Where's our money going?

Slydice

saw this blog: http://www.ronanlyons.com/2009/06/29/the-global-recession-is-just-a-coincidence-for-ireland/

with this picture:


so, where's all our money gone?

everything I read until now cited "global" this and "global" that but I'm pretty sure that picture says otherwise.





edit: replies so far look like the housing bubble is the culprit

Ardscoil Ris

Mines going on 1c jellies and cola bottles.

AlmightyCushion

It's in Bill's house and ..... Fred's house.

GAAman

Down here tbh

Wazdakka

I transfer all of my money into an immediate return, non interest retention tax incurring, investment portfolio.

I spend it on Coke and Hookers as soon as I get it...

Ronando

AlmightyCushion wrote: »

It's in Bill's house and ..... Fred's house.

Panicked man #1: Where can we get these placebos?
Panicked man #2: Maybe there's some in this truck...

rubayat

Slydice wrote: »

saw this blog: http://www.ronanlyons.com/2009/06/29/the-global-recession-is-just-a-coincidence-for-ireland/

with this picture:


so, where's all our money gone?

everything I read until now cited "global" this and "global" that but I'm pretty sure that picture says otherwise.

I think if the gdp falls below -10% we are no longer in a recession and it will be officially the great depression!

mickydoomsux

It's being used to prop up our banks and other financial institustions who were too short-sighted to realise that you can't keep financing the building and selling/buying of houses ad infinitum because eventually the arse was going to fall out of the mortgage market due to rising house prices and people who really could not afford them having insane amounts of credit thrown at them.

It happened in America nearly a year before it happened over here and we were all to busy living the high life to even entertain the notion that it would happen over here.

My name is URL

I guess alot of it is going towards paying interest on government debt, which as a % of GDP is alot higher than other EU states.

I'd like to see that graph beside one that shows borrowing & interest rates in Ireland as opposed to an EU average

TheZohanS

Slydice wrote: »

saw this blog: http://www.ronanlyons.com/2009/06/29/the-global-recession-is-just-a-coincidence-for-ireland/

with this picture:


so, where's all our money gone?

everything I read until now cited "global" this and "global" that but I'm pretty sure that picture says otherwise.

Construction makes up most of the shortfall in GDP.

ScumLord

It's behind you!

mike65

After Hours financial desk ftw!

The export economy is still holding up somehow (luckily areas like Pharma are nearly bomb proof) but the governments coffers are empty cos they had got fat on VRT/VAT/houses, once the domestic/office construction bubble popped we ran out of cash in no time, hence the cut backs in spendng on everything that could generate income. This is going to cause the recession to drag on much longer here than elsewhere.

Billions sunk into dead banks and no money for investment = FTL

Ruu_Old

Just resting in my account!

Wazdakka

mike65 wrote: »

luckily areas like Pharma are nearly bomb proof

No new plants opening up tho.
And the ones that are there aren't doing many modifications.