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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.

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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

listermint

As far as I know the definition of recession is negative growth for 2 consecutive quarters.

Q1 was plus 1.2%
Q2 was negative.

So I don't think that fits the definition. Hence my confusion about the premise of this thread.

Plumbthedepths

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.

MM I believe would be capable through incompetence of turning a recession into a depression.

screamer

Don’t worry Brexit will be along to sink the economy at year end.
We were also very badly affected by the last recession but lessons learned means we’ve savings that will almost clear all our loans if worst comes to worst. I hope people generally put money into a rainy day fund.

Gregor Samsa

listermint wrote: »

As far as I know the definition of recession is negative growth for 2 consecutive quarters.

Q1 was plus 1.2%
Q2 was negative.

So I don't think that fits the definition. Hence my confusion about the premise of this thread.

The point is that the CSO is now saying that Q1 was negative. From the Irish Times:

“ The CSO also revised down its initial estimate for growth in the first quarter to -2.1 per cent, meaning the Irish economy is now officially in recession.”

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

ChippingSodbury

tonycascarino wrote: »

Now we are going to see who really has money and who doesn't. Goodbye to keeping up with the Joneses.

I hear Jones is even having trouble keeping up with himself...

a very cool kid

Plumbthedepths wrote: »

MM I believe would be capable through incompetence of turning a recession into a depression.

What are you basing this on? Some media spin?

He's actually very competent and has done an awful lot of good in any ministerial role he has ever had.

It's an awful lot more difficult to reopen things than it is to just close them down. If you take away the political circus (and the fact Leo is trying to undermine him at every opportunity) he's actually not doing too bad a job.

screamer

Charlie19 wrote: »

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.

Construction is still booming. Huge volumes of work, can’t get enough qualified people. Bank lending will be the decider in whether the industry stays going or not.

Fuascailteoir

a very cool kid wrote: »

What are you basing this on? Some media spin?

He's actually very competent and has done an awful lot of good in any ministerial role he has ever had.

It's an awful lot more difficult to reopen things than it is to just close them down. If you take away the political circus (and the fact Leo is trying to undermine him at every opportunity) he's actually not doing too bad a job.

The current government is like a circus side show

Sleepy

a very cool kid wrote: »

What are you basing this on? Some media spin?

He's actually very competent and has done an awful lot of good in any ministerial role he has ever had.

It's an awful lot more difficult to reopen things than it is to just close them down. If you take away the political circus (and the fact Leo is trying to undermine him at every opportunity) he's actually not doing too bad a job.

As part of notorious crimelord Bertie Ahern's cabinets from 1997 through to 2008, Martin has previous form in destroying the country's economy.

Zak Flaps

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