Recession is back baby

ShockChance

Ireland now officially in recession as economy shrinks by 6.1%

https://www.irishtimes.com/business/economy/ireland-now-officially-in-recession-as-economy-shrinks-by-6-1-1.4348513


Got absolutely raped in the last recession. At least this time I have a good chunk of savings. Let the fun begin.

Away With The Fairies

"no recession in your house"

If I hear this after spending a bit and treating myself, I'm gonna kill someone. Just fcuk right off.

Atlantic Dawn

From memory mortgage lending will stop first, house prices will tank.

punisher5112

If I hear your lucky to have a job I'm going down for multiple homicide.....

Oh also I pay your wages and how long will the next one be or you're early.....

Allinall

I feel deflated.

ShockChance

ShockChance wrote: »

Ireland now officially in recession as economy shrinks by 6.1%

https://www.irishtimes.com/business/economy/ireland-now-officially-in-recession-as-economy-shrinks-by-6-1-1.4348513


Got absolutely raped in the last recession. At least this time I have a good chunk of savings. Let the fun begin.

what fun?? it's a nightmare for the huge majority. Its the reason most middle age men killed themselves in the last one, trying to save the family home etc.
I get what you mean but the phrasing is off if you really have any idea of the deep impact on life and lives in Ireland. it;s also not like anyone can emigrate this time, nobody wants anyone's diseased diaspora.

SEPT 23 1989

We can't even session through this recession:(

jimwallace197

Its not even surprising how some people in this country take pleasure in the suffering of others anymore, sad f**ks. This is nothing to be laughing or making light of

ShockChance

rusty cole wrote: »

what fun?? it's a nightmare for the huge majority. Its the reason most middle age men killed themselves in the last one, trying to save the family home etc.
I get what you mean but the phrasing is off if you really have any idea of the deep impact on life and lives in Ireland. it;s also not like anyone can emigrate this time, nobody wants anyone's diseased diaspora.

It was just a light hearted joke on my part.

Trust me when I say I went threw hell in the last recession I know whats coming.

An Ri rua

SEPT 23 1989 wrote: »

We can't even session through this recession:(

Times have moved on man! It's an e-session now. On Zoom.
If that dystopian diarrhoea doesnt up the suicide rates, what will.

ChikiChiki

Official now, kind of hammered home today. Was lucky enough to be employed through the last one. Not too sure of this one.

Head down for the winter and try and get plenty of new skills on the CV.

Atlantic Dawn

ChikiChiki wrote: »

Official now, kind of hammered home today. Was lucky enough to be employed through the last one. Not too sure of this one.

Head down for the winter and try and get plenty of new skills on the CV.

Yes this one's a different kettle of fish, very few outs for people to head abroad to seek work.

ShockChance

Atlantic Dawn wrote: »

Yes this one's a different kettle of fish, very few outs for people to head abroad to seek work.

Thats the bit that scares me. You could feck off to Australia for a few years and make bank in the last recession. Now they are in serious lock-down. Taking no chances. arresting people with no masks on etc.

AMKC

ChikiChiki wrote: »

Official now, kind of hammered home today. Was lucky enough to be employed through the last one. Not too sure of this one.

Head down for the winter and try and get plenty of new skills on the CV.

Lol na fu,ck that. I got through the last recession ok and will get through this one too. It's going to be a weird recession do because instead of prices falling in shops, cinema's etc they will rise because of the pandemic and less customers to go to them too. Prices have already risen and will no doubt rise more. It should be the other way In a recession. At least house and car prices might fall do. Great them to buy during a recession.

ChikiChiki

Atlantic Dawn wrote: »

Yes this one's a different kettle of fish, very few outs for people to head abroad to seek work.

It really is batten down the hatches. Doing contract work, I have always been happy to up sticks if needs must but that's not really an option.

Hard to forcast where things will be at next week let alone where things will be at in February when my current contract ends.

ChikiChiki

AMKC wrote: »

Lol na fu,ck that. I got through the last recession ok and will get through this one too. It's going to be a weird recession do because instead of prices falling in shops, cinema's etc they will rise because of the pandemic and less customers to go to them too. Prices have already risen and will no doubt rise more. It should be the other way In a recession. At least house and car prices might fall do. Great them to buy during a recession.

They will just go out of business. A price increase is not sustainable in a recession where consumption is way lower.

ShockChance

Mr.S wrote: »

But the bounceback, the bounceback!

This is unique recession though, is it not? In the sense that some industries are largely unaffected and some people are actually better off due to income remaining stable / increasing and daily expenditure dropping?

(I am not a financial expert, thank god)

to me it looks like a case of rich getting richer and poor getting poorer

893bet

It will be a soft landing.

owlbethere

It's probably time to give the pensioners a boost in the pension and make young adults work an internship in McDonalds and Subway for the 100 euro dole a week. It's probably time that dole is reduced too. Make them work for 50 euro a week for good measure and give it to the oldies.

Trouser Snake

Stocking up on the three ply before things really hit rock bottom.

Gretas Gonna Get Ya!

Another recession, but all the patriotic folks who love to flee the sinking ship now have to stay on board and see out the storm!

Savings too, thank God

Tuco88

If the construction stays on track, it might not be as bad. Still a pitty to hear.

Gregor Samsa

It's a completely different type of recession to the last one, or any of the others we've had. Not downplaying it at all, but the causes, effects, and potential solutions to it are very different from the financial crisis. Certain sectors are being absolutely crippled by the restrictions, others are flourishing.

Away With The Fairies

With the budget coming up, I just hope they don't cut the dole. I've just started a new job but I could be out the door again next week.

As the figures include the full lockdown period hopefully the next quarterly national accounts won't be as bad and might be more representative of what we'll see into 2021.

landofthetree

Gregor Samsa wrote: »

It's a completely different type of recession to the last one, or any of the others we've had. Not downplaying it at all, but the causes, effects, and potential solutions to it are very different from the financial crisis. Certain sectors are being absolutely crippled by the restrictions, others are flourishing.

True enough.

But we are going to be adding a lot to the national debt. It will take a few years to balance the books.

jcd5971

I'm in a waaay better financial position this time around, so kinda looking forward to it, lots of opportunities last time as well but had no means to take advantage, this time however should be good.

AMKC

owlbethere wrote: »

It's probably time to give the pensioners a boost in the pension and make young adults work an internship in McDonalds and Subway for the 100 euro dole a week. It's probably time that dole is reduced too. Make them work for 50 euro a week for good measure and give it to the oldies.

Will you go fu'ck yourself with that stupid suggestion or better yet get a Mistress to Fu,ck you with all that money your swimming in you can no doubt afford it. Just because you have such a great life and have never had to be on the Dole does not mean you should bash people on it. You have no idea of there life.

owlbethere

AMKC wrote: »

Will you go fu'ck yourself with that stupid suggestion or better yet get a Mistress to Fu,ck you with all that money your swimming in you can no doubt afford it. Just because you have such a great life and have never had to be on the Dole does not mean you should bash people on it. You have no idea of there life.

I'm not bashing people on the dole and no way do I want to see people struggle and the dole cut. I hate dole bashing with a fcuking passion. So many people wanting and wishing for the government to tax the shirts of peoples backs who are on the dole.

My post ws a quick one to what happened last recession. Young adults got a hammering.

washman3

ShockChance wrote: »

to me it looks like a case of rich getting richer and poor getting poorer

That's exactly what the Lockdown was designed to do.
This is the price we pay for listening to hypocrites like Neil Ferguson of The London Imperial College.
And the mind-boggling thing is, we would do exactly the same thing again next year.

cj maxx

jcd5971 wrote: »

I'm in a waaay better financial position this time around, so kinda looking forward to it, lots of opportunities last time as well but had no means to take advantage, this time however should be good.

How so ? What kind of work will have an advantage? I’m not doubting but I’ll need to do something now so what sectors should I look at in your opinion ?

owlbethere

The effects of the last recession can still be seen today with the housing crisis. The cost of housing was 11 times the national average wage. The housing crisis is going to grow so much from here. The lockdowns effected mainly the lower paid professions. However there will still be a neeb for many of these professions like chefs, hairdressers, mechanics, childcare workers, etc. These people will be priced more out of the housing market now than ever before whereas other sectors who continued to work and work from home like technology sectors etc, they will be more likely to afford a home.

ChikiChiki

Gretas Gonna Get Ya! wrote: »

Another recession, but all the patriotic folks who love to flee the sinking ship now have to stay on board and see out the storm!

It's fantastic to see that you are getting some joy from the prospect of an overwhelmed welfare system.

I suppose if you're happy enough to pay for it for a good few decades.

Our national debt is already sky high and we were finally making some inroads with it

RonanG86

Away With The Fairies wrote: »

"no recession in your house"

If I hear this after spending a bit and treating myself, I'm gonna kill someone. Just fcuk right off.

The working class must survive on bread and margarine with no luxuries to purify their souls.

JasonStatham

I'll bet some people are absolutely delighted with this news.

I wonder how Ireland will cope with it this time around.

gourcuff

Speculating but austerity/cutbacks seem to be politically toxic, will we just keep borrowing like hell and the national debt will rocket?

nthclare

If this is the case they're going to have to hit some sort of reset button.

Because people are just going to get hammered, and maybe the banks could reduce people's loans and mortgages and burn the share holders this time.

Why look after a small percentage of conglomerates and put the average man and woman through all that financial pain again.

People are not going to put up with it again, no way...

Atlantic Dawn

gourcuff wrote: »

Speculating but austerity/cutbacks seem to be politically toxic, will we just keep borrowing like hell and the national debt will rocket?

Nothing wrong with borrowing in a recession if the money is spent wisely on say major infrastructure projects that will benefit the country for decades.

c.p.w.g.w

I've just recently started back after temporary layoff due to Covid19 I'm hopeful that I'll get a 2nd contract but after that I don't know

Amirani

nthclare wrote: »

If this is the case they're going to have to hit some sort of reset button.

Because people are just going to get hammered, and maybe the banks could reduce people's loans and mortgages and burn the share holders this time

Bank shareholders got completely wiped out. Hard to believe there are people about who aren't aware of that.

Charlie19

Nothing about any recession in the headlines of the 5.30 news on VM.

We'll be grand.

AMKC

Charlie19 wrote: »

Nothing about any recession in the headlines of the 5.30 news on VM.

We'll be grand.

Its early yet. Only the start of it. It will take a while to see and feel the effects of it but technically we are in a recession as we have had two consecutive quarters of no growth in the Economy.

Charlie19

AMKC wrote: »

Its early yet. Only the start of it. It will take a while to see and feel the effects of it but technically we are in a recession as we have had two consecutive quarters of no growth in the Economy.

Just trying put a bit of positivity into thread.

Construction was one of the first industries to take a hit in the last recession but this time around the housing crisis might just buy us some time in the hope that something happens with finding some solutions to Covid19.

bobbyy gee

the Kiernan gang will be ok

topper75

Please, young men of Ireland, don't resort to growing pencil moustaches or mullets. Or wearing double denim. Or buying tickets to see Brush in Self-Aid. It seems like fun but it only lengthens the downturn.

Grab All Association

You can’t rely on these figures from April to June. Almost nowhere was open. I went into an electrical store today to buy a new kettle, the amount of people buying tablets and laptops for I presume back to school, Televisions etc. Wait until July - September figures are published and this’ll have picked up.

Lockdown fatigue is kicking in and people are desperate to spend.

Gregor Samsa

nthclare wrote: »

If this is the case they're going to have to hit some sort of reset button.

Because people are just going to get hammered, and maybe the banks could reduce people's loans and mortgages and burn the share holders this time.

Why look after a small percentage of conglomerates and put the average man and woman through all that financial pain again.

People are not going to put up with it again, no way...

You’re thinking of bondholders, not shareholders. Two completely different things. Bank shareholders lost everything when the banks were nationalised last time. It was the bondholders that were protected by that action.

Also, don’t confuse a credit crunch with a pandemic lockdown. Two completely different things. Banks have little to do with this one. Forgiving debt isn’t going to help in the long run, as it will cause a credit crunch which will only make things worse.

Just because it’s a recession doesn’t mean it has anything to do with the last one. A recession is merely a technical term for two quarters of negative economic growth. What causes that, and what to do to get out of it, is all that really matters. Also. We had two quarters with exceptional and unprecedented events that were out of the control of the economy. We shut down most of our economy for the sake of the health system. We began to undo that in Q3, and are continuing to do so. It’s the next two or three quarters that will allow us to see what the real situation is.

Church on Tuesday

My generation never stood a chance.

Zebra3

Relax, folks, Micheál Martin is running the country.

It's not like we're stuck with some useless gimp that has previous for absolutely destroying the economy.

Zarco

Zebra3 wrote: »

Relax, folks, Micheál Martin is running the country.

It's not like we're stuck with some useless gimp that has previous for absolutely destroying the economy.

True we can all relax