Recession is back baby

eggy81

ChikiChiki wrote: »

You're in a good situation. I would however be very cautious of taking what any company tells you as gospel. Nothing is certain right now.

Demand for Commercial Real Estate will likely fall through the floor with the switch to remote working. The same with housing demand. The whole landscape has been uprooted. It takes time for this to filter through but banks will be cautious of where they put their money.

Its grand. We can just turn it all into data centres when everyone is working from home. Gov need to get the finger out and sort out proper fibre to the house broadband for all areas of the country. Its the most important project in the country going forward IMHO.

Wanderer78

eggy81 wrote: »

Its grand. We can just turn it all into data centres when everyone is working from home. Gov need to get the finger out and sort out proper fibre to the house broadband for all areas of the country. Its the most important project in the country going forward IMHO.

broadband connection is indeed becoming critical, but an even bigger problem is data mining! we need to start gaining some sort of wealth from handing this stuff over, virtually for free!

Kivaro

Tuco88 wrote: »

At least this time we all have masks to rob the post office or a credit union if you're a risk taker...

If you were a risk taker, you would be doing it without a mask.

Brock Turnpike

Wanderer78 wrote: »

broadband connection is indeed becoming critical, but an even bigger problem is data mining! we need to start gaining some sort of wealth from handing this stuff over, virtually for free!

NBI are ramping up recruitment at the moment so they are definitely well on top of this and not behind schedule in any way. No, siree.

Wanderer78

Brock Turnpike wrote: »

NBI are ramping up recruitment at the moment so they are definitely well on top of this and not behind schedule in any way. No, siree.

lots of money being thrown at it

rtron

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.

And if you weren't spending you'd lamblasted for that aswell.
Well done sir, its people like you keeping the country afloat.

Wanderer78

rtron wrote: »

And if you weren't spending you'd lamblasted for that aswell.
Well done sir, its people like you keeping the country afloat.

i spend very little, work away folks!

Feisar

KungPao wrote: »

If my house suddenly was worth less than half, I’d be off! Adios. Start a new life under the sea maybe.

Why though? If it's a home and not an investment property what does it matter? Your house for example isn't in it's own bubble it is part of the market. If one buys a house for €250K and it goes up to €750K so did all the other similar properties. So if they sell the house and nett the €500K what then, go renting?

Wanderer78

Feisar wrote: »

Why though? If it's a home and not an investment property what does it matter? Your house for example isn't in it's own bubble it is part of the market. If one buys a house for €250K and it goes up to €750K so did all the other similar properties. So if they sell the house and nett the €500K what then, go renting?

gigantic drops in markets, particularly in housing markets, creates severe instabilities, particularly, economically, politically and socially, such a drop could be dangerous for us all, in all matters

rtron

Wanderer78 wrote: »

i spend very little, work away folks!

And if you were getting into debt you couldn't afford you'd be lamblasted for that.
Well done sir, its people like you stopping the country going deeper into recession.

Wanderer78

rtron wrote: »

And if you were getting into debt you couldn't afford you'd be lamblasted for that.
Well done sir, its people like you stopping the country going deeper into recession.

id argue for and against that also, economies are astonishingly complex beasts, to the point, i dont think anyone truly understands their workings, and may never do, our individual interactions with them, can have overall negative and positive effects on them. people can do what they want, what they believe is the right thing to do for themselves, but there are always consequences for these actions, both positive and negative for the individual and the collective, most importantly, make sure you re just simply enjoying life, and if you arent, change things, look after yourself and others as best you can, noting, fcuking up is normal

Lockheed

Gretas Gonna Get Ya! wrote: »

Why not?

Quite a few of our citizens could benefit from sticking around and learning the important lesson in life of not running away from problems.

This pandemic might even have a positive effect in changing that element in our culture a bit.

Imagine what the world would be like today if our ancestors who were in the Great Famine decided to stick around and starve to death instead of 'running away from their problems'.

Gregor Samsa

Atlantic Dawn wrote: »

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

Again, this recession is not the same as the last one.

The last one was caused by the banks becoming unviable due to being overburdened with debt. The had to stop lending because they couldn't afford to any more.

This one is caused by the fact that we deliberately, but temporarily, shut down a vibrant economy to prevent our healthcare system from being overloaded by victims of a pandemic virus. The banks run under a much more regulated system than they did in 2007, designed to prevent it happening again.

At the moment we're in a technical recession, which is absolutely no surprise. What is a surprise is that despite the lockdown, the numbers for Q2 in particular aren't as bad as they could have been.

What will tell us whether we're in an actual recession is what happens over the next couple of quarters when the economy is opened back up to a much greater degree.

But whatever way it works out, property and lending on it isn't the cause of this recession, so won't be the first victim.

Zak Flaps

Zak Flaps wrote: »

I'm so glad i still work in the sex industry!

There are some huge expansions and contractions in that, a real roller coaster ride!

Gregor Samsa

Gregor Samsa wrote: »

Again, this recession is not the same as the last one.

True, however it is the Government borrowing that concerns me the most.

Wanderer78

Gregor Samsa wrote: »

Again, this recession is not the same as the last one.

The last one was caused by the banks becoming unviable due to being overburdened with debt. The had to stop lending because they couldn't afford to any more.

This one is caused by the fact that we deliberately, but temporarily, shut down a vibrant economy to prevent our healthcare system from being overloaded by victims of a pandemic virus. The banks run under a much more regulated system than they did in 2007, designed to prevent it happening again.

At the moment we're in a technical recession, which is absolutely no surprise. What is a surprise is that despite the lockdown, the numbers for Q2 in particular aren't as bad as they could have been.

What will tell us whether we're in an actual recession is what happens over the next couple of quarters when the economy is opened back up to a much greater degree.

But whatever way it works out, property and lending on it isn't the cause of this recession, so won't be the first victim.

our banking system doesnt exist in a vacuum, as its complexly intertwined with the global system, and a similar set of conditions is currently occurring globally within our financial systems, i.e. a rapid decline in the demand for new credit, and an increase in the likelihood of defaults and none performing loans, be prepared for something!

Wanderer78

Deleted User wrote: »

True, however it is the Government borrowing that concerns me the most.

growing public debt rarely, but not never, has caused economic crashes, as historically, growing private debt has caused far more serious problems and crashes, as we recently experienced, i.e. dont worry too much about it, as its not a major problem

tonycascarino

October budget will be very interesting

Gretas Gonna Get Ya!

Wanderer78 wrote: »

so when people run out of options that suit them in this country, and 'runaway' to other countries, to potentially improve those options, theyre in fact running away from their problems????

In most cases, yes.

The people who stay, tough it out and come out the other end are in most cases much more impressive people.

Those who run, will always run... it's just in their nature. Every country has a certain % of these people. For some reason Ireland appears to have a higher % than other nations.

Lockheed wrote: »

Imagine what the world would be like today if our ancestors who were in the Great Famine decided to stick around and starve to death instead of 'running away from their problems'.

Famines, wars, ethnic genocide etc are very different to an economic downturn. They would be some of the genuine reasons why someone might leave a certain place.

Wanderer78

Gretas Gonna Get Ya! wrote: »

In most cases, yes.

The people who stay, tough it out and come out the other end are in most cases much more impressive people.

Those who run, will always run... it's just in their nature. Every country has a certain % of these people. For some reason Ireland appears to have a higher % than other nations.



Famines, wars, ethnic genocide etc are very different to an economic downturn. They would be some of the genuine reasons why someone might leave a certain place.

...and you have discussed this in great detail with these individuals, in order to obtain this 'opinion'?

nthclare

Gretas Gonna Get Ya! wrote: »

In most cases, yes.

The people who stay, tough it out and come out the other end are in most cases much more impressive people.

Those who run, will always run... it's just in their nature. Every country has a certain % of these people. For some reason Ireland appears to have a higher % than other nations.



Famines, wars, ethnic genocide etc are very different to an economic downturn. They would be some of the genuine reasons why someone might leave a certain place.

It's best to be adaptable to any situation.
Myself I am humble bragging as usual but when I got big inheritance in 2003 I left the cooperative world and settled into a cushy number which pays around the average industrial wage and in line with my degree in horticulture.

I had high notions and left the gardening world in 1999 joined a multinational, climbed the ladder. But being a dickhead didn't suit me,I was going through the legality of getting inheritance from an old relative and in my head I said when I have the money bagged,I'll leave this sh1t plebby IT job and go back to horticulture.
And I did, left the 65 hours a week and went back to the 40 for half the salary.
Didn't need the hassle of the endless pointless meetings, trying to pull the wool over people's eyes and nodding my head in approval of cut throat tactics and strategies.

I was a statistical analyst, and it was boring and the only rewards were guilt and an unhealthy conscious, for cutting jobs and man power...

Feisar

nthclare wrote: »

It's best to be adaptable to any situation.
Myself I am humble bragging as usual but when I got big inheritance in 2003 I left the cooperative world and settled into a cushy number which pays around the average industrial wage and in line with my degree in horticulture.

I had high notions and left the gardening world in 1999 joined a multinational, climbed the ladder. But being a dickhead didn't suit me,I was going through the legality of getting inheritance from an old relative and in my head I said when I have the money bagged,I'll leave this sh1t plebby IT job and go back to horticulture.
And I did, left the 65 hours a week and went back to the 40 for half the salary.
Didn't need the hassle of the endless pointless meetings, trying to pull the wool over people's eyes and nodding my head in approval of cut throat tactics and strategies.

I was a statistical analyst, and it was boring and the only rewards were guilt and an unhealthy conscious, for cutting jobs and man power...

My god the pointless meetings, or the pointlessly long meetings.

Wanderer78

nthclare wrote: »

It's best to be adaptable to any situation.
Myself I am humble bragging as usual but when I got big inheritance in 2003 I left the cooperative world and settled into a cushy number which pays around the average industrial wage and in line with my degree in horticulture.

I had high notions and left the gardening world in 1999 joined a multinational, climbed the ladder. But being a dickhead didn't suit me,I was going through the legality of getting inheritance from an old relative and in my head I said when I have the money bagged,I'll leave this sh1t plebby IT job and go back to horticulture.
And I did, left the 65 hours a week and went back to the 40 for half the salary.
Didn't need the hassle of the endless pointless meetings, trying to pull the wool over people's eyes and nodding my head in approval of cut throat tactics and strategies.

I was a statistical analyst, and it was boring and the only rewards were guilt and an unhealthy conscious, for cutting jobs and man power...

...and we remain, keeping these industries on a pedestal, then wonder how mental health issues are on the rise!

nthclare

Feisar wrote: »

My god the pointless meetings, or the pointlessly long meetings.

I know it was bloody awful, now I know why people who don't have mortgages and plenty of land etc just have a regular cushy number.

I was going to be a tobogganist, but there's not much snow in Ireland...

https://youtu.be/pRZeYHM1GzQ

Wanderer78

nthclare wrote: »

I know it was bloody awful, now I know why people who don't have mortgages and plenty of land etc just have a regular cushy number.

I was going to be a tobogganist, but there's not much snow in Ireland...

https://youtu.be/pRZeYHM1GzQ

i ll help you build a snow mountain, as long as i can jump in the back

nthclare

Wanderer78 wrote: »

i ll help you build a snow mountain, as long as i can jump in the back

No problem, there's room for two

Man with broke phone

Wait whats this bull****.

A statistical analyst has the same basic after 39 hours as a horticulturist?

He was doing 26 hours overtime a week though but was tired of it.

Go way out of that. Didnt want to live in the corporate world so tends a shovel and hangs out with the great unwashed turning sod.

Statistically what are the odds this is pony.

ChikiChiki

nthclare wrote: »

It's best to be adaptable to any situation.
Myself I am humble bragging as usual but when I got big inheritance in 2003 I left the cooperative world and settled into a cushy number which pays around the average industrial wage and in line with my degree in horticulture.

I had high notions and left the gardening world in 1999 joined a multinational, climbed the ladder. But being a dickhead didn't suit me,I was going through the legality of getting inheritance from an old relative and in my head I said when I have the money bagged,I'll leave this sh1t plebby IT job and go back to horticulture.
And I did, left the 65 hours a week and went back to the 40 for half the salary.
Didn't need the hassle of the endless pointless meetings, trying to pull the wool over people's eyes and nodding my head in approval of cut throat tactics and strategies.

I was a statistical analyst, and it was boring and the only rewards were guilt and an unhealthy conscious, for cutting jobs and man power...

Is everyone who works hard and gets promoted working for MNCs a dickhead in your narrow view of the world?

weldoninhio

Man with broke phone wrote: »

Wait whats this bull****.

A statistical analyst has the same basic after 39 hours as a horticulturist?

He was doing 26 hours overtime a week though but was tired of it.

Go way out of that. Didnt want to live in the corporate world so tends a shovel and hangs out with the great unwashed turning sod.

Statistically what are the odds this is pony.

Also had rich relatives dying off each time he wanted to try something new.

OMM 0000

ChikiChiki wrote: »

Is everyone who works hard and gets promoted working for MNCs a dickhead in your narrow view of the world?

This is boards. If you're doing well or in management it means you're evil. No one can accept their work related problems might be their own fault.