No longer a Recession - A Depression?

[Billsthoughts]

I must say I held out because I could not afford it and I think many others should have done likewise. I could have got a mortgage but could I have afforded it and was it good value, I decided against it. I think its different when you have kids because the rights for tenants in this country is a joke and France and Germany are way ahead of us in regards t this. Here a landlord has more rights than the tenant and the government actually made it easier for people to buy 2nd and 3rd homes than it was to buy a 1st home. Madness.

Single males who couldnt rope a bird into going halves in a mortgage during the boom are the big winners in the recession!! who would have thought a lack of personality would pay off!

Would anyone buy a house now? too much uncertainty?

[rambler14]

I'd agree.

You should be in Cobh today!.........bleak!

[NeilMcD]

Single males who couldnt rope a bird into going halves in a mortgage during the boom are the big winners in the recession!! who would have thought a lack of personality would pay off!

Would anyone buy a house now? too much uncertainty?

I was a double winner as I had no personality or looks. God I hated the Celtic Tiger but the recession is great !!!!

[Sligo Hornet]

I was a double winner as I had no personality or looks. God I hated the Celtic Tiger but the recession is great !!!!

At least you are true to youself and no one can takeaway your honesty!

[mypost]

The defenition is fair enough but Ireland only entered recession around March last year by the measure of two consequetive quarter of decline in GDP, Most on the ground will tell you we were in recession a year earlier.

I see on Sky news last night the are talking about 146000 jobs lost since November 30th. we have lost about 80000 in the same period. They have 60m people we have about 4m. Mass unemployment to my mind is a depression.

Ireland entered recession officially at the end of the summer, but was heading for recession long before that. I started the unemployment thread at the beginning of May, and there were still people who chose not to believe it. Now Ireland Inc. is firmly shut. In my sector there were 3 pages worth of jobs on a daily basis on jobs.ie 2 years ago, yesterday there were 20 jobs in the same sector. Nobody is spending any money, and nobody is creating any jobs.

House prices began to fall 2 years ago, and that was the first indicator of the times we now have. Back in the good times, George Lee did a programme for RTE in June 06 (available on RTE's website), called "Boom", which outlined what we had to do in order to protect ourselves and our economy in the second half of the programme. But because nobody is forward looking in this country, it wasn't done, it hasn't been done, and now the nation is paying the consequences.

[mypost]

Interesting to hear Beverley Flynn speaking on the economy in the Dail earlier. In her statement, she wondered why bank ceo's are paid more than the Taoiseach, which on it's own, is a good question.

Her statement though, may have more credibility if the Taoiseach didn't have to beg her to give up her Independent TD allowance a few weeks ago.

[Billsthoughts]

not really that interesting at all.. banks make money therefore people who run them get renumerated proportionately. the anti banks stuff is becoming boring at this stage..

[OneRedArmy]

not really that interesting at all.. banks make money therefore people who run them get renumerated proportionately. the anti banks stuff is becoming boring at this stage..

Absolutely correct.

Not only is the banking stuff getting boring, it's irrelevant in the context of the country's economic future. The only decision left is whether to let any banks fail and whether the state goes down the bad bank or the credit insurance route. Whilst the judicial process needs to be followed through on those that broke the law, the Government need to start focusing on convincing the rest of the world that this country has a viable economic future. From what I can see, if we don't get a grip soon, we could be the first nation to regress from economically developed back to developed (I.e. 1st to 2nd world).

[pete]

I am sure he is a capable person but the appointment of BOI CEO internally does not make Irish banking look any better than it did yesterday. That combined with woeful regulation surely means International investors won't touch us now...

[OneRedArmy]

I am sure he is a capable person but the appointment of BOI CEO internally does not make Irish banking look any better than it did yesterday. That combined with woeful regulation surely means International investors won't touch us now...

Pete, that's an easy thing to say, but who internationally, who isn't already tainted, would want the job given the clampdown on pay and uncertain future?! Externals were interviewed according to media reports.

Again, this has absolutely nothing to do with investors not touching us. Investors won't touch us because they don't believe the Government guarantee will be honoured, as a result of our fiscal situation.

[pineapple stu]

On a slight side note, is it me or is traffic in the morning a lot lighter than it used to be? I usually get the train into work, but every now and again I drive as I need the car in the evening. It often takes me 40 minutes + to drive in, stop starting most of the way, but it was only 20 minutes today, doing the speed limit most of the time. Not the first time I've seen this in the last month or so. Schools are back, builders' holidays aren't till next month - have things gotten so bad that you can see it on the roads?

Edit - probably more suited to the "Recession/depression" thread, but it's all linked in. Mods feel free to move as appropriate.

[Dodge]

Traffic was brutal for me this morning, and yesterday evening..

[pete]

On a slight side note, is it me or is traffic in the morning a lot lighter than it used to be?.

I think it easy as can't remember any real heavy days in the last 6 months.

Out of the guys at work leaves 4-4.30pm & heads north through Dorset street & he said traffic had definitely gottne much lighter. Less people employed, maybe more people taking the train/bus & less people shopping in the city duting the week..?

[Poor Student]

I've found traffic a lot lighter this year. I can afford to get the bus 20 minutes later than I would have needed to get in on time years previously.

[pete]

ECB Rate cut to 1.5%, UK rate going to only 0.5%.

Was glancing though the property page at lunch & if adverts are to be believe some huge cuts in the price of new apartments. Any one in a secure job looking to buy would do well although obviously prices could continue to fall.