THE OFFICIAL AFTER HOURS RECCESION THREAD

utick

mods, sticky this thread.

here is where you discuss irelands fall into recesion

abitlonely

I think this deserves a thread in AH, not just economics.

I'm not sure, but I think I just heard that we're officially in a recession
ie. 2 consecutive quarters of negative growth.
Anyways, (**)it happens and I expect all will be well in about 2 years.
House prices will come down another bit to more reasonable levels.

AlmightyCushion

Sure it'll be grand.

reggiethefirst

Quote Tommy tiernan "The world is ****ed."

I blame the developers. They ****ed everything up.

abitlonely

reggiethefirst wrote: »

I blame the builders. They ****ed everything up.

for building?

Darragh29

I'm delighted we are in recession. The craziness that has been going over the last few years just was starting to make me want to throw up. People going around in Range Rovers and X5's looking down their noses at everyone aroudn them, buying up houses here there and everywhere pricing people out of the market who couldn't afford one home, now stuck living out in the back arse of nowhere facing 2 hour commutes to work and home every day...

The only problem with this recession is that it look so long in coming....

Darragh29

abitlonely wrote: »

for building?

They did in their fu*k, they were only meeting a demand just like any other business.

reggiethefirst

abitlonely wrote: »

for building?

Building too much. A good economy gets about 5% income from building. We were closer to 20. Plus they've ruined my town. Population almost doubled between census', ****ing millions of scumbags everywhere now, and there's lots of massive ugly estates everywhere, many of which are half empty. Can't help but thinking, what was the point?

super_furry

Yeah, there was all that demand for empty apartments and houses.

There's only one group of people to blame and it's Fianna Fail voters.

abitlonely

Darragh29 wrote: »

I'm delighted we are in recession. The craziness that has been going over the last few years just was starting to make me want to throw up. People going around in Range Rovers and X5's looking down their noses at everyone aroudn them, buying up houses here there and everywhere pricing people out of the market who couldn't afford one home, now stuck living out in the back arse of nowhere facing 2 hour commutes to work and home every day...

The only problem with this recession is that it look so long in coming....

That's kinda begrudgery though. And there's a certain amount of niceness
about it all. But overall, a recession is not good for anyone unless you've
been saving for a house. It does happen though (RBC Theory).

reggiethefirst

super_furry wrote: »

Yeah, there was all that demand for empty apartments and houses.

There's only one group of people to blame and it's Fianna Fail voters.

+15
Sinn Fein ftw

Voodu Child

Im not worried about the recession - ive just invested the last of my money in pumpkins. They've been going up the whole month of September and ive got a feeling they're going to peak right around January. Then bang! That's when I'll cash in.

abitlonely

reggiethefirst wrote: »

Building too much.

Well, that's the developers. If they were clever at all, they've enough cash to
do them 5 or so years so fcuk them for screwing us.
One thing that really annoyed me was those allegations of mortgage brokers
being 'in cahoots' with estate agents, tipping them off as to how much
buyers were approved to borrow.

reggiethefirst

abitlonely wrote: »

Well, that's the developers. If they were clever at all, they've enough cash to
do them 5 or so years so fcuk them for screwing us.
One thing that really annoyed me was those allegations of mortgage brokers
being 'in cahoots' with estate agents, tipping them off as to how much
buyers were approved to borrow.

Developers. They're the bastards. Edited.

hopalong85

Darragh29 wrote: »

I'm delighted we are in recession. The craziness that has been going over the last few years just was starting to make me want to throw up. People going around in Range Rovers and X5's looking down their noses at everyone aroudn them, buying up houses here there and everywhere pricing people out of the market who couldn't afford one home, now stuck living out in the back arse of nowhere facing 2 hour commutes to work and home every day...

The only problem with this recession is that it look so long in coming....

bitter ever?

utick

voodoo_child wrote: »

Im not worried about the recession - ive just invested the last of my money in pumpkins. They've been going up the whole month of September and ive got a feeling they're going to peak right around January. Then bang! That's when I'll cash in.

then with your profits you can buy even more pumpkins, pumpkins always go up in prcie just like houses... oh wait

Darragh29

abitlonely wrote: »

That's kinda begrudgery though. And there's a certain amount of niceness
about it all. But overall, a recession is not good for anyone unless you've
been saving for a house. It does happen though (RBC Theory).

It's extremely good because all those people who thought they were set up for life and that all they had to do was keep buying houses and by doing so making themselves rich off the backs of people who actually had to work hard for a living, now will realise that what goes up must come down... Those people have to come back to earth now with a gang, and it's the rest of us who will pay the price for years to come for their greed...

abitlonely

House prices will fall until affording the cost of a mortgage for an average
house is a concern, not a major one, for a couple earning an average wage.
Sorry, logic to follow, but it seems like an obvious equilibrium.

abitlonely

Darragh29 wrote: »

It's extremely good because all those people who thought they were set up for life and that all they had to do was keep buying houses and by doing so making themselves rich off the backs of people who actually had to work hard for a living, now will realise that what goes up must come down... Those people have to come back to earth now with a gang, and it's the rest of us who will pay the price for years to come for their greed...

How's that good? If people are making money, presumably, they're spending
it, putting money in other people's pockets.

Darragh29

abitlonely wrote: »

How's that good? If people are making money, presumably, they're spending
it, putting money in other people's pockets.

Well all I know is that I'm the first generation of my family in 6 generations to be unable to buy a house in the county that I was born in. My family were never wealthy but they didn't have to move down to Kinngad or Drogheda or Athy just to put a roof over their heads and spend stupid hours travelling to and from work in traffic. This is the legacy of our boom, endless traffic problems and quality of life issues everywhere you look, because so many people were priced out of the community that they were born into and worked in, because parasite investors were allowed run amok in the residential property market.

super_furry

abitlonely wrote: »

How's that good? If people are making money, presumably, they're spending
it, putting money in other people's pockets.

Yeah, and when their whole house of cards comes crashing down around their ears, they're looking for the tax-payer to bail them out.

These people weren't making money by working, they were doing so by taking advantage of working people.

Black Swan

While overseas I have used Washington Mutual Bank for my checking and savings. Just found out today that it went bankrupt and was seized by the feds. :eek: Even though the largest bank failure in US history has just occurred, George W. Bush will not use the R-word before the 4 November presidential election, or his buddy John McCain, who has voted 90% in favour of Bush policies during the past 8 years of the Bush presidency might not get elected.

Silenceisbliss

so....is this like a quadruple recession now??

Black Swan

Silenceisbliss wrote: »

so....is this like a quadruple recession now??

Shhhhhhhhhhhh! Whatever you do Silenceisbliss, don't say the D-Word! (Old McCain's heart couldn't take it!)

joe316

Right so should we just do one huge phonecall to Joooooooooooooooooooeeeeeee Duffeeeeeeeeeeee or each of ring him or better yet go to Donnybrook and hang him from the mast?????

Kensington

reggiethefirst wrote: »

Sinn Fein ftw

Good god no!!! More freebies for the howya's and yet more taxation for the PAYE workers, no thank you.

SheroN

Blue_Lagoon wrote: »

While overseas I have used Washington Mutual Bank for my checking and savings. Just found out today that it went bankrupt and was seized by the feds. :eek: Even though the largest bank failure in US history has just occurred, George W. Bush will not use the R-word before the 4 November presidential election, or his buddy John McCain, who has voted 90% in favour of Bush policies during the past 8 years of the Bush presidency might not get elected.

JP Morgan took them over, not the feds.

bottletops

I thinks its all YORE MA's fault we're in recession tbh. So sick of her fúcking up my life :mad:

brianthebard

Darragh29 wrote: »

They did in their fu*k, they were only meeting a demand just like any other business.

Yeah that's why there are empty apartment blocks and housing estates half finished, littered across the country.

brianthebard

SheroN wrote: »

JP Morgan took them over, not the feds.

Feds seized it first, then JP Morgan "acquired" it, for the knockdown price of $1.9bn (asking price was $310bn!!!)

http://breakingnews.ie/business/mhqlsnkfgbql/

Research skillz. I haz it.

chin_grin

Wait, no one told me it was a recession with two c's and one s. F************************CK! RUN, RUN FOR THOSE DICTIONARY'S

(eh if I f*cked up the plural of dictionary....then it was meant.......yeah...hmm)

all the stars

:eek::eek: recession :eek::eek::eek:

oh wait... i was always broke and could never afford a house... oh, its just like every other day.... :cool:

Mrs_Doyle

I don´t think this reccesion is such a bad thing. I think it will bring the house prices down to a more reasonable level, and will have the service industry rethink some of their charges too.

Wibbs

Yea house prices going down is all very well, but if no one has the confidence to buy or the banks don't have the confidence to give out mortgages then it won't really matter.

IMHO this recession may turn out way worse in the years to come. Worse than previous indeed. The big diff this time was the amount of cheap credit in the hands of the man and woman in the street. people simply didn't cut their cloth to their measure. They didn't cop that sooner or later they would have to pay the piper. Now they will.

That cheap credit really took off here and I reckon Ireland in particular will really feel it. A hell of a lot of our money is dependent on the US and with them tightening belts and china and poland looking much cheaper then they'll go there. If only dell and intel left here we would be in trouble. We also didn't build decent infrastructure when we had the chance and our labour costs keep going up so getting more investment in here is going to be very very difficult.

mud

IF Dell leave? They are quietly packing their stuff and cleaning out their desks, it's gonna be so bad when they finally admit it I predict the new year for the announcement

AlmightyCushion

AlmightyCushion wrote: »

Sure it'll be grand.

Easy for you to say, you're a fecking cushion

SimpleSam06

Wibbs wrote: »

IMHO this recession may turn out way worse in the years to come. Worse than previous indeed.

I agree with you there. Most people keeping an eye on the financial situation over the last few years have known there was going to be trouble, but whats going on out there defies belief. There will be serious changes by the time the dust has settled.

We live in interesting times.

Joeface

A yes the Reccession,
We are too expensive in everyway

not me though Im worth every penny off wages, I dont know about ye but I have been in a Reccession for the last 4 years, Company has fought of closure twice , before the rest of the country went in to reccession.No raise for 4years.

Now its up to Cowen and his minions to see if they can go from Reccession to Depression , quicker than Boom to Reccession. I bet Bertie saw the Books and went "Jasus im outta here before it all goes wrong , hey Brian do u want this job i think i will retire"

Black Swan

SheroN wrote: »

JP Morgan took them over, not the feds.

WaMu was first seized by the FDIC, before JPMorgan Chase & Co acquired the banking assets of WaMu. So we were both right, given that the later purchase was facilitated by the feds.

SEATTLE, Sep 26, 2008 (BUSINESS WIRE) -- WASHINGTON MUTUAL, INC. announced today that it has, together with its wholly-owned subsidiary, WMI Investment Corp., commenced voluntary cases under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The chapter 11 filings were a result of the appointment, by the Office of Thrift Supervision, of the Federal Deposit Insurance Company as receiver of Washington Mutual Bank, Washington Mutual, Inc.'s banking subsidiary on September 25, 2008.
SOURCE: Washington Mutual, Inc.

JPMorgan Chase & Co (NYSE: JPM) acquired Washington Mutual Bank from Washington Mutual Inc. (NYSE: WM) for $1.9 billion on September 25, 2008. JPMorgan Chase & Co. acquired all deposits, assets and certain liabilities of Washington Mutual Inc.’s banking operations. JPMorgan Chase will not acquire any assets or liabilities of the banks’ parent holding company (WM) or Washington Mutual Inc.’s non-bank subsidiaries. The transaction excludes senior unsecured debt, subordinated ... debt, and preferred stock of Washington Mutual’s banks. The deal does not include any branches of Washington Mutual in New York City. The transaction was facilitated by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation.

R0ot

Here's to all those people that left after the JC to take up that lucrative building/trade occupation! Here is to laughing my ass off at your expense lads. :pac:

Gummy Panda

Did i see mention of the D word?

NO!! i don't want to live like the Waltons. That show sucked.

TheDude2008

Im delighted we are in recession hope it lasts for years and turns into a depression. All those idiots who for the last number of years talked about nothing only property and how many houses they had and looked down on everybody else, well now there ****ed negative equity in debt :D:D:D i love it its karma. Now i might not have a job at the moment but i dont care i can easily live on 200 per week easy, can we say the same about the spoilt boys and girls of the last few years, no chance , but they will have to get used to it now wont they when more of them go on the dole. Plus most of them are ****ed with credit card bills and the like :D:D im delighted no more snooby stuck up women who think the world owes them a living , not any more girls you will be on the rubbbish heap like the rest of us and you had better get ure attidude in order:D:D:D cant wait this is going to be the best ever. And me im sorted never brought a house that is now in neqative equity never had a credit card or overdraft but saved instead now i can afford to buy a property in a year or 2 when they are for sale for half nothing:D:D:D then i will be laughing at all the idiots who were laughing at me the last few years.

Pighead

TheDude2008 wrote: »

then i will be laughing at all the idiots who were laughing at me the last few years.

People shall be laughing at you forever and ever, regardless of the economic climate.

genericgoon

reggiethefirst wrote: »

I blame the developers. They ****ed everything up.

Yes, they really should have debugged it before release. But I'm sure the Early Budget and Bank and Developer Bailout patches will sort it all out. :pac:

TheDude2008

lol pighead are you one of those stupid young professionals who brough into the property market brought into the dream , what a idiot you are, i hate young professinals like you, ye are as dumb as each other and the vested interests sold ye a puppy only ye were too stupid to realise it, now off you go and have a latte you idiot.

Piste

I bet you're working class.

dotsman

TheDude2008 wrote: »

Im delighted we are in recession hope it lasts for years and turns into a depression. All those idiots who for the last number of years talked about nothing only property and how many houses they had and looked down on everybody else, well now there ****ed negative equity in debt :D:D:D i love it its karma. Now i might not have a job at the moment but i dont care i can easily live on 200 per week easy, can we say the same about the spoilt boys and girls of the last few years, no chance , but they will have to get used to it now wont they when more of them go on the dole. Plus most of them are ****ed with credit card bills and the like :D:D im delighted no more snooby stuck up women who think the world owes them a living , not any more girls you will be on the rubbbish heap like the rest of us and you had better get ure attidude in order:D:D:D cant wait this is going to be the best ever.

Personally, one of the first cutbacks we need to make is remove people who are too lazy to work from the dole. Perhaps we can dump them all on one of the islands in the west and let them fend for themselves rather than scrounge off the rest of us.

TheDude2008 wrote: »

And me im sorted never brought a house that is now in neqative equity never had a credit card or overdraft but saved instead now i can afford to buy a property in a year or 2 when they are for sale for half nothing:D:D:D then i will be laughing at all the idiots who were laughing at me the last few years.

Good luck trying to buy a house with no job.

Pighead

TheDude2008 wrote: »

lol pighead are you one of those stupid young professionals who brough into the property market brought into the dream , what a idiot you are, i hate young professinals like you, ye are as dumb as each other and the vested interests sold ye a puppy only ye were too stupid to realise it, now off you go and have a latte you idiot.

Nope you got the wrong guy there buddy. Pighead lives in a rusty wheelbarrow at the bottom of a garden owned by a smelly old man called Danno. Pighead laughed at you earlier on because of your buffoonery. Nothing more, nothing less. You sound like a buffoon and Pighead laughs at buffoons.

gixerfixer

Have to say there is an upside to this recession. All those twats down in Dundrum snobbing centre who walk around like they are a character from sex and the city will have to go down to the dole office and stand with the average joe and janes of this country in the queue. They might even have to get the bus down there and sell there mini coopers :pac:. That one makes it all worth it.

4zn76tysfajdxp

TheDude2008 wrote: »

Im delighted we are in recession hope it lasts for years and turns into a depression. All those idiots who for the last number of years talked about nothing only property and how many houses they had and looked down on everybody else, well now there ****ed negative equity in debt :D:D:D i love it its karma. Now i might not have a job at the moment but i dont care i can easily live on 200 per week easy, can we say the same about the spoilt boys and girls of the last few years, no chance , but they will have to get used to it now wont they when more of them go on the dole. Plus most of them are ****ed with credit card bills and the like :D:D im delighted no more snooby stuck up women who think the world owes them a living , not any more girls you will be on the rubbbish heap like the rest of us and you had better get ure attidude in order:D:D:D cant wait this is going to be the best ever. And me im sorted never brought a house that is now in neqative equity never had a credit card or overdraft but saved instead now i can afford to buy a property in a year or 2 when they are for sale for half nothing:D:D:D then i will be laughing at all the idiots who were laughing at me the last few years.

Yeah, you sound like you have it all figured out alright. But let me ask you, why aren't you out there with your sage-like knowledge of how the world works earning millions instead of sassing off to strangers with no regard for spelling and grammer? Why aren't Donald Trump, Rupert Murdoch or any other billionaire shaking in their gilded boots in fear of you? I know a thing or two in addition to your fine self. For example, here's a tip on how to make purchasing property easier for yourself:

1. Get a ****ing job.

Now with that and your own wisdom, you should be free to make fun of the "snooby" women all you like free from being a burden on society.

RYR154

No matter what way we look at it the recession is now here (has been coming for about 3 years now) and we have to live it.

Its not just the building trade that’s been hit. I would like to hear from people in other businesses (not the building game) just to get there feedback on how business is going for them.

We hear all the figures but we never hear from the little guy running a little business with just himself and one other employed.

I'm in the barber trade and I can tell you its really slowed down big time. I know of other shops are being hit the same.

Its hard to get a feel for business in the real world. We all hear from SME but that’s normally larger businesses with up to 10 or so employees.

So if anyone has a small business then I for one would like to hear from them.