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Stories from the Celtic Tiger Years Mod Warning in OP PLEASE READ

chops018

Does anyone have any good (or bad) stories from the Celtic Tiger years?

You always hear phrases about how people partied etc., was there just a constant flow of credit available to people and people actually taking the money e.g. was there actually teachers on circa €30k a year buying a house and car and an apartment somewhere.

I was in school and college during these years, graduated into the recession, so I didn't really see what was fully going on at the time bar the fact everyone was working and had money. My dad was working on the buildings on great money and my mam was working away also, we were never stuck really money-wise, also rent seemed to be a lot cheaper back then and fuel and also my college fees were only around €800 a year along with wages being fairly similar to what they are now (from what I can remember anyway, will stand corrected if I am wrong)

Mod warning: Any further discussion of Financial institutions in depth will result in a thread ban. Do not derail this thread with that form of discussion.

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ShatterAlan

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BattleCorp

Leg End Reject wrote: »

If you weren't a dickhead as a teenager you weren't doing it right!

To be fair, not all teenagers are dickheads. The ones who aren't dickheads are ar5eholes.

One More Toy

Leg End Reject wrote: »

If you weren't a dickhead as a teenager you weren't doing it right!

Think I was blinded by it all, I saw other parents with fancy new cars and we were stuck with a 4 year old toyota. Even gave my parents stick for not having an ssia

ShatterAlan

L1011 wrote: »

I was offered a 100% mortgage on a house in Kilbeggan when I was on 31k. Its affordability was based on assuming I'd rent rooms out to the rent-a-room max amount.

My parents talked me out of it.

Keep listening to your parents.

ShatterAlan

I would come back at Christmas from living in Amsterdam where I own an apartment. Go to the local and earwig on blokes who took their fcuking kids to Lappland to see "Santy"

"What are you doing in Holland? I have 4 houses, 3 cars and me and me mates own a racehorse"

2006

2009...BANKRUPT...and living back with Mum....in hock forever or bonking off to Wales for a year on a settlement.

ShatterAlan

completedit wrote: »

Reading the Pope's children here after going through this thread. Indulgence and arrogance is a horrible mix and seems there was plenty of it during the celtic tiger. We were like the teenager from a strict family who goes on the tear once they get a bit of freedom *

Not a Dave McWilliam's analogy

I read the book as well.

What a bunch of **** they were.

seenn00J

I remember in 2005, myself and my younger brother (both early 20s at the time) trying to convince our parents to put everything they had (modest pension, ssia, savings, etc.) and use the family home as collateral to buy a block of 6 apartments in the backarse of Meath somewhere to help fund their retirement. We had everything worked out for them, monthly rental income/mortgage payment, what year the loan would be cleared, how much the apartments would be worth when paid off, etc. Even went as far as making an appointment to speak with a manager in BoI for them. Thankfully they weren't complete morons and didn't go ahead, but it scares me sometimes they even considered it and didn't laugh us out of the house. It would have completely ruined them within 4-5 years. Another scary fact is we both worked in banking/finance jobs ourselves at the time. We just couldn't comprehend the idea that property prices or rental income could EVER do something as crazy as falling.

Ubbquittious

Wildly Boaring wrote: »

Harvey Norman this week!!

Probably still made In China with the same cheap tat as every other kettle and will leak or stop working in a couple of years

upandcumming

There was a thread similar to this one during the recession, where the question was something like: What have you given up since the bust?
One post that stood out, a joke of course:

Leaving the car running all night to save you from having to turn it on in the morning.

Reading some of the great stories makes this story seem less ridiculous!

sabat

upandcumming wrote: »

There was a thread similar to this one during the recession, where the question was something like: What have you given up since the bust?
One post that stood out, a joke of course:

Reading some of the great stories makes this story seem less ridiculous!

I still remember this classic post from one of those threads:

forfuxsake wrote: »

Most couples I know had a young Vietnamese or Thai girl to help out in the bedroom with a bit of his n' hers oral playtime. When they broke down or got ripped they simply smothered them with a pillow, tied the body to a jetski and let it race out into the Atlantic until it ran out of petrol and sank.

Then they simply ordered another one and it all began again.

https://www.boards.ie/vbulletin/showthread.php?p=78054205

Rodney Bathgate

upandcumming wrote: »

There was a thread similar to this one during the recession, where the question was something like: What have you given up since the bust?
One post that stood out, a joke of course:

Reading some of the great stories makes this story seem less ridiculous!

I accidentally did that once. Wasn’t using the car much, got a battery warning one evening, planned to leave it running for a few hours but forgot about it. Left the house next morning for work, walked past the car, up the road to the DART then remembered.

buried

Memba that time Permanent TSB had the 'Shah of Iran' AKA 'Billy Batts' doing advertisements for mortgages and other crippling loans that ended up crippling everybody?

"Permanen TSB, Bankin........only bettaa........... Now go get ya F**kin Shinebox"

ShatterAlan

Claw Hammer wrote: »

The real problem was not people not managing money, it was their behaviour when they had it. They were far too ostentatious, lacking discretion and vulgar.

The REAL problem was creating a bubble and then bursting it.It was a manufactured operation

People talk smack about "Eddie" the barman and his gf Consuela the kitchen porter being given 500k loans, as if it was their fault.

They were tools and fools in a massive heist. Give people a load of money on a debt load, have them run up superior amounts of debt further, then crash them and sell their foreclosed assets. You have Eddie and Consuela in hock for the rest of their lives and you now have the gaff they were fooled into buying for 500k.

That, my friend, is called willful misrepresentation. It is also called fraud.

Financial advice is like legal or medical advice. It has to be not only regulated but covered by a code of ethics.

If a doctor tells you "It's all good...smoke up Johnny" .... bad advice
Likewise a lawyer...."Relax, mate, you're covered. No impropriety"

And a banker says "Take all this loot. Sound mate. You won't have to pay it back. Gonna be great, lad" ......Willful misrepresentation, and illegal.

But the trick worked.

One More Toy

dublinman1990 wrote: »

Fruugo.ie has them for €699. I know it's optional to buy them but are they mad?

https://www.fruugo.ie/adidas-yeezy-boost-700-wave-runner-b75571-shoes/p-24554457-53245002?language=en

A thousand quid for a size 8.... And €50 shipping cost!

PhilOssophy

ShatterAlan wrote: »

The REAL problem was creating a bubble and then bursting it.It was a manufactured operation

People talk smack about "Eddie" the barman and his gf Consuela the kitchen porter being given 500k loans, as if it was their fault.

They were tools and fools in a massive heist. Give people a load of money on a debt load, have them run up superior amounts of debt further, then crash them and sell their foreclosed assets. You have Eddie and Consuela in hock for the rest of their lives and you now have the gaff they were fooled into buying for 500k.

That, my friend, is called willful misrepresentation. It is also called fraud.

Financial advice is like legal or medical advice. It has to be not only regulated but covered by a code of ethics.

If a doctor tells you "It's all good...smoke up Johnny" .... bad advice
Likewise a lawyer...."Relax, mate, you're covered. No impropriety"

And a banker says "Take all this loot. Sound mate. You won't have to pay it back. Gonna be great, lad" ......Willful misrepresentation, and illegal.

But the trick worked.

Well Eddie and his gf Consuela are at least partly to blame and you can't say that they bear no responsibility.

Anyway, as said before seriousness is against the spirit of this thread!

CrankyHaus

Does anyone remember those brutal Anti-Cocaine Ads they ran around 2006?
"The Party's Over" was the tagline, accompanied by a graphic of a balloon popping I think.
How would that persuade anyone to not do bag?
If you want to turn people off drugs just throw up accounts of people who shagged their lives up from it, don't use bossy national school Muinteoir language at adults.

Salvadoor

https://twitter.com/SoleDublin/status/1277668513725984768

Gerald is back baby

Sky King

That gives me a pain in my sole

Beechwoodspark

The comments on twitter for that are worth a read

blindside88

Beechwoodspark wrote: »

The comments on twitter for that are worth a read

Just had a quick read of them. Some very funny, some would give you a pain in your hole from their high horse

MyPeopleDrankTheSoup

ShatterAlan wrote: »

The REAL problem was creating a bubble and then bursting it.It was a manufactured operation

People talk smack about "Eddie" the barman and his gf Consuela the kitchen porter being given 500k loans, as if it was their fault.

They were tools and fools in a massive heist. Give people a load of money on a debt load, have them run up superior amounts of debt further, then crash them and sell their foreclosed assets. You have Eddie and Consuela in hock for the rest of their lives and you now have the gaff they were fooled into buying for 500k.
<snip>
And a banker says "Take all this loot. Sound mate. You won't have to pay it back. Gonna be great, lad" ......Willful misrepresentation, and illegal.

But the trick worked.

So the banks knew all along and were screwing Eddie and the likes? Then how did the banks lose a fortune as well and had to be taken over?

Nearly everybody lost in this game. Except the people who sold at the top and sat on on their cash of course. The banks didn't do that.

Wanderer78

MyPeopleDrankTheSoup wrote:

So the banks knew all along and were screwing Eddie and the likes? Then how did the banks lose a fortune as well and had to be taken over?

The banks didn't lose at all ffs, we bailed them out and said carry on lads, keep creating money there, keep inflating asset prices, it's all good!

Feisar

One More Toy wrote: »

Think I was blinded by it all, I saw other parents with fancy new cars and we were stuck with a 4 year old toyota. Even gave my parents stick for not having an ssia

"4 year old toyota" says he! Just be glad you were never outside Mass baiting the starting motor on an ould Nissan Bluebird with a hammer in an effort to get her to start.

nedkelly123

I was 24 and the bank offered me 807K to buy 3 rental places on a salary of 40k !

Feisar

I came out of college two years before the bust. Working for a main contractor on a big project it was rare if some subbie wasn't bringing us out for a meal and drinks every week.

Went to a wedding with my GF at the time. Lads only a couple of years older than me were all driving the best of yokes.

Out of college a wet week and the bank was ringing me up about loans. Actually back in college I remember lads getting loans due to their "earning potential", whatever the feck that is.

One of the lads at work getting caught just before the burst. He bought a house right at the peak.

When I was in college, trades coming in getting cheques changed. The bar owner would purposefully have the cash on hand so the boys would sit down and drink a fair ball of it.

nedkelly123

a guy i knew in school drove past me in 2006 in a brand new rangerover .. he left school at 15 ... he was a bricklayer ...

the_syco

Wanderer78 wrote: »

The banks didn't lose at all ffs, we bailed them out and said carry on lads, keep creating money there, keep inflating asset prices, it's all good!

We had two options;

Bail out the banks, and we'd still have banks in Ireland.

Not bail out the banks, and use the banks not in Ireland.

The problem with the latter is that we'd be asking for a bank not in Ireland to lend to a country that has no banks, and no way of enforcing debt. Unlike the UK where they can take your stuff and sell it, apart from the Monk coming over to you, there's not much reason for you to pay up if you don't want to. So if the bank was going to lend to anyone in Ireland, the risk would be high, so thus would the interest.

spurious

The Celtic Tiger years passed me by. I didn't have much left from my teaching salary after paying bills and the mortgage. I was brought up being told if I wanted something, I should save for it and buy it, not borrow for it, so no foreign apartments for flash cars for me.

Ironically, many of the 'unemployed' families of the children I taught bought foreign apartments at the time. I remember one child telling me twelve of her family were going to Florida for Christmas and on a ten day cruise afterwards. A lovely life some in this country had/have.

howamidifferent

spurious wrote: »

I remember one child telling me twelve of her family were going to Florida for Christmas and on a ten day cruise afterwards. A lovely life some in this country had/have.

Was it miss cash?

tylercheribini

My stories pale in comparison to ones here but I do recall stilettoed women in my home town getting taxi's for a 200 yard journey down the main street. My friend also managed to get a mortgage whilst on the dole, what could go wrong?

BattleCorp

nedkelly123 wrote: »

a guy i knew in school drove past me in 2006 in a brand new rangerover .. he left school at 15 ... he was a bricklayer ...

I worked as a blocklayer/brickie's labourer for a while, about the year 1999/2000. As a labourer I was taking home close to £1000 per week with overtime, and a good, hard working brickie/blocklayer who didn't go on the lash would be on 4 times that.

Blocklaying is very hard work but it's one of the easiest trades to learn. Now getting good at it is another story.