The Irish economy collapsed because.... We're Irish

RachaelVO

Finnish banking expert Peter Nyberg has revealed why Ireland’s economy has collapsed so spectacularly. His conclusion? The problem is, we’re Irish.

The dour Finn blamed the property bubble on “‘the extent to which large parts of Irish society were willing to let the good times roll.” He is stunned that nobody thought to warn the revelers of the impending hangover, calling the warnings of negative repercussions “modest and insufficient.” What, nobody called out, “time there now folks please” – and really meant it? Nobody listened?

He is shocked at the “relaxed attitude of the authorities” which he says was “the result of either a failure to understand the data or not being able to evaluate and analyse the implications correctly.” He in fact fails to understand that that this was more likely the result of the fatalistic optimism for which the Irish are long-renowned: “It’ll be grand, sure.”

He is aghast at “national speculative mania,” Never, presumably, having stood outside an Irish bookies during the Grand National. Never having met people who are perpetually “on to a sure thing,” he is also astonished at how the risks were “undetected or seriously misjudged.”

So, to summarise: The problem is that the Irish people were willing to party on regardless, heedless of the impending hangover. Those in charge were fierce relaxed. Nobody minded having the odd flutter. When drunk on money, nobody cared if they fell in to a ditch, they were having such a laugh.

In short, the problem was that throughout the boom, the people of Ireland behaved like Irish people. In slightly different circumstances, we like to think, those national traits can actually be quite endearing, and even useful. But to the Finn, they are inexplicable madness.

The full text of the Nyberg report is here.

And here are The Animals singing “Let the good times roll.” “Large section of Irish society” should enjoy this:

http://www.newswhip.ie/national-2/nyberg-report-the-economy-collapsed-because-the-people-of-ireland-are-irish-29696

Well AHers what do we this of this? Is Ireland now suffering a REALLY bad hangover (puking included). Can we be any other way???

I'm not too sure whether to find this an accurate portrayal or offensive paddy whackery!

hmmm

I think the appropriate response to a finding of "this was largely your own fault" is "well d'oh".

Saila

STFU with this already, jesus :rolleyes:

Aoifey!

Yep, sounds about right...






But sure it'll be graand.

mikemac

Finland had a credit based boom in the 80's and their own housing crash and economy downturn in the 1990's.

They're no better then Ireland, sure we only repeated what they did
And now want to look down at us

HyperSkypeWiper

What a load of SH1T

bonerm

feelingstressed wrote: »

And now want to look down at us

Well they are at around 64°00'N

Cork boy 55

feelingstressed wrote: »

Finland had a credit based boom in the 80's and their own housing crash and economy downturn in the 1990's.

They're no better then Ireland, sure we only repeated what they did
And now want to look down at us

+1 exact same thing happened there and Sweden

the Idea for NAMA comes from Sweden

RachaelVO

Saila wrote: »

STFU with this already, jesus :rolleyes:

Nice you're not effected by the recession!

Even though it's nearly easter, I don't even think Jesus can save us!!!

fontanalis

Cork boy 55 wrote: »

+1 exact same thing happened there and Sweden

the Idea for NAMA comes from Sweden

But didn't the Swedish fella they have over say he wasn't too impressed with it?

This type of nonsense didn't help.
http://www.youtube.com/watch?v=VO7a0wA0VEk&feature=player_embedded

My name is URL

feelingstressed wrote: »

Finland had a credit based boom in the 80's and their own housing crash and economy downturn in the 1990's.

They're no better then Ireland, sure we only repeated what they did
And now want to look down at us

Not really. He was commissioned to do the report from a neutral point of view. I don't think he is 'looking down at us'. Finland's own history is irrelevant to our situation.

orourkeda

Yes. We're facking stupid sh1t

PeterIanStaker

Cue the self-hating "woe is us let's burn each other at the stake" posters. :rolleyes:

Carlow52

Cork boy 55 wrote: »

+1 exact same thing happened there and Sweden

the Idea for NAMA comes from Sweden

The IKEA for NAMA comes from Sweden also

mikemac

They just had to include the leprauchaun costumes in an article about Ireland :rolleyes:
Is that how the Finns view us?

Boycott Nokia phones! :cool:

4zn76tysfajdxp

**** the Finnish. :mad:

fontanalis

Kyra Quaint Briefcase wrote: »

**** the Finnish. :mad:

Yes it's their fault now.
Irish people love to criticise and mock but when on the receiving end it's different.

RichieC

And America cause they're American and Iceland because they're Icelandic, Portugal because they're Portuguese... actually wait.. isn't there a world wide recession?

mike65

Hmmmmm so far everyone is reacting to the Irish spin put on a report written by a Finlander.

The hack who wrote that article up knows what he is doing and its working so far.

Boring un-controversial Irish Times version

“It appears now, with hindsight, to be almost unbelievable that intelligent professionals in the banking sector appear not to have been aware of the size of the risks they were taking,” Mr Nyberg told a press briefing in Dublin following the publication of his report.

His six-month commission of inquiry into the crisis concluded there was a lack of critical debate across Irish society about the scale and sustainability of the economic growth and the property boom.

There was a general view that property values would not fall which contributed to the growth in property lending and excessive risks taken by the banks, the report said.

This led to "a gradual adoption of lower credit standards" by a number of banks as a method to sustain market share and profitability.

“The willingness of banks to accept higher risks by providing more and shockingly larger loans primarily for commercial property deals was an important reason for the gradual increase in financial fragility in Ireland,” the report said.

Mr Nyberg said the absence of sufficient information on the underlying quality of loan books at the banks impacted on the options considered by the Government when it decided to introduce the bank guarantee in 2008.

“If accurate information on banks’ exposures had been available at the time it seems quite likely to the commission that a more limited guarantee combined with a state take-over of at least one bank might have been more seriously contemplated,” his report said.

Saila

RachaelVO wrote: »

Nice you're not effected by the recession!

Even though it's nearly easter, I don't even think Jesus can save us!!!

just as much as anyone else, but the difference is I dont spend my days moaning about it, there is an Irish Economy forum or even Politics for this thread. There is nothing new here.

phasers

Why don't we just copy exactly what Sweden and Finland did if we're in the exact same situation?

StupidLikeAFox

Cork boy 55 wrote: »

+1 exact same thing happened there and Sweden

the Idea for NAMA comes from Sweden

The idea came from Sweden, unfortunately the execution came from FF. (in more ways than one)

fontanalis

feelingstressed wrote: »

They just had to include the leprauchaun costumes in an article about Ireland :rolleyes:
Is that how the Finns view us?

Boycott Nokia phones! :cool:

Does .ie not imply an irish website, and a hip one at that? Although i think Fitzgerald may be a Finnish name.
That moron needs to be shot with a pile of his own sh1te.

fontanalis

mike65 wrote: »

Hmmmmm so far everyone is reacting to the Irish spin put on a report written by a Finlander.

The hack who wrote that article up knows what he is doing and its working so far.

Boring controversial Irish Times version

THIS

chillywilly

What I'm wondering is why the fook is this Rory Fitzgerald et al still writing about the collapse of the Irish economy? Start writing about and qouting people who have solutions and that are positive and optomistic. One thing about us Irish, once we are in a miserable situation.....we know how to stay miserable.








I realise that I ended on a bit of a negative note up there so I'll leave on this note: We Irish are a really smart, capable hard working bunch of people so let's do our part no matter how small it is to return to greatness! I love you Ireland!

fontanalis

chillywilly wrote: »

What I'm wondering is why the fook is this Rory Fitzgerald et al still writing about the collapse of the Irish economy? Start writing about and qouting people who have solutions and that are positive and optomistic. One thing about us Irish, once we are in a miserable situation.....we know how to stay miserable.








I realise that I ended on a bit of a negative note up there so I'll leave on this note: We Irish are a really smart, capable hard working bunch of people so let's do our part no matter how small it is to return to greatness! I love you Ireland!

From the 50's to the 80's?

Duckworth_Luas

Finns are boring weirdos, who cares what they think? Their country looks like a ball sack.

fontanalis

Duckworth_Luas wrote: »

Finns are boring weirdos, who cares what they think? Their country looks like a ball sack.

THE FINNISH PERSON DIDN'T SAY WHAT THE THREAD TITLE SAYS

123balltv

Icelandic, Portuguese, Greeks and soon to be Spanish all bailed out
but the Irish lets give them all the abuse we take everything lying down keep throwing the **** we caan take it

Duckworth_Luas

fontanalis wrote: »

THE FINNISH PERSON DIDN'T SAY WHAT THE THREAD TITLE SAYS

So, that dosen't make them any less boring or weird.

fontanalis

123balltv wrote: »

Icelandic, Portuguese, Greeks and soon to be Spanish all bailed out
but the Irish lets give them all the abuse we take everything lying down keep throwing the **** we caan take it

What abuse?

InTheTrees

"But to the Finn, they are inexplicable madness."

HA hA ha ha ha!! Remember the finns are a people that do not smile. Ever.

So I would have thought it should be a matter of considerable national pride to be misunderstood by the finns.

A dour miserable sad uninspiring people...

fontanalis

Jesus wept.

Duckworth_Luas

fontanalis wrote: »

Jesus wept.

He would if he was Finnish.

RachaelVO

Saila wrote: »

just as much as anyone else, but the difference is I dont spend my days moaning about it, there is an Irish Economy forum or even Politics for this thread. There is nothing new here.

The article is far too glib for either of those forums, and unless a mod decides to move it as it THEIR right, it's not really your call! If it offends your delicate sensibilities so much, might of been better if you didn't read it to begin with!

Fratton Fred

fontanalis wrote: »

Jesus wept.

Time to give up. No one wants to listen to logic when there is a chance to get all outraged.

fontanalis

RachaelVO wrote: »

The article is far too glib for either of those forums, and unless a mod decides to move it as it THEIR right, it's not really your call! If it offends your delicate sensibilities so much, might of been better if you didn't read it to begin with!

If by glib you mean written by a talentless hack, then yes. But for people who will make up the future knowledge economy it's perfect.

Predator_

RachaelVO wrote: »

http://www.newswhip.ie/national-2/nyberg-report-the-economy-collapsed-because-the-people-of-ireland-are-irish-29696

Well AHers what do we this of this? Is Ireland now suffering a REALLY bad hangover (puking included). Can we be any other way???

I'm not too sure whether to find this an accurate portrayal or offensive paddy whackery!

What a load of foreign nonsense.

DublinWriter

RachaelVO wrote: »

The dour Finn blamed the property bubble on “‘the extent to which large parts of Irish society were willing to let the good times roll.”

Unlike Finland, where millions of fun-loving tourists flock every year to experience, ummm, smoked herring?

Look, I'd be p*ssed off if Monty Python wrote a song slagging my nation off too...

http://www.youtube.com/watch?v=7rwc3VGvlRY

ejmaztec

That's it, we're finnished:(

Orando Broom

Finns are flutes who love trees and driving like mad eejits. What do those cro-mangons know about the sexy and sophisticated world of high finance? They should go back to roasting their willies in saunas and engaging in school massacres the mental bastids!!

ejmaztec

Orando Broom wrote: »

Finns are flutes who love trees and driving like mad eejits. What do those cro-mangons know about the sexy and sophisticated world of high finance? They should go back to roasting their willies in saunas and engaging in school massacres the mental bastids!!

They've also got no sense of humour because they're so fuckin cold.

4zn76tysfajdxp

lol at the people attacking an entire nation of people because of what one Finn said. Maybe it's the Irish who need to develop a sense of humour?

fontanalis

Kyra Quaint Briefcase wrote: »

lol at the people attacking an entire nation of people because of what none Finn said. Maybe it's the Irish who need to develop a sense of humour?

There you go.

Predator_

Kyra Quaint Briefcase wrote: »

lol at the people attacking an entire nation of people because of what one Finn said. Maybe it's the Irish who need to develop a sense of humour?

'the Irish'?
You say it as if your a foreigner posting on a foreign forum..

ejmaztec

Kyra Quaint Briefcase wrote: »

lol at the people attacking an entire nation of people because of what one Finn said. Maybe it's the Irish who need to develop a sense of humour?

I'm pretty sure we're attacking the Swedes as well.

fontanalis

ejmaztec wrote: »

I'm pretty sure we're attacking the Swedes as well.

And the greeks; they invented teh ghey

melekalikimaka

has a valid point, havent been proud to be irish in a long time, not only our government , but the disgusting attitudes of the people once our luck ran out

Forest Master

I hate all this "we" business when I had nothing to do with any of it. "We" need to pull together. What "we" should be doing to fix Ireland. The people that caused it are selfish arrogant c*nts who don't care about "Ireland", so the people that are being preached to in crappy little news articles by smug journo hacks had little or nothing to do with any of this sh*tty situation.
I run a sustainable business, self-employed, never got carried away with silly spending that I couldn't afford, nor invested in over-priced property even though I was offered many loans, nor did I buy into the bubble, and my business is making 30% more profit now than it was in the boom years.

So f*ck off.

Government.
Bankers.
Property Developers.
Tossers in low-spec BMWs who bought extra gaffs to rent out.
People who bought houses they couldn't afford (i.e. anyone in negative equity).

^^ These people are to blame - not me, and not most people, in fact.

Duckworth_Luas

Forest Master wrote: »

I hate all this "we" business when I had nothing to do with any of it. I run a sustainable business, self-employed, never got carried away with silly spending that I couldn't afford, nor invested in over-priced property even though I was offered many loans, nor did I buy into the bubble, and my business is making 30% more profit than the boom years.

So f*ck off.

You sound a bit too Nordic for my liking Forest Master.....or should that be Forest Lover?

RachaelVO

Forest Master wrote: »

I hate all this "we" business when I had nothing to do with any of it. I run a sustainable business, self-employed, never got carried away with silly spending that I couldn't afford, nor invested in over-priced property even though I was offered many loans, nor did I buy into the bubble, and my business is making 30% more profit than the boom years.

So f*ck off.

Good for you! I don't mean that sarcastically, I genuinely mean it. Love when people do well for themselves, hopefully this time next year you'll be a billionaire!