'Global Economic Crisis'

whynotwhycanti

If this thread has already been started my apologies for the repetition.

The current government have their spin doctors working over-time. They won’t mention the mess at home without saying 'the global economic crisis' or 'international factors beyond our control'. They think if they keep mentioning everything on an international scale we'll stop blaming them. They are effectively lying to our faces. The reality is we were in trouble whether there was a global crisis or not, but the international issue has simply compounded our domestic problem. The model for growth in the second half of the celtic tiger was unsustainable, ridiculous lending and too much reliance on the construction sector.


If this is a 'global issue beyond our control' why in gods name is Ireland experiencing the worst economic contraction seen since the Great Depression? If the problem here has been caused by 'international factors' beyond our control why is Ireland the worst off out of every developed country in the world? Why is our unemployment higher than the Goddam USA where this 'global' crisis has stemmed from?

Zero accountability in this country. Cowen came out last week after IMF report and said that although he could not have seen this coming he still stands by the decisions he has made as minister for finance. Unreal stuff as the decisions he made were in hindsight wrong so it would have been better if he had admitted his mistake. In any other country he'd have been sacked. The fact of the matter is that they are at fault. Its fact, it cant be argued but dam are they trying with their propaganda bulls$%t. If they would just admit they messed up, i really think we could all come together and get through this, but when they are lying to our faces and not taking responsibility and then taxing us to the heavens.

Just in case anybody is wondering, I am not affiliated with any political party and am a stern independent.

I wonder what everyone’s opinion of this is as when I hear them trying to say continuously our current situation was out of our hands, it kind of makes my blood boil.

loobylou

I would suggest that it is the "global economic crisis" that has saved our bacon. Without the collapse in the US subprime market our banks/developers would still be pumping money into our bubble. As things stand now we have a chance of recovery. Had we gone on as before for another year or two only the IMF could sort us out!

whynotwhycanti

i never thought about it like that. Its a very very good point. Would love to see cowen and co come out and say it.

Gurgle

whynotwhycanti wrote: »

If this is a 'global issue beyond our control' why in gods name is Ireland experiencing the worst economic contraction seen since the Great Depression?

I reckon its 50:50.

The demand which drove the construction industry for over a decade ran out of steam ~2006. Just as this sector was starting to wind down, with the employees starting to move to different countries / different work, the global recession hit and that work wasn't available.

I think our economy was strong enough to take either hit on the chin, but not both at once.

Now the government is in the tricky position of trying to look after its shareholders while pretending to look after the voters. FF need cash to pay the contracts and keep their owners in profit.

dan_d

Actually I'd say the global recession saved the government's bacon, although I agree that what we were doing economically was totally ridiculous.
If only the Irish economy had crashed, FF would have been thrown out the door so fast you wouldn't have seen them for dust. Somehow they've got away with it again and are still in there.