Ask About ( Real ) Money

Sponge Bob

It struck me that Askaboutmoney have presided over as much wealth destruction as did Brian Lenihan. They banned a lot of people in 2006 in particular who pointed out at the time that the property market was an enormous bubble of stupendous proportions.

They then banned the topic of house prices going down, they did not really care about various 'investment professionals' advising that prices would go up or stay static but they continued banning people who stated the rather obvious. House prices rose until early 2007.

In mid 2006 when they introduced the ban the average house price was €300,000 ( source for data q2 2006) and there were 1.8m homes then, the total 'worth of these would have been 1.8m*300k or 540000000000 , = €540bn or €0.54 TRILLION

After nearly 5 years of denial the net worth of the housing stock today, 1.9m units at an average value of €192,000 is €365bn (q4 2010 same link)

The wealth destruction in that period was €175bn....about the size of our banking mess and nobody allowed to talk about the elephant in the room.

This destruction continues at a rate of around €25bn a quarter nowadays...so by the time the next figure is published by Permanent TSB this month it will probably be a round €200bn of wealth destruction.

Mr. Loverman

Brendan Burgess also went on TV telling people to fill their boots with bank shares.

http://www.youtube.com/watch?v=z2q7bBVAo74

It turns out he held a "significant" number of bank shares, so he had a vested interest in advising people to buy property and bank shares.

He now claims it was a lack of knowledge and foresight which caused him to give such bad advice, but I find that hard to believe considering he claims he is some sort of financial advice expert.

irishh_bob

i was banned for life from that site for writing a post about property pimp ( dean of law at a dublin uni ) and former editor of the sunday indo property section john o keefe , o keefe used to whore every other week for a company called larionovo who were the main agency for selling property in dubai in this country , larionovo went bust at the end of 2008 , leaving a lot of people out of pocket , you could count on one hand the number of people who made a schilling out of dubai property yet askaboutmoney saw this story as off limits for some reason

Sponge Bob

irishh_bob wrote: »

you could count on one hand the number of people who made a schilling out of dubai property yet askaboutmoney saw this story as off limits for some reason

A more detailed version of your story is to be found HERE

I know a woman who worked for a large Dublin estate agency that is particularly well known for Apartment sales. In 2006 at the height of the bubble she spent half of every working day posting on that site and some others about how wonderful such and such an apartment block was and how she would queue all weekend to get one ...kinda stuff. Get the mania going.

Some people ended up wondering what happened to these apartments in 2009 and they were the lucky ones .

irishh_bob

Sponge Bob wrote: »

A more detailed version of your story is to be found HERE

I know a woman who worked for a large Dublin estate agency that is particularly well known for Apartment sales. In 2006 at the height of the bubble she spent half of every working day posting on that site and some others about how wonderful such and such an apartment block was and how she would queue all weekend to get one ...kinda stuff. Get the mania going.

Some people ended up wondering what happened to these apartments in 2009 and they were the lucky ones .

i always wondered how o keefe managed to retain any ounce of credibility after what happened with larionovo , its well known that he was good friends with two of the directors of the company yet i hear his smug tones on various RTE radio shows on a regular basis to this date , giving opinions on various subjects including consumer rights believe it or not

Mr. Loverman

irishh_bob wrote: »

i always wondered how o keefe managed to retain any ounce of credibility after what happened with larionovo , its well known that he was good friends with two of the directors of the company yet i hear his smug tones on various RTE radio shows on a regular basis to this date , giving opinions on various subjects including consumer rights believe it or not

You also hear Burgess on the radio all the time.

This is Ireland.

irishh_bob

Mr. Loverman wrote: »

You also hear Burgess on the radio all the time.

This is Ireland.

havent heard burgess although i could have heard him and paid no notice to who it was

neris

I always wondered what the fascination was with buying in Dubai. Theres nothing there when you compare it to the likes of spain, france, portugal and even more obscure places like turkey or bulgaria. Investing in a property in a country where religon makes the rule and you cant chill out with a beer.

Mr. Loverman

neris wrote: »

I always wondered what the fascination was with buying in Dubai. Theres nothing there when you compare it to the likes of spain, france, portugal and even more obscure places like turkey or bulgaria. Investing in a property in a country where religon makes the rule and you cant chill out with a beer.

Remember when you were in school, about one third of your class were really thick?

Those people.

/Harsh but true

Mr. Loverman

The guy is still trying to get people to buy property.

In the mortgages section he has a "key post" titled "First time buyers about to buy, should buy before year end". His reasoning is you could save up to €25,200 in tax relief over 7 years.

He goes on to say he is not trying to suggest people buy, but it is obvious by the tone of his post and the fact that he has made such a post that he is encouraging people to buy.

He fails of course to have a key post about house prices dropping by at least 10% per year, and how you could save significantly more than €25,200 simply by not buying this year.

Awful.

yankinlk

Mr. Loverman wrote: »

The guy is still trying to get people to buy property.

He goes on to say he is not trying to suggest people buy, but it is obvious by the tone of his post and the fact that he has made such a post that he is encouraging people to buy.

He fails of course to have a key post about house prices dropping by at least 10% per year, and how you could save significantly more than €25,200 simply by not buying this year.

That's not accurate or fair. His post is clearly aimed at any first time buyer who has already decided to buy this year. He is saying don't let the process drag out and lose out on the reliefs that will expire at year end.

Hang the man for the youtube link above - but not for this post.

irishh_bob

Mr. Loverman wrote: »

The guy is still trying to get people to buy property.

In the mortgages section he has a "key post" titled "First time buyers about to buy, should buy before year end". His reasoning is you could save up to €25,200 in tax relief over 7 years.

He goes on to say he is not trying to suggest people buy, but it is obvious by the tone of his post and the fact that he has made such a post that he is encouraging people to buy.

He fails of course to have a key post about house prices dropping by at least 10% per year, and how you could save significantly more than €25,200 simply by not buying this year.

Awful.

which guy ?

Mr. Loverman

irishh_bob wrote: »

which guy ?

Burgess.

Mr. Loverman

yankinlk wrote: »

That's not accurate or fair. His post is clearly aimed at any first time buyer who has already decided to buy this year. He is saying don't let the process drag out and lose out on the reliefs that will expire at year end.

Hang the man for the youtube link above - but not for this post.

You don't think it's odd he has a post encouraging people to buy before the end of the year (you'll save money!) even though every dog on the street knows you'll save a lot more money if you don't buy before the end of the year...?

Think about it - why hasn't he written a post explaining how prices are falling and quite likely will continue to fall for years to come?

yankinlk

Mr. Loverman wrote: »

You don't think it's odd he has a post encouraging people to buy before the end of the year (you'll save money!) even though every dog on the street knows you'll save a lot more money if you don't buy before the end of the year...?

Think about it - why hasn't he written a post explaining how prices are falling and quite likely will continue to fall for years to come?

I was very surprised to see that You tube clip of poor inaccurate Burgess. I recon he will regret his TV moment for many years to come.

However, I think he goes to pains on his site to NOT make predictions - rather to give helpful information to the Irish public on issues related to ... money.

I don't think hes going to write a post now making a prediction one way or the other, because it would be a guess - and I think every dog in the street is guessing too.

Mr. Loverman

yankinlk wrote: »

However, I think he goes to pains on his site to NOT make predictions

That's not true I'm afraid. As has been widely experienced by current and former askaboutmoney users, you would be banned if you made predictions about house prices going down, but you would not be banned if you made predictions about house prices going up.

Dodd

Lets face it the site it sh1t end of.

yankinlk

Dodd wrote: »

Lets face it the site it sh1t end of.

Well then you are free not to use it. TBH there is no other irish site out there as good as it. This site included is not adequate - its nice to have a forum on boards, but be honest its not great.

Personally I have found numerous nuggets of excellent info on AAM and will continue to use it. The more that I do use it, the better off I am financially - and so are the friends that I share the info i get from the site.

Sponge Bob

It can be very very useful on certain topics but remaining in denial and banning those who are not in denial while €0.2 Trillion of wealth is destroyed will forever taint it.

You seemingly forget that Boards does not censor major topics and then siteban users for mentioning them Yankinlk

yankinlk

Sponge Bob wrote: »

It can be very very useful on certain topics but remaining in denial and banning those who are not in denial while €0.2 Trillion of wealth is destroyed will forever taint it.

You seemingly forget that Boards does not censor major topics and then siteban users for mentioning them Yankinlk

I don't forget, I never forget. I have had several run ins on that site and NOT agreed with the decision against my posts. I suppose the difference between the two sites is here its a community and there its mostly a one man band.

jhegarty

Mr. Loverman wrote: »

That's not true I'm afraid. As has been widely experienced by current and former askaboutmoney users, you would be banned if you made predictions about house prices going down, but you would not be banned if you made predictions about house prices going up.

Should be easy to link to loads of posts about increasing house prices then ?

Mr. Loverman

jhegarty wrote: »

Should be easy to link to loads of posts about increasing house prices then ?

It's easy to go find them yourself too.

yankinlk

Mr. Loverman wrote: »

It's easy to go find them yourself too.

So then post them?

Here are two posts that 100% refute your claims. Now you go.

http://www.askaboutmoney.com/showthread.php?t=64538

http://www.askaboutmoney.com/showthread.php?p=380518&posted=1#post380518

Mr. Loverman

yankinlk wrote: »

So then post them?

Here are two posts that 100% refute your claims. Now you go.

http://www.askaboutmoney.com/showthread.php?t=64538

http://www.askaboutmoney.com/showthread.php?p=380518&posted=1#post380518

Sorry, what are they supposed to prove?

Brendan said X but did Y?

Well done.

jhegarty

Mr. Loverman wrote: »

Sorry, what are they supposed to prove?

Brendan said X but did Y?

Well done.

You claim posts about increasing house prices were left in place.

I claim there was delete just like the falling house price ones.

If you are correct , it will be easy to link them.

If I am correct , there is nothing to link to.

Mr. Loverman

jhegarty wrote: »

You claim posts about increasing house prices were left in place.

I claim there was delete just like the falling house price ones.

If you are correct , it will be easy to link them.

If I am correct , there is nothing to link to.

I couldn't be bothered satisfying the wants of some stranger.

Couldn't give a fiddle what you want or think.

Speculator

yankinlk wrote: »

I was very surprised to see that You tube clip of poor inaccurate Burgess.

Why were you surprised?

yankinlk

Mr. Loverman wrote: »

I couldn't be bothered satisfying the wants of some stranger.

Couldn't give a fiddle what you want or think.

:rolleyes: but i'll login to an interweb and make spurious claims i cant backup to harsh a website i just don't like.

yankinlk

Speculator wrote: »

Why were you surprised?

I guess he gave me the impression that he would NOT make ridiculous predictions - rather just state the facts. Also because of the links I provided above that is what he seems to preach on his site. Also the several PM's where he warned me for specific posts that he felt I went outside the guidelines in... just thought he was a "by the book" kinda fella.

Maybe they pumped with guiness in the green room before he went on the telly.

Mr. Loverman

yankinlk wrote: »

:rolleyes: but i'll login to an interweb and make spurious claims i cant backup to harsh a website i just don't like.

I don't think you understand, I don't care what you believe.

nursextreme

yankinlk wrote: »

I was very surprised to see that You tube clip of poor inaccurate Burgess. I recon he will regret his TV moment for many years to come.

However, I think he goes to pains on his site to NOT make predictions - rather to give helpful information to the Irish public on issues related to ... money.

I don't think hes going to write a post now making a prediction one way or the other, because it would be a guess - and I think every dog in the street is guessing too.

That's laughable seeing as he kept on predicting a big windfall for Irish Nationwide customers following demutualisation, Key Post - Predicting the date of Irish Nationwide demutualisation.:D
http://www.askaboutmoney.com/showthread.php?t=26169

yankinlk

nursextreme wrote: »

That's laughable seeing as he kept on predicting a big windfall for Irish Nationwide customers following demutualisation, Key Post - Predicting the date of Irish Nationwide demutualisation.:D
http://www.askaboutmoney.com/showthread.php?t=26169

Sorry. I meant house price predictions. The DM of Irish Nationwide is a totally separate subject. And I will quote him "This thread is for predicting the timescale of the Irish Nationwide demutualisation." I mean caveat emptor and all that ffs - if you don't like it don't read it.

Let the haters hate I say.

nursextreme

I just proves he know f all about either topic, by the way whats your "Ask About Money" fanboy name Yanknilk. We are all dying to know if you got Banned!

nursextreme

yankinlk wrote: »

However, I think he goes to pains on his site to NOT make predictions - rather to give helpful information to the Irish public on issues related to ... money.

Anymore back-peddling and you may trip up!!

yankinlk

Im not arguing with a knowitall nurse. Maybe u should start another FB group for your causes.

oceanclub

I see he's still banning discussion of property prices, even in threads related to property auction which he opened himself, like the one on the Allsop "firesale":

http://www.askaboutmoney.com/showthread.php?t=152691

I've no idea how you discuss a firesale property auction without discussing property prices, but that's about the level that AAM is at these days.

P.

oceanclub

yankinlk wrote: »

Im not arguing with a knowitall nurse. Maybe u should start another FB group for your causes.

You wouldn't happen to be "trustmeh" on AAM?

Ahh OK.

P.

nursextreme

yankinlk wrote: »

Im not arguing with a knowitall nurse. Maybe u should start another FB group for your causes.

Pathetic Why Don't you just Ban me. Oh sorry this isn't "Ask About Money"

Speculator

Just heard Brendan Burgess on RTE Radio 1 talking about Nama.
Anyone have the podcast?