Irish Economy - Do we understand how bad the situation is?

Duggy747 · 10-11-2010 05:46PM

whycliff wrote: »

What the f*ck is the Bond Market?

<insert James Bond pun here>

jodaw · 10-11-2010 05:48PM

thebigbiffo wrote: »

well yes in fairness you're right - nobody really really wants the IMF (even still though, the fact that we're in the euro protects us somewhat compared to the messes they've made elsewhere)...but the underlying issue is that they are probably the only ones with the will or clout to get rid of the wastage in the system.

We need and balanced budget. Why delay? This is taking too long...

Balance it now. You do not spend what you do have ...

Stop artificially supporting 50% of the private rental market with public funds.

Do not allow IMF a chance to run the show...

Lets look for a country to base our economy on ...

I know lets chose Switzerland ...

- Exit the Euro and devalue our currency making our exports more attractive.
- Reduce corporation tax further and reduce minimum wage
- Offer holders of private wealth safety. Be a tax haven and offer complete confidentiality to our clients.
- Get a reputation to manage wealth prudently
- Look at the Swiss Franc (very stable currency)
- Euro will fail eventually
- 2010 wealth figures. Switzerland above $250,000 per adult.

How is this global recession hitting a country that is slightly different to the norm? Not as bad as us that is for sure

jodaw · 10-11-2010 05:55PM

Rabble Rabble wrote: »

Not one Irish bank would be in difficulty were it just loans to consumers. Most of those loans are performing.

True...

Without the banks continuously re-investing in conjunction with developers and setting prices to suit themselves, then offering loans to exactly match them prices, we would not have the situation we have now.

Because prices would have never increased to the levels they reached

We would have gradually climbed to about 100K average house price in Dublin and we would now be in the grips of a minor recession and price would fall a little to reflect this.

But the debts would not be so huge the banks would be solvent. Simples really...

But our government lead us here by not controlling things. The are completely responsible for destroying our country. Make no mistake about it. Huge mortgage default is ahead and eventually debt forgiveness.

There is no need to be here. This was easy to prevent

RockinRolla · 10-11-2010 05:56PM

Whats going on.....are we going to be invaded be Ze Germans...:(

Hell, who gives a flying **** if they put up infrastructure in this country half as good as in Germany...:pac:

They would do a better job running this country than us anyway...we cant even find an intelligent person to elect to office.

gent9662 · 10-11-2010 05:56PM

You think we have /had it bad. I remember...

https://www.youtube.com/watch?v=

http://www.youtube.com/watch?v=Xe1a1wHxTyo

prinz · 10-11-2010 05:57PM

Rabble Rabble wrote: »

Irish people, with the exception of the developers, did not even really over-borrow. There were no - American style - suborime loans.

Don't we have one of the highest (if not the highest) personal debt figures per capita in the world leaving aside property debt?

Diapason · 10-11-2010 05:58PM

jodaw wrote: »

Huge mortgage default is ahead and eventually debt forgiveness.

I'm inclined to agree, but I wonder how they'll do it? At what point is strategic default the smart option for mortgage-holders?

10-11-2010 06:01PM

Ah sure it'll be grand.

It's the next recession you'd want to be wary of.

jodaw · 10-11-2010 06:01PM

Diapason wrote: »

I'm inclined to agree, but I wonder how they'll do it? At what point is strategic default the smart option for mortgage-holders?

Strategic default is happening already and the banks are accommodating people. Too much rocking and the boat is sunk.

jodaw · 10-11-2010 06:03PM

Deleted User wrote: »

Ah sure it'll be grand.

It's the next recession you'd want to be wary of.

As my Gran always says ...

Bring back Bertie sure has was grand:D

Caoimhín · 10-11-2010 06:09PM

whycliff wrote: »

What the f*ck is the Bond Market?

Its where people come to buy and sell MI6 agents.

Caoimhín · 10-11-2010 06:11PM

jodaw wrote: »

- Get a reputation to manage wealth prudently

Mha ha ha haaaa...

thomasj · 10-11-2010 06:12PM

jodaw wrote: »

Strategic default is happening already and the banks are accommodating people. Too much rocking and the boat is sunk.

I was thinking that but I reckon people will be forced to pay back the balance of the mortgage minus the current value. Who wants to be paying back for something you haven't got?

jodaw · 10-11-2010 06:13PM

As an interesting side note:

The 2010 global wealth report is linked to from here

http://www.bespacific.com/mt/archives/025518.html

Sadly when you access the Credit Suisse website for the first time it asks that you select your country.

Iraq? - Yes
Afghanistan? - Yes

Ireland? Does not compute !!! LoL

We are not even recognized as a country according to Credit Suisse:D Although maybe i just missed it

jodaw · 10-11-2010 06:14PM

Caoimhín wrote: »

Mha ha ha haaaa...

Yes, i know

It will take a lot of getting but we cannot allow ourselves to be a laughing stock forever:D

jodaw · 10-11-2010 06:18PM

thomasj wrote: »

Who wants to be paying back for something you haven't got?

We have not reached this point yet, but a major event would push us there. How long before people do not have anything to lose and are unwilling to enslave themselves for their castle ...

People took on mortgages on the basis that there will always be the work to pay for it. What happens when the policies of the people in power mean that there is no longer the work and no longer the secure future?

HellFireClub · 10-11-2010 06:25PM

inmyday · 10-11-2010 06:38PM

Ali Babba wrote: »

Most people on here are in denial for some time now and probably will be forever, all you have to do is look and see the amount of people who do and will support Fianna Fail. It's the likes of them should also be held responsible for this mess to a certain extent too.

I will be in denial until it is as bad as the 80s. But most people on here have only tunnelvision, everything is negative, everything is depressing. Irish people are famous for being moaners, and thats what we do best ... Shut up and grow up. Stop crying, whipe your tears away, and grow a set.
In the 80s, as a child, my dad would work where ever he could, he had a trade, but obviously no work at the time, so he got up off his arse and did some work, wheather it be gardener, barman, shop assistant, anything to keep his family above poverty. My mother had to bake bread, Times werent easy. And if I say about things now, I get a lecture, and my parents/grandparents are correct.
This ression is a nearly easy compared to back then. So far the only thing I notice is less disposible income. boo hoo. And the clowns that whinge about losing their house, you bought it, noone forced you to buy it.
Ireland is not perfect at present, but compared to other places on this planet, it is a good decent life. If the IMF come in, well at least we know we are on the right road to recovery.
I sure some genius will give out to me as usual about the state of the country. But I plead with you to visit other countries, open your eyes. and try and smile, cause all in all, it could be so much worse!

jodaw · 10-11-2010 06:43PM

inmyday wrote: »

And if I say about things now, I get a lecture, and my parents/grandparents are correct.

I agree about people doing hard work back then and the current generation has taken the baton from them and ran into a brick wall.

What your grand parents neglect to mention is that they have most likely owned a home through the biggest property boom ever and do not have any mortgage to be repaid. The now have their benefits protected !!!

Of course it is not as bad as the 80's ... FOR THEM !!!:rolleyes:

Diapason · 10-11-2010 06:44PM

inmyday wrote: »

And the clowns that whinge about losing their house

Are you serious? You ruined your whole post with this line. No matter how they got into that position, families losing their homes are entitled to be upset about it.

This "nobody forced you" stuff does my head in. Shelter is one of your basic human requirements, and even if it is the case that some people over-borrowed due to exuberance, bad advice, the assumption that they wouldn't lose their job or whatever, I don't think it's right to kick people for trying to put a roof over their heads who then fall foul of a savage economic downturn. These are real people, with real families and real worries.

Super-Rush · 10-11-2010 06:49PM

I'm pretty certain that the majority of people understand how bad things are at the moment. There are numerous threads here in AH telling us that we are in teh sh1t.

Locked.

Irish Economy - Do we understand how bad the situation is?

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