Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Stories from the great recession years

  • 18-06-2020 9:47pm
    #1
    Registered Users, Registered Users 2 Posts: 3,170 ✭✭✭


    After reading the thread about the Celtic Tiger years, I thought it might be interesting to have one for stories about the great recession (good or bad).

    I was about 12 when the recession hit, and luckily my parent shielded me and my brothers from the worst of it.

    The worst thing to happen was my dad lost his job for a few months as he worked in construction. We got very lucky as his company kept finding new work to keep ticking over for a few years until the worst of it passed.

    My uncle lost millions building in a McMansion estate and lost his entire property portfolio (about 10 houses), and lost a few hundred grand in Anglo shares.

    The best thing to happen was that through watching the news and observing people around me I probably became more aware of the economy and how the world works than I should have.


«1

Comments

  • Closed Accounts Posts: 137 ✭✭5555555555


    I remember previously snobby bars were mad to get you in , runners and all .


  • Registered Users, Registered Users 2 Posts: 6,292 ✭✭✭Ubbquittious


    I remember petrol at 99c a litre down from about 1.40. I had just passed my driving test so I was delighted. Still in college when it hit. Like I mentioned in the other thread nobody in my family bought any property or did much splurging. Was still going on regular trips abroad and generally had a grand auld time, did a good bit of visiting different parts of the country all on the cheap of course. The one nuisance was of course languishing and trying to finding a job which I found impossible until 2013 and only got that because I had some unusual combination of skills nobody else had.

    It was mad how things went back to normal after the recession hit. The queues outside night clubs in Cork vanished, prices in the shops went down quite quickly, the bouncers who were complete dickheads to me before with finding excuses not to let me into places because I didn't look posh enough suddenly vanished. There was a shop in cork that sold only hot tubs and they had a massive closing down sale. All the hot tubs were sh1te quality plastic ones from China of course.

    Just like now there was an 'inertia period' where people didn't quite believe what was happening especially for people selling houses. High asking prices stayed up as ghost estates were starting to appear.

    You had those lumbering idiots Noonan and Phil Hogan on the tellybox telling us how it was all our fault and we had to pay all these new austerity taxes that are still here today. Fianna Gael getting in on their "not one red cent" manifesto and quickly cosying up to the bondholders and paying them all as soon as they had their mandate.


  • Registered Users, Registered Users 2 Posts: 2,081 ✭✭✭theguzman


    We ain't seen nothing yet compared to what is currently unfolding


  • Closed Accounts Posts: 7,275 ✭✭✭Your Face


    I remember the ads on television suddenly changing, with a lot of talk about 'community'.

    It was like it went from Dallas to Glenroe.


  • Registered Users, Registered Users 2 Posts: 7,771 ✭✭✭Dr. Bre


    theguzman wrote: »
    We ain't seen nothing yet compared to what is currently unfolding

    Stay at home


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 2,639 ✭✭✭completedit


    I was in school and college until 2015. LC, year, out, repeated LC, college. So the time went by quick and was sort of like a daze. By 2013, the good times seemed to be coming back. Maybe a more sustainable good times. It seemed like a fairly prosperous time looking back.
    Nights out were extremely cheap. But think that was just me.


  • Registered Users, Registered Users 2 Posts: 1,794 ✭✭✭Aongus Von Bismarck


    I had a cousin who went from being a plumber to a 'developer' during the boom period. AIB were throwing so much money at him that he was paying contractors with houses for work. He ended up building an 8 bedroom house for himself on 12 acres of land. It had 9 toilets. And a helicopter pad.

    He ended up working in Boston Scientific.


  • Registered Users, Registered Users 2 Posts: 15,211 ✭✭✭✭ILoveYourVibes


    My dad was diagnosed with cancer .during this time...he couldn't get a medical card ..so dipping into own money....waiting list for oncology was awful ...he tried beacon clinic but the day before he was supposed to start treatment they said they were not doing that treatment there

    So he had to go down to waterford ...all the way down ..and back up to dublin each time ...feeling awful etc ...

    They were cutting everything.

    Just before he got diagnosed i was seriously ill in hospital ..i could see cuts happening around me.

    I could see the unfairness.

    I could see the people with the least being asked to suffer to save the people with the most.


  • Registered Users, Registered Users 2 Posts: 3,858 ✭✭✭Church on Tuesday


    I was in school and college until 2015. LC, year, out, repeated LC, college. So the time went by quick and was sort of like a daze. By 2013, the good times seemed to be coming back. Maybe a more sustainable good times. It seemed like a fairly prosperous time looking back.
    Nights out were extremely cheap. But think that was just me.

    Trust me, they were not.


  • Closed Accounts Posts: 5,995 ✭✭✭Ipso


    Went home for a visit in 2009, was out in the main place on a Saturday night. Loads of late teens, early twenties drinking fat frogs.


  • Advertisement
  • Moderators, Regional Abroad Moderators Posts: 2,322 Mod ✭✭✭✭Nigel Fairservice


    I was in college during the Celtic Tiger years so those years passed me by. Every penny I had was for college. I finished my masters in 2009 and it was straight to the back of the dole queue for me unfortunately. I did a lot of short term contracts during the recession, was very broke for most of it. Thankfully I didn't have any debt during those years. Went to Canada for a while and lived/worked at a lovely lake in the Rockies. Had a great time. Came home and eventually found something permanent. On days when I bored at work I wish I was back at the lake :pac:


  • Posts: 0 [Deleted User]


    My job wasnt affected so I was lucky, but for me it worked out well in some ways. I moved out of home in 2011 and i remember we were paying 800 a month rent for a 3 bed house in D8. I bought a house in 2013 that I would never be able to afford now despite earning way more now. I also picked up a really nice car for feck all.

    But I lost loads of friends to Australia and Canada and hated the general worry and sense of doom in the air. I used to watch Vincent Browne before bed every night and it was all end of the world stuff


  • Registered Users, Registered Users 2 Posts: 2,784 ✭✭✭Motivator


    2008 to 2013 were scary in Ireland, maybe not in Dublin but the rest of the country they were. I was working in Dublin around 2009 and I hadn’t been home in three or four weeks. I remember coming home to see shops and restaurants, ones I had been in the previous time I came back a month or so previous, literally abandoned. Factories and other big employers in the city cut their workforce seemingly overnight. Although my family weren’t nearly as affected as others, the sense of worry I felt looking at my parents panicking is still something I think about from time to time. It was a horrible time and one that I wish never returns. At least back then people could jump on a plane and go to England or further afield to get work, that can’t happen now which adds an extra bit of danger to the current situation we’re in.


  • Registered Users, Registered Users 2 Posts: 2,464 ✭✭✭FGR


    and it was all end of the world stuff

    Ah I miss the arguments between Vincent and Constantine about how much debt ireland would be stuck with.

    Tbf to Constantine he was right about the quarter trillion figure - possibly wrong about Ireland defaulting.

    Where is he these days ?


  • Registered Users, Registered Users 2 Posts: 12,033 ✭✭✭✭Richard Hillman


    I quit my job in late August 08 and then about a week later it was announced we went into recession. Jobs were easy to come by one week and then the market totally collapsed in an instance.

    The signs were all there in hindsight but things absolutely kicked off in September 08.

    A similar thing happened this time. My place of work was due to close in April this year for non covid reasons. I was offered a relocation but said the work was too stressful for such little reward and I'm intending to go on holiday for the entire summer. A couple of weeks later it became apparent that Covid was out of control in Italy and it was heading our way.


  • Registered Users, Registered Users 2 Posts: 15,211 ✭✭✭✭ILoveYourVibes


    FGR wrote: »
    Ah I miss the arguments between Vincent and Constantine about how much debt ireland would be stuck with.

    Tbf to Constantine he was right about the quarter trillion figure - possibly wrong about Ireland defaulting.

    Where is he these days ?
    Constantine was right about a lot of things.


  • Registered Users, Subscribers, Registered Users 2 Posts: 47,352 ✭✭✭✭Zaph


    I left school in 1984 - now that was a real recession. I was lucky enough to get a reasonably well-paying temporary job with one of the main banks the year after. In the meantime my father closed his business as it just wasn't sustainable, but as he was self-employed he wasn't able to claim the dole. He got some pittance in unemployment assistance, and together with that, the money I was handing up and some nixers he was able to do my parents made sure that the mortgage that only had a few years left to run got paid, bills were paid and we didn't go hungry. They were their main objectives, and they somehow succeeded, mainly due to how good my mother is with managing money. After leaving the bank I ended up on the dole for 4 or 5 months and came very close to emigrating, which many that I went to school with did. However I somehow managed to get a job and stayed in Ireland, but it was still very bleak for a good few years after that. Bad and all as things got after the Celtic Tiger years, I never want to go back to how bad it was in the 80s and early-90s, it really was a soul destroying time.


  • Registered Users, Registered Users 2 Posts: 3,858 ✭✭✭Church on Tuesday


    FGR wrote: »
    Ah I miss the arguments between Vincent and Constantine about how much debt ireland would be stuck with.

    Tbf to Constantine he was right about the quarter trillion figure - possibly wrong about Ireland defaulting.

    Where is he these days ?



  • Registered Users, Registered Users 2 Posts: 1,192 ✭✭✭chrissb8


    I finished school when the recession started. Everything was just so bleak for the next 4-5 years. Constantly being told things will never be the same and we should shape up for an economy with no prospects for us in our lifetime. Even walking down the main street in my town became a sorry affair, business after business closing down, week after week. Once things moved past to 2012 I thought everything started to get a bit better in terms of the general mood and outlook.

    In a way though, it was a great time, a night out in Dublin was cheap with Magaluf-Esque drink deals going on (Diceys being a notorious destination for getting royally drunk on 30eu). Restaurants with previous notions suddenly started doing 2 for 1 or early bird specials. Trips around Ireland being very affordable. Cinema tickets etc.


    Ireland will be fine after this, I'm in Britain currently and the s**t is about to really hit the fan in a next couple of months and I think Ireland stand to gain favourably as an educated workforce who speak English placed in a country that is a port to Europe.


  • Closed Accounts Posts: 5,995 ✭✭✭Ipso


    Zaph wrote: »
    I left school in 1984 - now that was a real recession. I was lucky enough to get a reasonably well-paying temporary job with one of the main banks the year after. In the meantime my father closed his business as it just wasn't sustainable, but as he was self-employed he wasn't able to claim the dole. He got some pittance in unemployment assistance, and together with that, the money I was handing up and some nixers he was able to do my parents made sure that the mortgage that only had a few years left to run got paid, bills were paid and we didn't go hungry. They were their main objectives, and they somehow succeeded, mainly due to how good my mother is with managing money. After leaving the bank I ended up on the dole for 4 or 5 months and came very close to emigrating, which many that I went to school with did. However I somehow managed to get a job and stayed in Ireland, but it was still very bleak for a good few years after that. Bad and all as things got after the Celtic Tiger years, I never want to go back to how bad it was in the 80s and early-90s, it really was a soul destroying time.

    I thought the recent recession would have been worse than the 80s as there wasn’t as much debt back then.


  • Advertisement
  • Registered Users, Subscribers, Registered Users 2 Posts: 47,352 ✭✭✭✭Zaph


    Ipso wrote: »
    I thought the recent recession would have been worse than the 80s as there wasn’t as much debt back then.

    The country was a lot poorer and unemployment a lot higher then, and there were some poor budget decisions made which made things even worse. At one stage some people were paying up to 60% tax, but there was still no money in the country because it was all being used to service our national debt. Much of that was built up due to the government trying to support the Irish pound, which was overvalued. So while the levels of personal debt were much lower, nationally we were up to our eyes in it and we took a lot longer to recover from recession than pretty much everyone else.


  • Posts: 0 [Deleted User]


    Zaph wrote: »
    I left school in 1984 - now that was a real recession. I was lucky enough to get a reasonably well-paying temporary job with one of the main banks the year after. In the meantime my father closed his business as it just wasn't sustainable, but as he was self-employed he wasn't able to claim the dole. He got some pittance in unemployment assistance, and together with that, the money I was handing up and some nixers he was able to do my parents made sure that the mortgage that only had a few years left to run got paid, bills were paid and we didn't go hungry. They were their main objectives, and they somehow succeeded, mainly due to how good my mother is with managing money. After leaving the bank I ended up on the dole for 4 or 5 months and came very close to emigrating, which many that I went to school with did. However I somehow managed to get a job and stayed in Ireland, but it was still very bleak for a good few years after that. Bad and all as things got after the Celtic Tiger years, I never want to go back to how bad it was in the 80s and early-90s, it really was a soul destroying time.

    The thing I neve understood is how right through the 1980s lots of housing estates were built and purchased who was buying them if most were unemployed or only working intermittingly.


  • Registered Users, Registered Users 2 Posts: 15,397 ✭✭✭✭rainbowtrout


    FGR wrote: »
    Ah I miss the arguments between Vincent and Constantine about how much debt ireland would be stuck with.

    Tbf to Constantine he was right about the quarter trillion figure - possibly wrong about Ireland defaulting.

    Where is he these days ?


    He's based in Los Angeles. He was on Mario Rosenstock's Sunday show on Today FM a few weeks back talking about the effects of the pandemic, Trump, general state of the economy etc.


  • Registered Users, Registered Users 2 Posts: 2,426 ✭✭✭McGrath5


    Graduated from college in 2008, I went through 18 months of unemployment / underemployed until I found full time work in late 2009.

    Had plenty of customer's in the new job at the time who would tell me stories of the banks chasing them daily / weekly on debt they could hardly afford to pay. One guy I knew had a Aston martin parked up in his drive way, couldn't afford to put petrol into it, never mind the motor tax.

    I never really experienced the Celtic Tiger and all it supposedly had to offer. It was only when I started working full time I have actually had a few quid to spare.

    I miss the recession in some ways, holidays were so cheap at the time. The 2 of us could head off to Spain or Portugal for a week, stay in a nice hotel and hire a car for what now seems like buttons. Appreciate there was a lot of hardship but it was a great time if you had a few quid to spend in your pocket.


  • Registered Users, Registered Users 2 Posts: 8,514 ✭✭✭BrianD3


    if I remember correctly, property prices kept falling until 2012/2013 but other parts of the economy were screwed before that.

    I think it was early 2009 when I was thinking about buying a new car and was offered (without any haggling by me) a 30% discount off a brand new car that a main dealer had in stock. Desperate to make a sale. Went bust shortly afterwards.

    Shortly after that, the gov. scrappage scheme was introduced with distributors/manufacturers also offering big top up discounts. It was possible to buy a new family car for a similar nominal price to what its equivalent would have cost 20 years earlier. Lots of threads in the Motors forum here at the time complaining about this discounting, the cars were rubbish, they'd depreciate heavily and break down etc. The words "gift horse" and "mouth" came to mind


  • Registered Users, Registered Users 2 Posts: 6,123 ✭✭✭Trigger Happy


    The 80s were grim but I remember my dad telling me about a kid in his school in the 30s who pissed on his own feet to warm them up.


  • Registered Users, Registered Users 2 Posts: 17,661 ✭✭✭✭BPKS


    The 80s were grim but I remember my dad telling me about a kid in his school in the 30s who pissed on his own feet to warm them up.

    That old excuse:D


  • Posts: 0 [Deleted User]


    The 80s were grim but I remember my dad telling me about a kid in his school in the 30s who pissed on his own feet to warm them up.

    My mother use to tell us stories about growing up in the 1930s that sounded like horrendous poverty and they were reasonably well of, so what way were the really poor who had nothing living.


  • Registered Users, Registered Users 2 Posts: 2,874 ✭✭✭Sunny Disposition


    I think the last recession was quite a bit worse than the one in the 80s, partly due to coming from a better base and it was particularly widespread also, very few people unaffected.
    The Vincent Browne show was brilliant, maybe I'm giving it too much credit, but I think it went a hell of a long way to dismantling the old FF/FG duoply. People saw that a lot of their representatives were muppets, the two parties now only get a vote around what FF on its own could get 25 years ago. Long standing family loyalty often melted away as people saw that Bertie, Cowen et al had abused it.
    The sense of decline was everywhere, there was a lot of panic throughout the recession, and people who couldn't see an end to the good times a few years earlier also felt the recession would never end. Then it did.
    For a few years it seemed like suicide was becoming rampant, that was the worst thing I think, too many awful funerals.
    There was a real sense that people realised they'd been 'had', that bankers, politicians and developers had created a massive artificial boom due to self interest and the ordinary people were going to have to clean up the mess. The public anger was huge, it was seen in the 2011 general election and the water charges protests, thankfully it very rarely became violent.


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 2,977 ✭✭✭mikemac2


    “No recession in their house” was a common sneer

    Once at a bus stop when Dublin Bus broke my heart once again I flagged a taxi as I had somewhere to be

    Some biddies also at the stop said that after me


  • Closed Accounts Posts: 2,281 ✭✭✭CrankyHaus


    The country had a real pervasive feeling of failure to it. Especially in the dying days of the FF-Green Coalition, when it seemed like a bunch of liars in denial were asleep at the wheel. The IMF coming to town, when the Government said they wouldn't, was an example of this. As was the big freeze when the country felt like it was grinding to a halt and Minister for Transport publicly refused to come home from his sun holiday to sort it out. All the usual clowns like Sinead O'Connor were revelling in the misery by coming out with statements like we should have never had our independence because we couldn't look after ourselves.

    My biggest regret was buying into that negativity and getting depressed about the future. If you have no obligations recessions are a great time to enjoy yourself, study extra skills and do all the other things you won't have time for when it's booming.

    Recession Sessions were great craic.

    Dublin had cool late-night unlicensed rave spots in semi-derelict buildings. There was at least one off Parnell St that only served vodka and went on till all hours. We ran into [insert Socialist firebrand here] there and he legged it while claiming it wasn't actually him.

    Friends lucky enough to have jobs could rent nice apartments in town for not that much. Grand Canal hadn't been colonised by Google and the Tech MNCs just yet.


  • Posts: 2,077 ✭✭✭ [Deleted User]


    Knew a guy in the midlands town where I grew up, locals tagged him a "loser" during the Celtic Tiger years, he lived on his mother's small farm, worked on the building sites and drove an old car.

    When the recession hit, he bided his time and bought a house in cash for peanuts. The people laughing at him were all up to their eyeballs in debt.


  • Registered Users, Registered Users 2 Posts: 283 ✭✭Salvadoor


    The utter depression associated with having nothing to do but trawl job sites, send out CV's and listen to Joe Duffy. Tough days


  • Closed Accounts Posts: 3,445 ✭✭✭Rodney Bathgate


    Salvadoor wrote: »
    The utter depression associated with having nothing to do but trawl job sites, send out CV's and listen to Joe Duffy. Tough days

    Listening to Joe Duffy has that effect on most people. Best avoided.


  • Closed Accounts Posts: 20,633 ✭✭✭✭Buford T. Justice XIX


    Zaph wrote: »
    I left school in 1984 - now that was a real recession. I was lucky enough to get a reasonably well-paying temporary job with one of the main banks the year after. In the meantime my father closed his business as it just wasn't sustainable, but as he was self-employed he wasn't able to claim the dole. He got some pittance in unemployment assistance, and together with that, the money I was handing up and some nixers he was able to do my parents made sure that the mortgage that only had a few years left to run got paid, bills were paid and we didn't go hungry. They were their main objectives, and they somehow succeeded, mainly due to how good my mother is with managing money. After leaving the bank I ended up on the dole for 4 or 5 months and came very close to emigrating, which many that I went to school with did. However I somehow managed to get a job and stayed in Ireland, but it was still very bleak for a good few years after that. Bad and all as things got after the Celtic Tiger years, I never want to go back to how bad it was in the 80s and early-90s, it really was a soul destroying time.

    1984 was the last of the bad years, my parents used say.

    My eldest sister left school that year and most of her class emigrated to look for factory and unskilled jobs and very few went to college.

    When I left school a short time later, the majority went to college and, while they still emigrated later, they went looking for good jobs as they had qualifications.

    And most of my year came back again to work in the 90s while my sisters year rarely came back except on holidays.

    Tbh, I seriously think we will be lucky to end up with a recession this time. A load of the financial flexibility that was available post 2008 isn't available now. To my mind, a depression is a lot more likely this time. We're unlikely to get much help from America as a major consumer of our products, our biggest trading partner has left our economic grouping and we've only just balanced the budget after 12 years of austerity.


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 9,921 ✭✭✭buried


    The one incoming is going to make the one from 2008 look like a birthday present.

    Make America Get Out of Here



  • Registered Users, Registered Users 2 Posts: 19,717 ✭✭✭✭Muahahaha


    chrissb8 wrote: »

    In a way though, it was a great time, a night out in Dublin was cheap with Magaluf-Esque drink deals going on (Diceys being a notorious destination for getting royally drunk on 30eu). Restaurants with previous notions suddenly started doing 2 for 1 or early bird specials. Trips around Ireland being very affordable. Cinema tickets etc.

    Thats actually very true. I was lucky in the last recession in that I never borrowed during the Tiger so was debt free and had a job all through it, most of my friends were the same and we made the best of it. Used to eat out in restaurants at least once if not twice a week, you could get 2 course early birds for 15 quid a head which was great value. Same with hotels, 4 star hotels on Groupon, Living Social doing a double room, breakfast and dinner on arrival for 70 quid. Those discount sites are empty of offers now and a stay in a 4 star with dinner would easily be 200+. Aldi/Lidl selling rib eye steaks for 2 euro another little bonus during those years and the German supermarkets coming into the market made the day to day recession times a lot easier for people in many ways

    It wasnt the same for everyone though. Have a family member who found themselves entering the recession having just paid 1.5 million for a house at the very top of the bubble which was now costing them the price of a brand new small car a month every single month. They didnt take a holiday for almost 6 years just trying to pay that house down and even now at best it would fetch 1 million so quite a hefty loss there even when it is fully paid for.


  • Posts: 0 [Deleted User]


    The last recession definitely shaped me as a person today. I was 16 when it happened. My auld lad had his hours cut and saw a lot of friends parents suffer a lot.

    I still had a part time job and I was reminded day in and day out by the parents how lucky I was to have it.

    The year before lads I knew were leaving school and college to start work early and then we were told to stay in college as long as possible. I was doing an arts degree to be a teacher but after all the austerity measures in 2010 and the prospect of a tiny percentage of my class actually getting to pursue education as a career I decided to do an IT conversion course afterwards to get a job in a more in demand sector.

    I became REALLY frugal after college, probably too much to be honest but the thoughts of the arse falling out of the economy and not recovering like everyone was saying it would terrified me. I'm not as bad when it comes to enjoying things now but am still really aware of spending and try to save a reasonable amount each month.

    And like a lot of people have mentioned, I do remember how cheap nights out became - great for an 18 - 20 year old at the time!


  • Registered Users, Registered Users 2 Posts: 10,839 ✭✭✭✭padd b1975


    The 80s were grim but I remember my dad telling me about a kid in his school in the 30s who pissed on his own feet to warm them up.

    That's an old SCUBA diving trick.


  • Registered Users, Registered Users 2 Posts: 14,039 ✭✭✭✭Geuze


    buried wrote: »
    The one incoming is going to make the one from 2008 look like a birthday present.

    The economy contracted sharply during Q2.

    If there is a recovery during Q3, then will that even count as a recession?

    A recession is typically defined as two consecutive quarters of negative growth.


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 842 ✭✭✭Hego Damask


    After reading the thread about the Celtic Tiger years, I thought it might be interesting to have one for stories about the great recession (good or bad).

    I was about 12 when the recession hit, and luckily my parent shielded me and my brothers from the worst of it.

    The worst thing to happen was my dad lost his job for a few months as he worked in construction. We got very lucky as his company kept finding new work to keep ticking over for a few years until the worst of it passed.

    My uncle lost millions building in a McMansion estate and lost his entire property portfolio (about 10 houses), and lost a few hundred grand in Anglo shares.

    The best thing to happen was that through watching the news and observing people around me I probably became more aware of the economy and how the world works than I should have.

    Must have really hurt you, I guess you only could get the new Range Rover every 2 years rather then yearly ...


  • Registered Users, Registered Users 2 Posts: 9,921 ✭✭✭buried


    Geuze wrote: »
    The economy contracted sharply during Q2.

    If there is a recovery during Q3, then will that even count as a recession?

    A recession is typically defined as two consecutive quarters of negative growth.

    But you have some sectors of the economy that reported there was no adverse effects at all, digital online companies like Amazon that made a fortune during lockdown.

    There is positive signs there, but that stuff is only positive for numbers, and most of that stuff bought on Amazon was paid for by credit card anyways.

    The real signs of this thing will be the effect on the streets

    There is now an absolute surplus of products left in storage that wan't used during the lockdown, oil, fuel, foodstuffs, then you will have the situation the likes of the Covid payment will stop, be definitely reduced, next thing you will have the credit card bills incoming to the people that splurged during the lockdown. Then you will have those that can work and are back to work taxed to the hilt to pay for the payments. The surplus products left in storage won't be bought.

    This is where the damage will start to kick in and completely take over.

    Make America Get Out of Here



  • Registered Users, Registered Users 2 Posts: 3,170 ✭✭✭antimatterx


    Must have really hurt you, I guess you only could get the new Range Rover every 2 years rather then yearly ...

    It didn't hurt me at all, I hardly know him. Although he made sure everything knew how much he lost because of the banks.


  • Registered Users, Registered Users 2 Posts: 1,742 ✭✭✭lalababa


    Geuze wrote: »
    The economy contracted sharply during Q2.

    If there is a recovery during Q3, then will that even count as a recession?

    A recession is typically defined as two consecutive quarters of negative growth.

    I'm in Cork City, the town is literally black with shoppers (mostly women), the industrial service estates are thronged with traffic. Suppose there is a bang of pent up demand. AFAIC Ireland is awash with money. And NO tourists probably this season. There will be a big dent in this year's tax takings maybe 15 billion, but it's just a quick sharp blip. What we are really waiting for is the rich people and investment companies to say hang on a minute the markets are overpriced, which they will, and then we will have a worse event than 2007/8.


  • Registered Users, Registered Users 2 Posts: 31,222 ✭✭✭✭freshpopcorn


    Well if we're talking about the 08 Recession.
    I was in 5th year at the time. I remember the teacher who loved FG coming in telling us Bertie was stepping. I remember I was at home when the Emergency Budget was on TV. It was the last thing I really watched with my grandmother before she went to hospital and died.
    Shops had good offers and places valued your custom more, snobbery around Lidl and Aldi declined.
    People used the excuse of the recession to get out of doing things.


  • Registered Users, Registered Users 2 Posts: 71,186 ✭✭✭✭L1011


    5555555555 wrote: »
    I remember previously snobby bars were mad to get you in , runners and all .

    The death of dress codes was probably the most beneficial result for me.

    I own two pairs of "fancy" shoes, one to go with each colour suit. They never get worn otherwise. Lots of city centre venues that didn't want me in in 2007 were delighted to take my money by 2009.


    I got a job in a fairly recession proof industry in 2006 - they had three rounds of redundancies before I left in 2013, by which time they worst of it was over. Still went from bonuses, overtime, blowout Christmas parties (they booked a decent hotel in its entirity for ~80 staff. I won 200 quid cash in the raffle over the dinner so came home richer than I went in despite the free bar not lasting the night) to having to argue over receipts for expenses by the end of it; but others had it way worse clearly.


  • Registered Users, Registered Users 2 Posts: 9,921 ✭✭✭buried


    The 08 recession I was living in a house with three other lads, all of us renting the property from this f**king absolute muck savage no mark foundation level neck merchant. As thick as he was, he knew the game was up, because the year beforehand in 2007 he offers the four of us to buy his mould infested $hitheap for the "bargain" price of 250,000euros each, "Ye'll make a fortune lads, shure they are going to need to knock this thing in order to make a laneway down the back to build a housing estate", This is how this shyster twank tried to sell it. "Down the back" was a flood plain that was 10 feet underwater in the winter of 2010. Two of the lads I was living with were even considering this lads offer. Moved out shortly after that. Don't know what happened. Probably the place got flooded too and they are all still in there.

    Make America Get Out of Here



  • Registered Users, Registered Users 2 Posts: 71,186 ✭✭✭✭L1011


    buried wrote: »
    The 08 recession I was living in a house with three other lads, all of us renting the property from this f**king absolute muck savage no mark foundation level neck merchant. As thick as he was, he knew the game was up, because the year beforehand in 2007 he offers the four of us to buy his mould infested $hitheap for the "bargain" price of 250,000euros each, "Ye'll make a fortune lads, shure they are going to need to knock this thing in order to make a laneway down the back to build a housing estate", This is how this shyster twank tried to sell it. "Down the back" was a flood plain that was 10 feet underwater in the winter of 2010. Two of the lads I was living with were even considering this lads offer. Moved out shortly after that. Don't know what happened. Probably the place got flooded too and they are all still in there.

    Landdirect.ie, 3 quid to satisfy your desire to know what happened. Come on, you know you want to.


  • Registered Users, Registered Users 2 Posts: 9,921 ✭✭✭buried


    L1011 wrote: »
    Landdirect.ie, 3 quid to satisfy your desire to know what happened. Come on, you know you want to.

    Hah! I drove past it a few months ago, lets just say the same green net curtains are up in the thing when I left it, and there is no "housing estate" down the back!
    But yeah f**kit might do it and see what the story is

    Make America Get Out of Here



  • Posts: 6,192 ✭✭✭ [Deleted User]


    Recession session in pubs,where all drinks were 2.50 to 3 euro.....quality terrible....but pished for 20 to 25 euro....happy days!!


    Waterford went sh1te in hurling,even worse kk went v.well,bunch of cùnts

    always seemed to rain too


  • Advertisement
Advertisement