is just overreactionary. We do need to continue investing in infrastructure, lowering our debt and, most importantly, investing in energy and education, if we want to stay ahead of the game.

1. Investment in infrastructure is minimal. There has been practically zero development in the multitude of new commuter towns in the suburbs, increasing use of private transport

2. Debt is going up and up and up. To say lowering is to say totally reverse what is happening

3. Investing in energy: what we have is a stated policy to eventually make ESB as unattractive as possible to induce competition, despite them being a very reliable company by other countries standards. I don't see any development at all for more hydroelectric or wind power.

4. Education: well public primary eductaion is a complete joke, successfully making idiots that will leave school aged 16 to work in the McDs/Starbucks chains.


It's not being "overreactionary" - there will not suddenly come a time/event when people will say hang on, lets start doing all the things we should be doing. The world just doesn't suddently take a breather and realise it's being doing things wrong. There will be no sudden change, but just a never ending slide into sloth and pollution. Eventually you end up like New Jersey.

jimmycrackcorm

constitutionus wrote:

well dell sacked 60 people before christmas, hospharm relocated entirely to india bank of ireland outsourced its IT section to hewlett packkard and they let about half of that staff go after the trial period was out of the way and as we've heard today 250 are being let go from wyeth.
add to this both intell and microsoft have beem making rumblings about pulling out on competitive grounds and you've got some worrying stuff going on.
these arent low skilled jobs, they're the ones bertie's telling us to train for

i've just started a new job - it wasn't advertised so you won't be counting that. And it's not the only one I've had that wasn't advertised nor the only person I know in the same situation.

250 being let go makes great news.

Endurance Man

constitutionus wrote:

well dell sacked 60 people before christmas, hospharm relocated entirely to india bank of ireland outsourced its IT section to hewlett packkard and they let about half of that staff go after the trial period was out of the way and as we've heard today 250 are being let go from wyeth.
add to this both intell and microsoft have beem making rumblings about pulling out on competitive grounds and you've got some worrying stuff going on.
these arent low skilled jobs, they're the ones bertie's telling us to train for

Sorry man but could you try put some fullstops/comma's ect.. into your posts , seems like you have some interesting points but i just cant read your posts.

ronbyrne2005

well we're allright for a few years but,india/rest asia have millions of new graduates graduating every year who are ten times cheaper than here and are just as well educated.graduate jobs in finance and IT here in ireland can and will be outsourced to eastern europe or india as will nealy all manufacturing and easily outsouced service jobs but dont worry there will be plenty of jobs building houses;) or maybe flipping burgers or serving coffee!

ronbyrne2005

recently there was announcement in uk that some city firms were outsourcing much of their high paying IT jobs to india and many of the big international banks are setting up operations in india and will develop the skills and apptitudes in the graduates they are recruiting there and will move finance jobs there when times right.

gilroyb

constitutionus wrote:

look at it this way, would you buy a house in this climate?

That's a very good point. I hate the cold, I'd much prefer to live somewhere with a bit more sun. On the flip side, if you buy a house here now, once global warming kicks in we'll get a much nicer climate so you're getting a bargain.

cuppa

I feel the doom and gloom,i work on the sites.
Its getting harder to get work,too many cheaper than you.
Money getting less ,houses ,food health childcare getting on the up.
I know a lot of tradesmen outa work ,,and cant get any other work.
Getting time to leave.

mise_me_fein_V2

C'mon lads..........they good times are gonna roll for another few years yet.

Of course it has to end eventually though.

Jobs are being created all the time.

After all of this boom has finished we'll be in a far better off position than when it started.

mise_me_fein_V2

cuppa wrote:

I feel the doom and gloom,i work on the sites.
Its getting harder to get work,too many cheaper than you.
Money getting less ,houses ,food health childcare getting on the up.
I know a lot of tradesmen outa work ,,and cant get any other work.
Getting time to leave.

Where the hell are they working.

Anyone I know that works on the sites gets work handy and they earn a fortune.

My brother earns over 700 every week. That's not bad for a 22 year old.

The career guidance people should have looked more into what they were telling us. College this and college that........it's the people on the sites that own all the houses.

Siogfinsceal

id rather be made redundant that fired ;-) at least id get some money from that. Its bad when its an idustry that is support a huge amount of a town like C&D in longford but when its in Dublin at least theres lots miore jobs around.
Im afriad to buy a house at the mo cos I reckon there will be a recession soon so it will go down in value. The prices of everything cant keep rising - the economy wont support it. Im not earning any more than last year but th eprice of everything goes up its mad

ivan087

mise_me_fein_V2 wrote:

Where the hell are they working.

Anyone I know that works on the sites gets work handy and they earn a fortune.

My brother earns over 700 every week. That's not bad for a 22 year old.

The career guidance people should have looked more into what they were telling us. College this and college that........it's the people on the sites that own all the houses.

yeah but how are they going to pay for that house when the economy starts to slow down and theres no construction work? id rather have a degree with no house yet!

Sleipnir

Siogfinsceal wrote:

id rather be made redundant that fired ;-) at least id get some money from that.

I was made redundant 2 years ago and had the best 6 months of my life. They paid me off and I got to do up the house and spend LOADS of time with my son.

I remember my girlfiend looking sour because she was heading off to work while my son and I got dressed to go out and play in the snow!
Good times.
I'd like to be made redundant every 3 years.

Dave!

^
Did you post that very post before? It looks familiar...!

Terry

on the construction side of things.
a lot of the eastern european immigrants are working for less than Irish workers and are basically out-pricing us. the only way to beat that is to lower your price of talk the immigrants into asking for more money.
i'm not saying all the immigrants are working on the cheap, just the ones who aren't going through the books. a lot of dodgy builders are taking advantage of this.
on the plus side, more immigrants means more houses need to be built, so it balances itself out.

ronbyrne2005

have a read of this.

http://www.askaboutmoney.com/showthread.php?t=22190

netwhizkid

julep wrote:

on the construction side of things.
a lot of the eastern european immigrants are working for less than Irish workers and are basically out-pricing us. the only way to beat that is to lower your price of talk the immigrants into asking for more money.
i'm not saying all the immigrants are working on the cheap, just the ones who aren't going through the books. a lot of dodgy builders are taking advantage of this.
on the plus side, more immigrants means more houses need to be built, so it balances itself out.

Anyone Remember the Nice Treaty? We all voted no remember? It wasn't o long ago or has everyone been brainwashed since. Remember the Irish Electorate voted NO My good friends who occupy my signature weren't happy and held another referendum, Anyone remember those completely biased advertisements ran by the Referendum Commission :- (who are supposed to be unbiased) anyone remember that something like €1.5million was spent on those ad's saying our future was at stake etc. That wasn't democracy that was a dictatorship and the moronic Fianna Fail gravy train came out like sheep and voted yes.

Now we have the situation that if a survey of young people was done I bet that at least half would say yes to Emigrating out of here if we weren't fenced in like Cattle by George W. Bush and the Australian PM John Howard. My Signature Friends oh how I love them :mad: , Not only have destroyed our futures but the futures of the Rest of Western Europe's youth. The only people to benefit and the Eastern European families back home waiting for the Cheque from Ireland, Those guys here hate it and are being exploited and ripped-off left-right and centre. :mad: Ask the majority of them, "I plan to earn enough to try and create a future at home and then leave Ireland" I don't blame them we'd take the oppurtunity if we were in their situation.

ambro25

Economic trivia: for the first time in years, the balance of investments for Ireland is positive. What does this mean? It means one of two things:

(i) either the national economy is strong enough on its own, to the extent that local economy invests more overseas than overseas investors invest in ireland (for that is what a "positive" balance of investments means), or

(ii) there is much less inward investment these days, so that Irish investment overseas has now caught up and overtaken it.

To give the above some context, and help you ddecide which one of (i) or (ii) to 'follow': this year, Ireland has dropped from the 3rd EU country in terms of attracting foreign investment, to 9th.

netwhizkid wrote:

Ask the majority of them, "I plan to earn enough to try and create a future at home and then leave Ireland" I don't blame them we'd take the oppurtunity if we were in their situation.

Not that Irish migrants ever did such a thing, eh, netwhizkid?