Eishtec to create 250 jobs!!!!

otto_26

Well watching the 6 o'clock news with the old fella last night and had to sit through 15 minutes listening to the RTE tell me how great Eistec are for creating these high quality jobs!!

As pay goes in Ireland please see below..

1. The dole
2. Telesales/telemarketers
3. Cleaners
4. etc....

My question is why are the RTE news talking for 15 minutes about a company that will provide 250 telesales and telemarketing jobs at minimum wage?


After work expenses i.e travel, food, clothes the 250 people will have about 50 euro more than people on the dole....Don't get me wrong it's better to be working, but why have this on the news for 15 minutes?


After a weeks work these 250 people won't even have enough money to do the simple things in life...



Eishtec co-founder Heather Reynolds said: "We believe this expansion is testament to the skills and positive attitude of the people we've recruited..


What skills? these are unskilled minimum wage jobs...


Minister for Jobs Richard Bruton said Eishtec is a great role model for what the Government is trying to achieve in the Irish economy.


Really Richard people in jobs working 38 hour weeks and will get 50 euro a week more than people sitting on the dole that's what the government are trying to achieve for people within the Irish economy..


I think it's great people will have jobs but really didn't see why this needed to be on the news for 15 minutes trying to give people this idea that top quality jobs were going to Wexford.


Finally is the RTE news a part of the Government I mean does the government tell the RTE news what it wants aired? Because nobody at RTE ever seems to go "hang on here a second this story is a load of rubbish"

starbelgrade

Jobs are lost, people give out.

Jobs are created, people still give out.

mikom

otto_26 wrote: »

What skills? these are unskilled minimum wage jobs...

Knowledge economy 'innit.

Robbo

Remember, we all have to act surprised when after the IDA grants run out, the whole operation is shifted overseas.

RodgersLFC

Jesus Christ, what is wrong with you? 250 new jobs created in an area of the country that hasnt had a jobs announcement for ages, and still you're bitching about it?

Drakares

OP are you serious?

mike65

To be fair to the OP its RTEs trumpeting of low paid jobs like it was Intel announcing a FAB
that is his beef.

Micky Dolenz

All your post is telling me is, the dole is too high.

Sully

Could be as its an Irish startup company in Waterford which is suffering at the moment. The company is now expanded, to eh, Wexford. Amusing, but true.

Wanderer2010

OP, are you privvy to the exact wages staff at Eistech recieve?

Hippies!

Great thread OP, and you're dead right. It certainly isn't worthy of a 15 min slot on the news, people have lost the plot again...

longhalloween

otto_26 wrote: »

After work expenses i.e travel, food, clothes

Do people on the dole not have these expenses??

Are they running around naked and starving?

otto_26

RodgersLFC wrote: »

Jesus Christ, what is wrong with you? 250 new jobs created in an area of the country that hasnt had a jobs announcement for ages, and still you're bitching about it?

No just this part:

After a weeks work these 250 people won't even have enough money to do the simple things in life...

otto_26

Micky Dolenz wrote: »

All your post is telling me is, the dole is too high.

After a weeks work these 250 people won't even have enough money to do the simple things in life...

RodgersLFC

The only thing I took issue with on the report was the smug look on Brendan Howlin's face, as if he was saying "look how fantastic i am, bringing all these jobs to the south east", whereas in reality he had feck all to do with it.

I dont see the problem in the news spending time on a major jobs announcement though, no matter who is providing the jobs its a boost for the south east region. Its better than hearing bad news story after bad news story. Its good for people to hear something positive for a change.

otto_26

mike65 wrote: »

To be fair to the OP its RTEs trumpeting of low paid jobs like it was Intel announcing a FAB
that is his beef.

Exactly 100% correct.

Adyx

longhalloween wrote: »

Do people on the dole not have these expenses??

Are they running around naked and starving?

I know I am.

Tombi!

Is it actually minimum wage jobs or "we only pay you on commission"?
First one: I'm actually pretty happy about that.
Second one: Sure I can just go on FÁS and get one of those.

saiint

so your raging because you missed 15minutes of news that could of been important :L your not angry about the jobs created
your angry because they talked about it for 15 minutes :L
OP go live off the dole cause obviously you wont be getting a job unless a position opens up in the goverment

Boombastic

otto_26 wrote: »

No just this part:

After a weeks work these 250 people won't even have enough money to do the simple things in life...

Define the simple things in life?? Food, Shelter, access to medical care........I'm sure they will have this

WoollyRedHat

Boombastic wrote: »

Define the simple things in life?? Food, Shelter, access to medical care........I'm sure they will have this

They are the neccesities of life though, not the simple things. Even in hardship, the simple things can still be cherished.

dttq

otto_26 wrote: »

Well watching the 6 o'clock news with the old fella last night and had to sit through 15 minutes listening to the RTE tell me how great Eistec are for creating these high quality jobs!!

As pay goes in Ireland please see below..

1. The dole
2. Telesales/telemarketers
3. Cleaners
4. etc....

My question is why are the RTE news talking for 15 minutes about a company that will provide 250 telesales and telemarketing jobs at minimum wage?


After work expenses i.e travel, food, clothes the 250 people will have about 50 euro more than people on the dole....Don't get me wrong it's better to be working, but why have this on the news for 15 minutes?


After a weeks work these 250 people won't even have enough money to do the simple things in life...



Eishtec co-founder Heather Reynolds said: "We believe this expansion is testament to the skills and positive attitude of the people we've recruited..


What skills? these are unskilled minimum wage jobs...


Minister for Jobs Richard Bruton said Eishtec is a great role model for what the Government is trying to achieve in the Irish economy.


Really Richard people in jobs working 38 hour weeks and will get 50 euro a week more than people sitting on the dole that's what the government are trying to achieve for people within the Irish economy..


I think it's great people will have jobs but really didn't see why this needed to be on the news for 15 minutes trying to give people this idea that top quality jobs were going to Wexford.


Finally is the RTE news a part of the Government I mean does the government tell the RTE news what it wants aired? Because nobody at RTE ever seems to go "hang on here a second this story is a load of rubbish"

Otto, please stop whinging. Economic recovery and getting the unemployment rate down doesn't happen overnight, it's a gradual, step-by-step process and any job creation is to be welcomed. Also it's not simply a matter of the creation of 250 jobs, it's killing two bird with the one stone, not only are you taking 250 people off the dole and cutting down on welfare, taxpayer paid for dole incomes, you are also creating a system whereby those 250 won't just be ceasing to cost the state - they will be paying into it.

Also people earning a salary every week are going to be pumping a lot more money into the economy , than someone struggling on the dole at €150 a week.

Oh and it's not rocket science, why wouldn't a national broadcaster announce new job creation, it's the best way to advertise jobs creation as it gets through to the largest amount of people in a shorter amount of time than any other media or advertising outlet.

And lastly there's the knock on effect of even more jobs creation in commerce - and hence even more people taken off the dole - thanks to these new workers spending and pumping money back into the economy.

Daidy2011

To the best of my knowledge, Eishtec was founded as a result of TalkTalk closing their centre in the south east with the loss of hundreds of jobs. The founders of this company should be applauded for their entrepreneurship and saving a percentage of those jobs at that time.

Obviously their determination and hard work has been rewarded in that they are now in a position to create 250 new positions in their company.

I currently work in this industry (not for Eishtec) and I can assure you that people who fill these roles will be far from "unskilled labour" as suggested by a previous poster. Customer support roles require people who have verbal, listening, communication and empathetic skills. For technical support roles add problem solving, operating systems, networking, firewalls etc., maybe no rocket science but certainly not unskilled.

I congratulate this company on creating 250 job opportunities for a skilled workforce in an area of the country that has been blighted over the years with job losses.

Boombastic

WoollyRedHat wrote: »

They are the neccesities of life though, not the simple things

The simple things in life like walking in the park, spending time with loved ones?



or a playstation and sky+??

Unskilled workers can not demand the wages of a skilled worker

sfwcork

I worked in the sector years ago.even though I was on 25k which in comparison to other companies good I agree that these jobs won't exactly bring in the bling bling.i would imagine starting salary would be 17.5-20k.Regardless I admire anybody to take on the role instead of the dole,especially families.I personally know what the contract is and how both sides will make money.1000% you will get over qualified people.i wouldn't class the jobs as highly skilled but you will need to be savvy

A lot of this has to do with the way "news" is reported on RTE, look at the news on the BBC for example, Items like job announcements, reports from charities( which are in reality a cheap way of then getting there name in the media ) rarely if ever appearer on the BBC news, however the RTE new is full of stuff like that Ireland is a very parochial place.

expectationlost

it is monkey work

WoollyRedHat

Boombastic wrote: »

The simple things in life like walking in the park, spending time with loved ones?



or a playstation and sky+??

Unskilled workers can not demand the wages of a skilled worker

Playstation and Sky + are specific, material goods. Combination of the former and latter can be possible, i.e spending time with loved ones while playing on the playstation. However they are not co-independent.

In essence, the first part of your sentence comes to form a basis of what the simple things constitute, they are considered to be outside the basis of capitalism and its principles. Outside of money.

reprazant

mariaalice wrote: »

A lot of this has to do with the way "news" is reported on RTE, look at the news on the BBC for example, Items like job announcements, reports from charities( which are in reality a cheap way of then getting there name in the media ) rarely if ever appearer on the BBC news, however the RTE new is full of stuff like that Ireland is a very parochial place.

Maybe it is because BBC reports to a population of over 60m. Ireland has a population of 4.5m. What seems like small things in the UK are big things here.

token101

****ing hell it's 250 jobs and people are still moaning! What were RTE supposed to do? Have Eileen Dunne spit on the company logo as she announced it? It's positive news that 250 people won't be on the dole anymore!! As for people saying it's not high skilled enough? Well the fact is, a large number of people on the dole are either low skilled, graduates, or people with trades. To be fair and rational about it, people with trades have two options (outside of emigration) really, either go back to college and change skill, or take a low skilled job like a call centre. Same with a lot of graduates. Most people with the skills needed for a 'high knowledge economy' are either working or have left already because there are better opportunities abroad. There's plenty of other job investments made daily on a much smaller scale, RTE just don't announce them because 250 is just a big number as opposed to ten. There was two announcements last week about life sciences and IT. What are the bets that most of the jobs here will be international hires because Ireland doesn't have the workforce to fill them?

Call centres are the best job available to people with a lack of formal qualifications because it's more money than the dole and almost all will offer you a route to education, either to progress there or get out of there. Also worth noting that as much as people (graduates mostly) love to look down on call centres, there's a lot of benefits working there. If you're working for an outsourced firm, than you have the chance to move up pretty quick in that company because the turnover rate will be so high the fact that you've lasted more than six months will make you look an incredible employee!! If you're working directly for someone like Amazon, they favour promoting internally to any position over outside hires. People that work there will tell you there's jobs in those companies advertised externally that are never going to be filled by an external hire. And finally, lot of graduate schemes are well branded call centre jobs with a chance for promotion if you do well, just like any other call centre job. Taking a telesales job is probably a step down from what most graduates were deceived into believing when they were in college, but it's better than being a professional waster or moaner and still offers opportunity. An opportunity to preserve your sanity if nothing else.

K3lso

If the government deregulated, 250 jobs would be nothing.

token101

K3lso wrote: »

If the government deregulated, 250 jobs would be nothing.

Deregulated what? Which industry should they deregulate?

SEPT 23 1989

Why don't RTE report the fact that 10 businesses a day are closing?

recovery:rolleyes:

SEPT 23 1989

token101 wrote: »

Deregulated what? Which industry should they deregulate?

The Hooker Industry

K3lso

token101 wrote: »

Deregulated what? Which industry should they deregulate?

All of them.

token101

K3lso wrote: »

All of them.

So Michael O'Leary takes over Bus Eireann, do you really think that will solve the problem of unemployment? Or will it add to it exponentially by having someone ruthless come in and cut 1000s of staff? Deregulation might be a good idea for consumers, but saying it will solve unemployment is laughable really.

SEPT 23 1989 wrote: »

The Hooker Industry

If anything they should start regulating the hooker business and the drugs industry. At least that way we'd get some money out of it.

K3lso

token101 wrote: »

So Michael O'Leary takes over Bus Eireann, do you really think that will solve the problem of unemployment? Or will it add to it exponentially by having someone ruthless come in and cut 1000s of staff? Deregulation might be a good idea for consumers, but saying it will solve unemployment is laughable really.

I'll have whatever you're smoking.

represent

represent wrote: »

Maybe it is because BBC reports to a population of over M. Ireland has a population of 4.M. What seems like small things in the UK are big things here.

That is true but my point is the BBC will have an analysis of employment policies and it will be presented with a European/world view, at the end of the news there will a quick regionally report where more local issue will get a mention and that is the way it should be done in my opinion.

Government ministers should be directing policy which will aid job creation they should not be seen as responsible for individual job Creation, its the same old clientism politics that we have alway had, jobs are not in the gift of individual ministers, the media could play part in changing this by refusing to get involved in it.

reprazant

K3lso wrote: »

I'll have whatever you're smoking.

Could you explain how deregulation of all industries will solve the unemployment problem please?

SEPT 23 1989

reprazant wrote: »

Could you explain how deregulation of all industries will solve the unemployment problem please?

Lower wages,expansion,more employment

K3lso

reprazant wrote: »

Could you explain how deregulation of all industries will solve the unemployment problem please?

It's common sense for crying out loud, can you not see it?

Capitalism has been with us since history was recorded, it's human nature; to trade, to better ourselves. Where you under the impression that government were needed to create a vibrant marketplace? And without government, a market could not be possible? What could be more absurd!? Absolute rubbish.

With that being said, every piece of legislation serves to KILL job opportunities and NOT create them. It has always been like this, it can't, logically, be any other way. Legislation kills jobs. For example, let's take for instance an office building. Say the people in these offices require tea and sandwiches every day. What is to stop anybody from seeing an opportunity and delivering tea and sandwiches to these office people for a small price. They are at liberty to do so because no regulation exists and of course taking into account human nature and human action (praxeology) both the seller and buyer both betters their position. One has money, the other, food. Now, you go ahead an legislate in this area. What do you think will happen?

First of all, you'll distort the market. You'll drive people out of business because the sandwiches will have to be made a certain way with a certain filling, the tea will need to be at a specific temperature etc etc. Government kill competition. A vibrant market consisting of every individual in the country is hampered by government regulation. What is to stop you if you were unemployed from going out, buying a minivan and doing trips into town and back for a couple of Euro? Of yeah, regulation. What is to stop you from minding your neighbours kids while they're at work? Oh yeah, regulation. What is to stop you from engaging in pretty much anything you wish to engage in to earn money? Oh yeah, regulation!

Regulation, Regulation, Regulation, Regulation, Regulation.

Regulation kills jobs, it doesn't create them!

This is bloody basic stuff. It's not economics, it's common sense.

barney 20v

I am delighted to hear this good news for the county.

As someone who luckily obtained employment with The Coca Cola Company three years ago after a period on the dole i know the difference it can make to family life for those who get the jobs.

Hopefully local people will be employed ,Any news such as this HAS to be welcomed.
Best of luck to any local people who apply for these roles.;)

reprazant

So the usual guff. Anyone can be a childminder! What happens when you child comes home injured or sick or worse? Who pays the hospital bills? Anyone can be a taxidriver! Ignoring the current issues the taxi drivers are facing, you'd have no problem with any person, in any type of car, being a taxi driver? Anyone can sell some food and sandwiches! What happens when people get sick from rotten food or food prepared in unhygienic conditions?

There is certainly an argument that there is too much regulation but for the most case, the regulation that is there is a necessary evil.

K3lso

K3lso wrote: »

It's common sense for crying out loud, can you not see it?

Capitalism has been with us since history was recorded, it's human nature; to trade, to better ourselves. Where you under the impression that government were needed to create a vibrant marketplace? And without government, a market could not be possible? What could be more absurd!? Absolute rubbish.

With that being said, every piece of legislation serves to KILL job opportunities and NOT create them. It has always been like this, it can't, logically, be any other way. Legislation kills jobs. For example, let's take for instance an office building. Say the people in these offices require tea and sandwiches every day. What is to stop anybody from seeing an opportunity and delivering tea and sandwiches to these office people for a small price. They are at liberty to do so because no regulation exists and of course taking into account human nature and human action (praxeology) both the seller and buyer both betters their position. One has money, the other, food. Now, you go ahead an legislate in this area. What do you think will happen?

First of all, you'll distort the market. You'll drive people out of business because the sandwiches will have to be made a certain way with a certain filling, the tea will need to be at a specific temperature etc etc. Government kill competition. A vibrant market consisting of every individual in the country is hampered by government regulation. What is to stop you if you were unemployed from going out, buying a minivan and doing trips into town and back for a couple of Euro? Of yeah, regulation. What is to stop you from minding your neighbours kids while they're at work? Oh yeah, regulation. What is to stop you from engaging in pretty much anything you wish to engage in to earn money? Oh yeah, regulation!

Regulation, Regulation, Regulation, Regulation, Regulation.

Regulation kills jobs, it doesn't create them!

This is bloody basic stuff. It's not economics, it's common sense.

This is way off topic, however take food for example should there be no regulation on how it is produced non what so ever, meat producer could produce the product any way they like and the consume could take there chances on the meat being T.B free etc is that how it would work?

The Aul Switcharoo

This is probably the most ridiculous thread in a while. I lurk AH for some buzz/to pass the time and don't take much heed to it but OP you are clueless.

It's 250 jobs in a region that is on its knees. 250 people who will not be on the dole saving the government minimum 2.5m a year. They spend their extra wages and bring more tax in. Also min wage is very livable off down this part of the country. Most workers are in their early 20's and are willing to work for 10 or 11e per hour - 40 hours = 400e per week gross

Not everyone wants to be on their couch scratching their hole every week

K3lso

reprazant wrote: »

So the usual guff. Anyone can be a childminder! What happens when you child comes home injured or sick or worse? Who pays the hospital bills? Anyone can be a taxidriver! Ignoring the current issues the taxi drivers are facing, you'd have no problem with any person, in any type of car, being a taxi driver? Anyone can sell some food and sandwiches! What happens when people get sick from rotten food or food prepared in unhygienic conditions?

There is certainly an argument that there is too much regulation but for the most case, the regulation that is there is a necessary evil.

Regulation already exists, it's called the market. We don't need more in the form of government legislation. You think government legislation protects you? You really think that? You're very naive. Government can say food must be hygienic, but what do you think happens when food falls on the floor in restaurants or take-aways etc? It's put back on the plate for serving, sorry but it's true. It's not the government that protects you, it's the good business owners that don't approve of such behaviour.

Do you return to a take-away or a restaurant because you know government have regulated it? Or do you return because their service is fantastic as well as their great product?! And you're wrong, a childminder cannot set up a business. Regulation won't allow it. He/She has to go fill out dozens of forms, pay taxes, and meet certain regulatory requirements wrote up by a bureaucratic agency. In the end, no jobs are created, and the parents must now pay hugh sums of money to the playschools/childminders actually able to reach the regulatory requirements killing competition.

The same with taxi's. I don't know if you're too young to remember, but there was a time believe it or not when there was only a handful of taxi's on the road in Ireland. If you managed to pull one over, the first thing he would ask you is where you were going..all fair enough stuff up to this. But then something strange happened. If he didn't like the sound of the place you were traveling to or if he just didn't fancy going there at all...he wouldn't take you, he'd drive off. And you'd be buggered! But then something marvelous happened, deregulation! Now, in 2012...there are more taxis on Irish roads than ever before and the service from a consumer standpoint couldn't be better. Why? Because of competition. Now, the older guys that remember the good old days don't much like all this competition. They prefer the monopoly they once enjoyed but those days are long gone.

However, it's not deregulated enough so to answer your question, no....not everyone can be a taxi man. Prices, miles, licenses are regulated. And even though deregulation has brought amazing service....it still has the potential to bring even more. Deregulation would make this economy soar! Right now, the government are engaged in micro-management and this simply doesn't work.

reprazant

I like the way you are being extremely smug and condescending but completely missed the point I was saying about anyone can be child minder.

In fact, that post is so smug and condescending it is hilarious.

token101

K3lso wrote: »

It's common sense for crying out loud, can you not see it?

Capitalism has been with us since history was recorded, it's human nature; to trade, to better ourselves. Where you under the impression that government were needed to create a vibrant marketplace? And without government, a market could not be possible? What could be more absurd!? Absolute rubbish.

With that being said, every piece of legislation serves to KILL job opportunities and NOT create them. It has always been like this, it can't, logically, be any other way. Legislation kills jobs. For example, let's take for instance an office building. Say the people in these offices require tea and sandwiches every day. What is to stop anybody from seeing an opportunity and delivering tea and sandwiches to these office people for a small price. They are at liberty to do so because no regulation exists and of course taking into account human nature and human action (praxeology) both the seller and buyer both betters their position. One has money, the other, food. Now, you go ahead an legislate in this area. What do you think will happen?

First of all, you'll distort the market. You'll drive people out of business because the sandwiches will have to be made a certain way with a certain filling, the tea will need to be at a specific temperature etc etc. Government kill competition. A vibrant market consisting of every individual in the country is hampered by government regulation. What is to stop you if you were unemployed from going out, buying a minivan and doing trips into town and back for a couple of Euro? Of yeah, regulation. What is to stop you from minding your neighbours kids while they're at work? Oh yeah, regulation. What is to stop you from engaging in pretty much anything you wish to engage in to earn money? Oh yeah, regulation!

Regulation, Regulation, Regulation, Regulation, Regulation.

Regulation kills jobs, it doesn't create them!

This is bloody basic stuff. It's not economics, it's common sense.

It's also killed our economy though, a lack of regulation is what created this economic mess in the first place! Deregulation has its benefits, but it has negatives as well, which you've nicely failed to outline. There's a difference between regulation and over regulation. That guy you've mentioned, nothing's stopping him getting a taxi plate. It costs him more, but it would mean that he has to prove he's not driving some death trap and prove he's a capable and safe driver, but that's good for consumers. Same for your sandwich making example, I'd much rather pay extra for my sandwiches and know that it's less likely I'm going to be poisoned. Maybe that industry is over regulated, I have no idea if it is or not, but I want some rules that say someone can't just sell me any old **** and I'll know better next time. The old 'well, you'll just go somewhere else next time because Mary is out of business' argument doesn't really cut it all the time. Deregulation also means state run companies will shed 1000s of workers, that would be a disaster for Ireland right now. Sure you'll have a more efficiently run organisation, but what will that mean for the SW bill? Would it really justify increasing the SW bill by 50 or 60 million a year? Doubtful.

longhalloween

SEPT 23 1989 wrote: »

Lower wages,expansion,more employment

Yes lower wages. That's the ticket. Sure why sit at home for 150 a week when you can work for it. Genius thinking!

K3lso

token101 wrote: »

It's also killed our economy though, a lack of regulation is what created this economic mess in the first place! Deregulation has its benefits, but it has negatives as well, which you've nicely failed to outline. There's a difference between regulation and over regulation. That guy you've mentioned, nothing's stopping him getting a taxi plate. It costs him more, but it would mean that he has to prove he's not driving some death trap and prove he's a capable and safe driver, but that's good for consumers. Same for your sandwich making example, I'd much rather pay extra for my sandwiches and know that it's less likely I'm going to be poisoned. Maybe that industry is over regulated, I have no idea if it is or not, but I want some rules that say someone can't just sell me any old **** and I'll know better next time. The old 'well, you'll just go somewhere else next time because Mary is out of business' argument doesn't really cut it all the time. Deregulation also means state run companies will shed 1000s of workers, that would be a disaster for Ireland right now. Sure you'll have a more efficiently run organisation, but what will that mean for the SW bill? Would it really justify increasing the SW bill by 50 or 60 million a year? Doubtful.

Deregulation has not killed our economy and it most certainly has not got us into this mess we are now in. Please don't buy into the media propaganda orchestrated to direct attention away from political and economic ignorance. The fact of the matter is that the banking sector is heavily regulated; it has always been heavily regulated. It is, was and has always been one of the most regulated areas. So I can't understand where this argument that banks need more regulation is coming from...but I'd assume it comes from fat cats looking for even more regulation to kill competition and enhance their position and financial aspects further. They're not the type of people I'd be supportive of in granting a government guaranteed monopoly, however it seems a majority of people have been brainwashed into serving as cannon fodder for these special interests.

Let me explain exactly how we ended up here.

First of all, the root of all financial evil and the source of our woes is the European Central Bank and the European Union. When you walk into a shop to buy chocolate, you can expect many different options and many different products - Cadburys, Lindt, Butlers, Nestle etc. Why don't you have the same range of options when it comes to your money? Because there is no market in banking. The European Central Bank, indeed, all central banks are an affront to the system of capitalism. They have a monetary monopoly and have been granted authority by a secretive, undemocratic, unaccountable EU to go and counterfeit money debasing and devaluing the value of the Euro you hold in your pocket.

Besides the evils that come with inflation, France and Germany were happy to set interest rates applicable to their economies but which were hugely damaging to Irelands. Interest rates must be left to the market, but the ECB believes they must possess (for what reason only God knows) the authority to lower and higher interest rates themselves artificially. In effect, this allows them to "manage the economy" or play god so to speak by being able to start and stop economic growth at the push of a button.

You can see how damaging this becomes when you take into consideration quantitative easing, i.e - the printing of money. If you or I printed money in our homes, we would be thrown in jail but when the government does it to spend billions nobody objects. Why is this? Printing money is a tax. It's a tax on everyone because everyone pays the price for higher prices and devaluing of your personal wealth. But politicians don't seem to mind. Because the more they spend, the more people vote for them and of course, a politicians ambition is only a short term goal. They know they'll need to leave office one day but in the meantime, they'll spend spend spend with no care for the indebted nation they're leaving behind. Let future generations pick up the tab while they set off into the sunset with a massive pension in hand.

Printing money doesn't stimulate the economy. The massive credit expansion in the Eurozone was textbook. The artificially set interest rates lured the people into investing in areas that were not profitable. These are malinvestments. And it's that malinvestment that lead to the property bubble which burst like all bubbles do. Economics is about the allocation of limited resources. There are only a finite amount of resources in this world and we have to put them to use most effectively. That's why when a business fails, it should be allowed to fail. The only way out of this mess is to liquidate all the bad malinvestment in our economy. Will it be hard, yes of course but it's an inevitable outcome of a failed monetary system and we need to change it.

So when you bail out banks, we don't put our finite resources to their most effective use. In short, we subsidies and reward mismanagement, incompetence and failure. Bankruptcy is a good thing, not a bad thing. It cleanses, like a cancer patient, the disease out of their body or rather, the failure out of our economy. The good companies succeed, employ the people from the failing company in areas more effectively and grow. We grow, technology improves, we advance and evolve. But our government are artificially keeping these zombie banks alive. So how can we fix this mess. For one, we could have a free market banking system. Banks with 100% reserves as opposed to fractional reserve banking and this monetising of debt.

There is a lot of things we can do to avoid such disasters in the future but deregulation most certainly DID NOT cause this mess we're in now.

cartell_best

Why do some people post and just knock, what is in effect, job creation? Some people seem to be thinking that minimum wage in a job is something that is seen as abuse of resources, etc.. How many people in Wexford will get a job as a result of the announcement by Eishtec, before Christmas? How many people before the announcement probably felt a complete sense of hopelessness? But will now go to an interview and get a job, hopefully offered before the 25/12. What a brilliant way to go into 2013, new job, new hope! Me personally? It sounds like one of the best gifts one human being can give to another.