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

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

Options
1…2122242627…38

Comments

  • Options
    #692
    Wanderer78
    Registered Users Posts: 29,010 ✭✭✭✭Wanderer78


    the_syco wrote: »
    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.

    there would have been nothing stopping us creating our own public banks, we may not have had an choice but to bail them out, but to do it with little or no changes or consequences was pretty damn stupid and reckless


  • Options
    #693
    gerrybbadd
    Registered Users Posts: 10,301 ✭✭✭✭gerrybbadd


    Salvadoor wrote: »
    https://twitter.com/SoleDublin/status/1277668513725984768

    Gerald is back baby

    Shame - they've removed it now


  • Options
    #694
    Glebee
    Registered Users Posts: 6,618 ✭✭✭Glebee


    Celtic Tiger sort of passed me by as well. Not really doing anything different now than I did back then I think. Less on socialise but im older now and not able for the hangovers...I got some tarmac done out of my SSIAs:o, I feel hard done by now reading this thread. Should have blew it on something else.


  • Options
    #695
    CrankyHaus
    Closed Accounts Posts: 2,281 ✭✭✭CrankyHaus


    Wanderer78 wrote: »
    there would have been nothing stopping us creating our own public banks, we may not have had an choice but to bail them out, but to do it with little or no changes or consequences was pretty damn stupid and reckless


    No need to reinvent the wheel. Just legislate for seperations between investment and retail banking as the Roosevelt Administration did in response to the Great Depression (which was then scrapped by the Clinton Administration at Wall Street's behest).


  • Options
    #696
    tylercheribini
    Registered Users Posts: 2,014 ✭✭✭tylercheribini


    Glebee wrote: »
    Celtic Tiger sort of passed me by as well. Not really doing anything different now than I did back then I think. Less on socialise but im older now and not able for the hangovers...I got some tarmac done out of my SSIAs:o, I feel hard done by now reading this thread. Should have blew it on something else.

    My abiding memory of it was it engendering the worst side of people:superficial,materialist,vacous nonsense. I dont think I "missed" out.


  • Advertisement
  • Options
    #697
    Wanderer78
    Registered Users Posts: 29,010 ✭✭✭✭Wanderer78


    CrankyHaus wrote: »
    No need to reinvent the wheel. Just legislate for seperations between investment and retail banking as the Roosevelt Administration did in response to the Great Depression (which was then scrapped by the Clinton Administration at Wall Street's behest).

    completely agree, reintroducing the glass steagall act was a critical thing to do, but it was not done, financial sector lobbyists made sure of that


  • Options
    #698
    One More Toy
    Registered Users Posts: 3,765 ✭✭✭One More Toy


    Feisar wrote: »
    "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.

    I learned to drive in a Nissan bluebird :)


  • Options
    #699
    One More Toy
    Registered Users Posts: 3,765 ✭✭✭One More Toy


    Wanderer78 wrote: »
    there would have been nothing stopping us creating our own public banks, we may not have had an choice but to bail them out, but to do it with little or no changes or consequences was pretty damn stupid and reckless

    We basically own AIB...


  • Options
    #700
    salonfire
    Registered Users Posts: 3,078 ✭✭✭salonfire


    Wanderer78 wrote: »
    there would have been nothing stopping us creating our own public banks, we may not have had an choice but to bail them out, but to do it with little or no changes or consequences was pretty damn stupid and reckless

    Just because you don't have any savings doesn't mean everyone is the same.

    People had their whole life savings in the bank. These are the people who were rightly bailed out.


  • Options
    #701
    Wanderer78
    Registered Users Posts: 29,010 ✭✭✭✭Wanderer78


    One More Toy wrote: »
    We basically own AIB...

    aib is currently being prepped to be returned to the private sector, it could be argued that it should remain in largely public ownership and/or simply create our own public banking system, similar to other countries, including European countries


  • Advertisement
  • Options
    #702
    Wanderer78
    Registered Users Posts: 29,010 ✭✭✭✭Wanderer78


    salonfire wrote: »
    Just because you don't have any savings doesn't mean everyone is the same.

    People had their whole life savings in the bank. These are the people who were rightly bailed out.

    deposits were/are guaranteed, the fact of the matter, we signaled, and signaled strongly to the financial sector, continue as you are, is in fact highly dangerous, virtually nothing has changed in this sector since the crash


  • Options
    #703
    One More Toy
    Registered Users Posts: 3,765 ✭✭✭One More Toy


    Wanderer78 wrote: »
    aib is currently being prepped to be returned to the private sector, it could be argued that it should remain in largely public ownership and/or simply create our own public banking system, similar to other countries, including European countries

    Don't know why because the bank itself isn't in great shape to be sold off, look at the share price since the govt sold a tranche

    I don't know specifics but I'm pretty sure KBC was the only bank not bailed out by the state. So fair play to them I'm sticking with them


  • Options
    #704
    salonfire
    Registered Users Posts: 3,078 ✭✭✭salonfire


    Wanderer78 wrote: »
    aib is currently being prepped to be returned to the private sector, it could be argued that it should remain in largely public ownership and/or simply create our own public banking system, similar to other countries, including European countries

    One minute you're moaning about having to bail out the banks, then when the cost could be recovered by selling it again, you're still moaning.


  • Options
    #705
    salonfire
    Registered Users Posts: 3,078 ✭✭✭salonfire


    Wanderer78 wrote: »
    deposits were/are guaranteed, the fact of the matter, we signaled, and signaled strongly to the financial sector, continue as you are, is in fact highly dangerous, virtually nothing has changed in this sector since the crash

    If the banking system was let collapse, what was one supposed to withdraw cash from? Or how were people with current accounts to be paid into?


  • Options
    #706
    the_syco
    Registered Users Posts: 37,297 ✭✭✭✭the_syco


    Wanderer78 wrote: »
    there would have been nothing stopping us creating our own public banks, we may not have had an choice but to bail them out, but to do it with little or no changes or consequences was pretty damn stupid and reckless
    The public bank would still need to borrow from somewhere.
    Wanderer78 wrote: »
    deposits were/are guaranteed, the fact of the matter, we signaled, and signaled strongly to the financial sector, continue as you are, is in fact highly dangerous, virtually nothing has changed in this sector since the crash
    If the banks were not bailed out, any money in said banks would have gone with the banks.


  • Options
    #707
    Wanderer78
    Registered Users Posts: 29,010 ✭✭✭✭Wanderer78


    again, we probably had no choice but to bail them out, but we done this without demanding changes within the financial sector, what a train wreck. fraudulent behavior has been proven to occur within the sector, yet no jail sentences, why!


  • Options
    #708
    Wanderer78
    Registered Users Posts: 29,010 ✭✭✭✭Wanderer78


    the_syco wrote: »
    The public bank would still need to borrow from somewhere.


    If the banks were not bailed out, any money in said banks would have gone with the banks.

    banks create money, this is what they do, this is what they have always done! public banks are no different!


  • Options
    #709
    One More Toy
    Registered Users Posts: 3,765 ✭✭✭One More Toy


    Wanderer78 wrote: »
    banks create money, this is what they do, this is what they have always done! public banks are no different!

    Join your local credit union


  • Options
    #710
    Odelay
    Registered Users Posts: 3,812 ✭✭✭Odelay


    Great, the banks.


  • Options
    #711
    freshpopcorn
    Registered Users Posts: 30,366 ✭✭✭✭freshpopcorn


    Odelay wrote: »
    Great, the banks.

    We were having such a nice time!


  • Advertisement
  • Options
    #712
    Wanderer78
    Registered Users Posts: 29,010 ✭✭✭✭Wanderer78


    One More Toy wrote: »
    Join your local credit union

    a public bank is a different beast altogether, far more powerful


  • Options
    #713
    howamidifferent
    Registered Users Posts: 1,817 ✭✭✭howamidifferent


    Can we get back to the good stories?


  • Options
    #714
    Necro
    Moderators, Social & Fun Moderators, Sports Moderators Posts: 51,217 Mod ✭✭✭✭Necro


    Mod:

    Indeed, let's not have a discussion on the banks ruin an enjoyable thread folks. Back on topic, the stories are really interesting and fun.


  • Options
    #715
    dresden8
    Registered Users Posts: 3,289 ✭✭✭dresden8


    One More Toy wrote: »
    We basically own AIB...

    We have always been owned by AIB.


  • Options
    #716
    ShatterAlan
    Registered Users Posts: 2,807 ✭✭✭ShatterAlan


    PhilOssophy wrote: »
    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!


    They are no more to blame than your grandmother being scammed out of her life savings by some bollocks running a non-existant hedge fund and giving her the hard sell over the phone or a gang of travellers pressuring her to have her driveway tarred.


    You are right in that a lot of people really went nuts with the credit card buying United season tickets, going to the F1 in Dubai, 3000 euro home entertainment systems, all on the never never.


  • Options
    #717
    TrailerBob
    Registered Users Posts: 1,503 ✭✭✭TrailerBob


    I worked in an engineering suppliers during the 'Tiger years. Some of the spending was collosal.. lads came in when they were doing the new golf course at the K Club and would spend 2-3 grand a week on tools, welding rods, workwear, you name it.. bottomless pit, and most of it wasn't for the site, but nobody was checking.

    Another customer used to stop in on the way to his boat in Sligo, and by stop in, he landed his helicopter in the yard... Much to my surprise one day as I drove in at the end of lunch break... whup whup whup whup....what the????

    Another day I had an oul lad come in buying 'a few bits for the yard'. He asked me to carry the 100m coil of rope out for him, and promptly blipped the key on a Ferrari F355 (not a replica.. real deal)


    My parents also invested in an apartment in Kusadasi in Turkey.. they had it for a while and sold it for a few grand profit. Money was in the bank about a month before the bomb blast that turned off investment there for a good while.


  • Options
    #718
    ShatterAlan
    Registered Users Posts: 2,807 ✭✭✭ShatterAlan


    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?

    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.


    The object of the exercise was to create a credit bubble. Package debt into completely bizarre vehicles like Mortgage Backed Securities, Collateralised Debt Obligations, Derivatives, sh1t like that. The banks were leveraged to the hilt. When subprime mortgages in the US, the first wave of them started to reset to a higher rate in 2007 people's mortgage payments suddenly trebled overnight and masses of defaults started the chain reaction. The banks knew that this was going to happen. It was a global thing not just Ireland. The banks got bailed out by the taxpayer while public services were gutted and austerity measures were imposed. It was the biggest shift in wealth upwards from the working and middle classes to the top.


    If you don't believe me just do some research or I'll gladly provide you with some interesting reading material. on the subject.


  • Options
    #719
    ShatterAlan
    Registered Users Posts: 2,807 ✭✭✭ShatterAlan


    nedkelly123 wrote: »
    I was 24 and the bank offered me 807K to buy 3 rental places on a salary of 40k !


    Did you bite?


  • Options
    #720
    SeaFields
    Registered Users Posts: 6,551 ✭✭✭SeaFields


    Not me (thankfully!). A barman I knew (not the bar owner - the guy worked in a bar) given 2.5m for various investment property purchases....


  • Advertisement
  • Options
    #721
    Necro
    Moderators, Social & Fun Moderators, Sports Moderators Posts: 51,217 Mod ✭✭✭✭Necro


    ShatterAlan, I already asked nicely for people to stop discussing financial institutions in depth in this thread.

    This is not a thread for that. Any further discussion you wish to have about the topic can be via PM or alternatively start a thread in a more appropriate forum.

    Final warning to get back on topic.


Advertisement