THE OFFICIAL AFTER HOURS RECCESION THREAD

utick · 26-09-2008 12:59AM #1

mods, sticky this thread.

here is where you discuss irelands fall into recesion

abitlonely · 26-09-2008 01:04AM

I think this deserves a thread in AH, not just economics.

I'm not sure, but I think I just heard that we're officially in a recession
ie. 2 consecutive quarters of negative growth.
Anyways, (**)it happens and I expect all will be well in about 2 years.
House prices will come down another bit to more reasonable levels.

AlmightyCushion · 26-09-2008 01:05AM

Sure it'll be grand.

reggiethefirst · 26-09-2008 01:06AM

Quote Tommy tiernan "The world is ****ed."

I blame the developers. They ****ed everything up.

abitlonely · 26-09-2008 01:08AM

reggiethefirst wrote: »

I blame the builders. They ****ed everything up.

for building?

Darragh29 · 26-09-2008 01:10AM

I'm delighted we are in recession. The craziness that has been going over the last few years just was starting to make me want to throw up. People going around in Range Rovers and X5's looking down their noses at everyone aroudn them, buying up houses here there and everywhere pricing people out of the market who couldn't afford one home, now stuck living out in the back arse of nowhere facing 2 hour commutes to work and home every day...

The only problem with this recession is that it look so long in coming....

Darragh29 · 26-09-2008 01:11AM

abitlonely wrote: »

for building?

They did in their fu*k, they were only meeting a demand just like any other business.

reggiethefirst · 26-09-2008 01:13AM

abitlonely wrote: »

for building?

Building too much. A good economy gets about 5% income from building. We were closer to 20. Plus they've ruined my town. Population almost doubled between census', ****ing millions of scumbags everywhere now, and there's lots of massive ugly estates everywhere, many of which are half empty. Can't help but thinking, what was the point?

super_furry · 26-09-2008 01:14AM

Yeah, there was all that demand for empty apartments and houses.

There's only one group of people to blame and it's Fianna Fail voters.

abitlonely · 26-09-2008 01:16AM

Darragh29 wrote: »

I'm delighted we are in recession. The craziness that has been going over the last few years just was starting to make me want to throw up. People going around in Range Rovers and X5's looking down their noses at everyone aroudn them, buying up houses here there and everywhere pricing people out of the market who couldn't afford one home, now stuck living out in the back arse of nowhere facing 2 hour commutes to work and home every day...

The only problem with this recession is that it look so long in coming....

That's kinda begrudgery though. And there's a certain amount of niceness
about it all. But overall, a recession is not good for anyone unless you've
been saving for a house. It does happen though (RBC Theory).

reggiethefirst · 26-09-2008 01:17AM

super_furry wrote: »

Yeah, there was all that demand for empty apartments and houses.

There's only one group of people to blame and it's Fianna Fail voters.

+15
Sinn Fein ftw

Voodu Child · 26-09-2008 01:21AM

Im not worried about the recession - ive just invested the last of my money in pumpkins. They've been going up the whole month of September and ive got a feeling they're going to peak right around January. Then bang! That's when I'll cash in.

abitlonely · 26-09-2008 01:23AM

reggiethefirst wrote: »

Building too much.

Well, that's the developers. If they were clever at all, they've enough cash to
do them 5 or so years so fcuk them for screwing us.
One thing that really annoyed me was those allegations of mortgage brokers
being 'in cahoots' with estate agents, tipping them off as to how much
buyers were approved to borrow.

reggiethefirst · 26-09-2008 01:26AM

abitlonely wrote: »

Well, that's the developers. If they were clever at all, they've enough cash to
do them 5 or so years so fcuk them for screwing us.
One thing that really annoyed me was those allegations of mortgage brokers
being 'in cahoots' with estate agents, tipping them off as to how much
buyers were approved to borrow.

Developers. They're the bastards. Edited.

hopalong85 · 26-09-2008 01:27AM

Darragh29 wrote: »

I'm delighted we are in recession. The craziness that has been going over the last few years just was starting to make me want to throw up. People going around in Range Rovers and X5's looking down their noses at everyone aroudn them, buying up houses here there and everywhere pricing people out of the market who couldn't afford one home, now stuck living out in the back arse of nowhere facing 2 hour commutes to work and home every day...

The only problem with this recession is that it look so long in coming....

bitter ever?

utick · 26-09-2008 01:27AM

voodoo_child wrote: »

Im not worried about the recession - ive just invested the last of my money in pumpkins. They've been going up the whole month of September and ive got a feeling they're going to peak right around January. Then bang! That's when I'll cash in.

then with your profits you can buy even more pumpkins, pumpkins always go up in prcie just like houses... oh wait

Darragh29 · 26-09-2008 01:33AM

abitlonely wrote: »

That's kinda begrudgery though. And there's a certain amount of niceness
about it all. But overall, a recession is not good for anyone unless you've
been saving for a house. It does happen though (RBC Theory).

It's extremely good because all those people who thought they were set up for life and that all they had to do was keep buying houses and by doing so making themselves rich off the backs of people who actually had to work hard for a living, now will realise that what goes up must come down... Those people have to come back to earth now with a gang, and it's the rest of us who will pay the price for years to come for their greed...

abitlonely · 26-09-2008 01:35AM

House prices will fall until affording the cost of a mortgage for an average
house is a concern, not a major one, for a couple earning an average wage.
Sorry, logic to follow, but it seems like an obvious equilibrium.

abitlonely · 26-09-2008 01:38AM

Darragh29 wrote: »

It's extremely good because all those people who thought they were set up for life and that all they had to do was keep buying houses and by doing so making themselves rich off the backs of people who actually had to work hard for a living, now will realise that what goes up must come down... Those people have to come back to earth now with a gang, and it's the rest of us who will pay the price for years to come for their greed...

How's that good? If people are making money, presumably, they're spending
it, putting money in other people's pockets.

Darragh29 · 26-09-2008 01:43AM

abitlonely wrote: »

How's that good? If people are making money, presumably, they're spending
it, putting money in other people's pockets.

Well all I know is that I'm the first generation of my family in 6 generations to be unable to buy a house in the county that I was born in. My family were never wealthy but they didn't have to move down to Kinngad or Drogheda or Athy just to put a roof over their heads and spend stupid hours travelling to and from work in traffic. This is the legacy of our boom, endless traffic problems and quality of life issues everywhere you look, because so many people were priced out of the community that they were born into and worked in, because parasite investors were allowed run amok in the residential property market.

super_furry · 26-09-2008 01:45AM

abitlonely wrote: »

How's that good? If people are making money, presumably, they're spending
it, putting money in other people's pockets.

Yeah, and when their whole house of cards comes crashing down around their ears, they're looking for the tax-payer to bail them out.

These people weren't making money by working, they were doing so by taking advantage of working people.

26-09-2008 07:55AM

While overseas I have used Washington Mutual Bank for my checking and savings. Just found out today that it went bankrupt and was seized by the feds. :eek: Even though the largest bank failure in US history has just occurred, George W. Bush will not use the R-word before the 4 November presidential election, or his buddy John McCain, who has voted 90% in favour of Bush policies during the past 8 years of the Bush presidency might not get elected.

Silenceisbliss · 26-09-2008 08:15AM

so....is this like a quadruple recession now??

26-09-2008 08:35AM

Silenceisbliss wrote: »

so....is this like a quadruple recession now??

Shhhhhhhhhhhh! Whatever you do Silenceisbliss, don't say the D-Word! (Old McCain's heart couldn't take it!)

joe316 · 26-09-2008 08:51AM

Right so should we just do one huge phonecall to Joooooooooooooooooooeeeeeee Duffeeeeeeeeeeee or each of ring him or better yet go to Donnybrook and hang him from the mast?????

Kensington · 26-09-2008 08:51AM

reggiethefirst wrote: »

Sinn Fein ftw

Good god no!!! More freebies for the howya's and yet more taxation for the PAYE workers, no thank you.

SheroN · 26-09-2008 09:20AM

Blue_Lagoon wrote: »

While overseas I have used Washington Mutual Bank for my checking and savings. Just found out today that it went bankrupt and was seized by the feds. :eek: Even though the largest bank failure in US history has just occurred, George W. Bush will not use the R-word before the 4 November presidential election, or his buddy John McCain, who has voted 90% in favour of Bush policies during the past 8 years of the Bush presidency might not get elected.

JP Morgan took them over, not the feds.

bottletops · 26-09-2008 09:24AM

I thinks its all YORE MA's fault we're in recession tbh. So sick of her fúcking up my life :mad:

brianthebard · 26-09-2008 09:28AM

Darragh29 wrote: »

They did in their fu*k, they were only meeting a demand just like any other business.

Yeah that's why there are empty apartment blocks and housing estates half finished, littered across the country.

brianthebard · 26-09-2008 09:30AM

SheroN wrote: »

JP Morgan took them over, not the feds.

Feds seized it first, then JP Morgan "acquired" it, for the knockdown price of $1.9bn (asking price was $310bn!!!)

http://breakingnews.ie/business/mhqlsnkfgbql/

Research skillz. I haz it.

chin_grin · 26-09-2008 09:33AM

Wait, no one told me it was a recession with two c's and one s. F************************CK! RUN, RUN FOR THOSE DICTIONARY'S

(eh if I f*cked up the plural of dictionary....then it was meant.......yeah...hmm)

THE OFFICIAL AFTER HOURS RECCESION THREAD

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