Could Ireland be facing another recession? - Eddie Hobbs thinks so!

Liberty_Bear

Nowhere did I see a similar thread so I posted this one (at least one that directly looked at this). Eddie Hobbs (of Brendan Investments losing €13m fame) has raised his head above the parapet to detail why Ireland may be on a slide towards recession. I will let the Mirror pick it up

https://www.rsvplive.ie/news/irish-news/eddie-hobbs-says-ireland-firestorm-27232258

“Stagflation is when the inflation rate is running well above the economic growth rate. What that basically means is costs are rising faster than the economy is growing.

“Workers have no chance of recovering the losses they’re experiencing against inflation. They just can’t. People automatically go backwards. You’re in reverse gear.”

However, house prices won’t crash as they did in the last recession.

“The Central Bank has its foot on the throat of the credit under-writing in Ireland. Prices will flatten by 10% to 15% maybe, but that’s more to do with ‘demand destruction’ which is when they’ve squeezed it and there’s no-one left who can afford those prices.

--

House prices falling by 10-15%

Wages not rising to keep abreast the cost of living

Not being able to fill jobs at the moment is less money for the exchequer

A lot of us here got through the last recession , what will it cost us this time?

Everlong1

Has he not been discredited? Is David McWilliams not our economic guru now?

https://www.reuters.com/markets/europe/irish-economy-shrank-1-first-three-months-qq-2022-06-03/

the domestic econmy is well on its way,its pure quiet in work compared to last year even

Alot to be said for more severe government involvement and bringing in price controls across the board tbh,lot of placess are jumping on bandwagon and pricing emselves out of the market

mikemac2

He told his client the Limerick lottery winner to buy property in derelict Detroit and lost a fortune 🙄

Anyone here buy in Cape Verde? Has been discredited for years.

The thread is Politics forum is interesting and has much the same conclusion without the drama. Is a good read

Subzero3

People need to rise up. There should be Anarchy they wat things are going.

Liberty_Bear

https://www.boards.ie/discussion/comment/119202742#Comment_119202742

Mc Williams was laughed at when he said the last Celtic Tiger was coming to an end

Thought there is this...https://www.youtube.com/watch?v=6gWPmufcOTo

Yurt2

Eddie Hobbs is a fruitcake

Snugbugrug28

Eddie says it is so it isn't. The only thing he ever did right was call out the republic as a rip-off.

bigroad

Eddie should stay quiet and stop looking into his crystal ball .

Boggles

The crank couldn't predict Noon at 11:45.

Absolute simpleton.

Jim2007

https://www.boards.ie/discussion/2058250218/could-ireland-be-facing-another-recession-eddie-hobbs-thinks-so

If you are still following this clown, perhaps you'd be interested in a couple of black helicopters and bridge I'm looking to clear, going cheap.

Liberty_Bear

https://www.boards.ie/discussion/comment/119202825#Comment_119202825

Your stellar contributions are noted as per usual and are up there with Julien Mercile, Mc Williams and Stiiglitz. You sir should be mandatory reading on an Uni course

But getting back to the topic - regardless of what Eddie (of Brendan Investments losing €13m fame - did you not pick up on that) , are their signifiers for us heading to recession?

elperello

Listen to Eddie and David and anyone else who is holding forth on the economic prediction front and then take a deep breath and make your own decision.

Word of warning, it's a jungle out there.

[Deleted User]

https://www.boards.ie/discussion/comment/119202808#Comment_119202808

Given that recessions are pretty much an inevitability in the economy, I guess you can't blame economists for making a prediction that's almost certain to happen.

Liberty_Bear

https://www.boards.ie/discussion/comment/119202963#Comment_119202963

Nail on the head mate - at the most basic of levels there is some truth in what economists are saying (even if they lose 13 mil with Brendan Investments)

Wages have not kept up with inflation - we cant save nor can we afford the basics or just about

Yurt2

https://www.boards.ie/discussion/comment/119202973#Comment_119202973

Eddie is not and never was a trained economist (a profession that badly could do with being a protected job title), though he often attempted to package himself as one.

He worked in marketing for Irish Life for about a dozen years. He is, at heart, a marketing spoofer.

54and56

https://www.boards.ie/discussion/comment/119202973#Comment_119202973

Spot on Liberty, Eddie Cape Verde Hobbs predicting an imminent recession when the inflation genie is out of the bottle and interest rates are rising is about as insightful as a blind man predicting there will be a sunrise tomorrow.

The really challenging question to answer is how long and how deep will the recession be?

Liberty_Bear

Impossible to guess, the housing market is the keystone here in the problem. No affordable housing for families, homeless, immigrants, council list or those who are coming for work. No one can buy or rent.

Mad_maxx

https://www.boards.ie/discussion/comment/119202825#Comment_119202825

Hobbs is an idiot but at least unlike you, he doesn't hide whatever useful advice he might very occasionally have like a Cavan man hides his dinner in a drawer

newmember2

https://www.boards.ie/discussion/2058250218/could-ireland-be-facing-another-recession-eddie-hobbs-thinks-so

"Nowhere did I see a similar thread..."

https://www.boards.ie/discussion/2058247155/a-global-recession-is-on-the-horizon

no?

Liberty_Bear

https://www.boards.ie/discussion/comment/119203512#Comment_119203512

Too generalist - its about a global recession

Cdemess

Playing with other peoples money

entrepreneurs is a great buzz word.

sarah Newman was calling herself an entrepreneur too

54and56

https://www.boards.ie/discussion/comment/119203530#Comment_119203530

In fairness if you judge an Entrepreneur by the value they create and manage to personally extract then Sarah Newman ticked the box with NeedAHotel.com which she started from scratch and sold for €60m according to the Indo.

The fact she somehow manged to piss it all away on bad investments and other poor decisions is a cautionary tale but doesn't erase the fact that she was a successful entrepreneur.

Cdemess

https://www.boards.ie/discussion/comment/119203615#Comment_119203615

True, But she had it and lost it all. It’s all a gamble.

Jim_Hodge

Time to relax so if Eddie says something it's time to do the opposite. He hasn't a clue.

54and56

https://www.boards.ie/discussion/comment/119203649#Comment_119203649

Correct but she ticked the successful entrepreneur box pretty well, not many exit at such a valuation.

The successful investor and people judgement boxes she completely failed to tick unfortunately.

touts

The world wide numbers are very poor. Recession seems to be the best possible result at the moment.

But Eddie Hobbs is just repeating what most finance publications etc have been shouting about for a coupe of months now. He has been proven as a charlatan who just repeats the work of others and as in the buy property in Detroit fiasco he is incapable of analysis of the numbers in front of him.

https://www.boards.ie/discussion/comment/119202759#Comment_119202759

Wat thing? We, da peepl need ta no wat we r risn up agenst. Ta n advns.

Everlong1

https://www.boards.ie/discussion/comment/119203888#Comment_119203888

DA GOVVAMINT BUD !

https://www.boards.ie/discussion/comment/119203942#Comment_119203942

No, no, no. It’s Da Gubberment. Da Gubberment.

Liberty_Bear

https://www.boards.ie/discussion/comment/119203869#Comment_119203869

Looking at the Irish figures - the unemployment rate at the moment is hovering around 5%, it was around 4.98% in 2007 just before the crisis hit . Rising costs will find people living on the breadline. At a minimum some of the parties are calling for a rise to 12.90 an hour from 10.50 (22% pay rise). Collectively rents have risen much faster, 8% alone last year .