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When we come out the oter side of this recession

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  • 16-04-2009 3:27am
    #1
    kells74
    Registered Users Posts: 6 ✭


    Just Wondering what other people think will be the position when we finally come out of this recession with regard to:
    Banks (Financial Institutions)
    Housing Markets

    Bacically what will be done differently when we come out the other side, what will we have learnt from this situation.

    What i am afraid of is that we will fall back into the bad practises that got us into this mess in the first place.

    Apologies for the vagueness of this post but I am not very up to speed when it comes to economics


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    #2
    nesf
    Registered Users Posts: 27,645 ✭✭✭✭nesf


    The destruction of so much wealth in so little time will (hopefully) shock people out of the idea that property is a safe bet.


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    #3
    TequilaMockingBird
    Registered Users Posts: 4,392 ✭✭✭TequilaMockingBird


    Will it change the Irish need to own property?


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    #4
    kells74
    Registered Users Posts: 6 ✭kells74


    Will I ever be able to afford my own house, i am 35 years old earning 35K. I know house prices are coming down, but i feel that i am still a long way short from getting a mortgage


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    #5
    nesf
    Registered Users Posts: 27,645 ✭✭✭✭nesf


    TequilaMockingBird wrote: »
    Will it change the Irish need to own property?

    Negative equity in 70s/80s in the UK didn't do it over there.


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    #6
    KTRIC
    Closed Accounts Posts: 9,463 ✭✭✭KTRIC


    When this recession finishes I'm soo going to take up snorting coke again.

    God, I love p!ssing money away :D


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    #7
    eamonnm79
    Closed Accounts Posts: 459 ✭✭eamonnm79


    kells74 wrote: »
    Will I ever be able to afford my own house, i am 35 years old earning 35K. I know house prices are coming down, but i feel that i am still a long way short from getting a mortgage

    You can get a nice 3 bed in Bally shannon for 100k.
    If people demanded that there was a legal requirement that banks give no more than 3.5 times salaries to indviduals and 5 times to couples then house prices will fall dramaticly.
    Why arent the Consumer groups doing this you might ask?
    Or even family oriented organisations such as the church?


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    #8
    dan719
    Closed Accounts Posts: 1,597 ✭✭✭dan719


    KTRIC wrote: »
    When this recession finishes I'm soo going to take up snorting coke again.

    God, I love p!ssing money away :D


    This isn't after hours. Go away.

    With regards to the OPs question, obviously it isn't really possible to predict what will happen with regard to banking regulations in the future. A nationalisation (and a possible politicalising of the banking system) means we could see the government attempt to both prop up prices to prevent negative equity, and also try to minimise chances of another property bubble.

    P.S Dear Mod, would it be possible for this to go to Irish Economy? Think it would be more suited to that forum. Thanking you.


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    #9
    bobbbb
    Closed Accounts Posts: 507 ✭✭✭bobbbb


    People will go back to thinking that a recession cant happen again and another boom will ensue.

    All the young people who cant remember hard times before thinking this one will last forever, will pretend they knew all along that it was going to end and things were going to improve again.

    Then it will all cycle around again.


    There is a very short memeory when it comes to economic cycles.


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