Economy has reached turning point - Taoiseach

CamperMan

http://www.rte.ie/news/2010/0529/cowenb.html

"Speaking in Athlone to a regional Fianna Fáil meeting this morning, Mr Cowen said that Enterprise Ireland would create 40,000 new jobs over the next five years,"

is that 40,000 new jobs in Government departments.. jobs for the boys!! ?

PCPhoto

seriously ...... we've been hearing from the government for over 12months that we're nearly at turning point.

the economy has a fair bit to go yet - in my opinion.

the construction industry is non existent, the government has made promises that it cant make and is looking for ways to cut money.... which will only strain the economy further.

for the last 12months- .....not once have the government shows us they are making ANY efforts towards creating work....all they have been doing is claiming ...its gonna be tough ahead, we all have to suffer...blah blah blah ...yet we still see them going off on junkets and claiming expenses.

Capt'n Midnight

In previous recessions, how often was the end of the recession announced before there was any real evidence ?


Sound bites.

40,000 new jobs in 5 years.

That's only 10% of the number of job seekers. And there will be just over 50,000 doing the Leaving Cert next month.

unit 1

Apparently he saw it in Ballina when he was there the other day (btw he forgot to invite Bev for a cup of tea at the gig:P)
I was in Ballina the next day.
I'd like some of what he's taking, as the most noticeable feature I saw was the amount of closed shops.

Torakx

yes i believe it might hit a turning point alright in about a year or twos time but i know which way it will be turning lol

Scarab80

I think it depends what you mean by a turning point. If you look at exchequer figures we have moved from a period of increasing contraction to reducing contraction. Employment figures are showing signs of topping out, with a 500 reduction in live register figures last month. Retail sales have moved from reducing contraction to growth. Trade surplus has been in positive growth for a while, mainly due to reduced imports, and this should be amplified by the current weakness in the euro. Even property is showing a stabilisation in it's rate of decline.

I think we are past the worst part of the recession and are edging towards the bottom. Hopefully European debt contagion risks or irish residential mortgage default / arrears don't push us into a "deeper" recession, i won't say double dip as we haven't had the upswing yet.

SkepticOne

So we've turned another corner? How many times around the block have we been?

Anonymous1987

SkepticOne wrote: »

So we've turned another corner? How many times around the block have we been?

Just one big wide turn although there is an increasing risk that we might just not make it and do some serious damage both to ourselves and others.

unit 1

Just wondering is it a corner or a hairpen bend. I'd say we are about half way there.

Capt'n Midnight

unit 1 wrote: »

Just wondering is it a corner or a hairpen bend. I'd say we are about half way there.

more like a 360
you've done a lot of corner turning but somehow it's like nothing has really changed

daveirl

This post has been deleted.

Torakx

Who takes on the debt for this NAMA bussiness when it goes wrong?

Capt'n Midnight

Torakx wrote: »

Who takes on the debt for this NAMA bussiness when it goes wrong?

We'll just create another organisation to take on it's debt or apply a levy like we've done in the past.

History is repeated by those who don't understand it.

Had we learned the lesson of poor regulation in the past then we would not be in the mess we are in now, and we didn't even need to learn from others, we've royally screwed up before.
http://news.bbc.co.uk/2/hi/uk_news/northern_ireland/8609161.stm
PMPA
ICI (owned by AIB) - in the long run it might have been a lot cheaper to let AIB go bust then ,even if it only tempered rather than prevented the current overextending.

Bob the Builder

Capt'n Midnight wrote: »

more like a 360
you've done a lot of corner turning but somehow it's like nothing has really changed

Well put.

We've turned many corners. But at the end of the day, if you are driving around a square roundabout, you will turn the corner four times and still end up back where you were.

Dubh Geannain

Hasschu

Nassim Taleb of Black Swan fame says you can trust people who make their living standing up or lying down more than people who make their living sitting down. Short video on Guardian web site.

http://www.guardian.co.uk/commentisfree/video/2010/jun/02/nassim-nicholas-taleb-hay-festival