Officially in technical recession
Official figures show that the economy contracted by 0.8% in the second quarter of this year compared with a year earlier, which means that the economy is technically in a recession.
The Central Statistics Office said that the GDP measure of output fell by 1% in the first six months compared with a year earlier. GNP, which excludes profits from multinational companies, fell at an annual rate of 2.1% in the second quarter.
George Lee Wet himself last night on the news when he said - was worst was yet to come, I thought it was slighty inappropriate bearing in mind the Job losses in Cork in the preceding headlines.
The worst IS yet to come. We shouldn't hide from it.
After all, we'll only learn from our mistakes if we acknowledge them.
By the same token, George Lee and McWilliams haven't covered themselves in glory recently.
But they're still nowhere near Joe Duffy in the Complete Moron stakes...
I suppose McWilliams in particular took a hell of a lot of stick for stating the obvious about the housing bubble.
Imo it's only in recent weeks we're getting into the global issues linked job losses, regardless of what the Government parties would have you believe...
If you attack me with stupidity, I'll be forced to defend myself with sarcasm.
Budget deficit at 7 billion now.
Will be interesting to see how the self styled creators of the Celtic Tiger explain how they are going to fix it.
The Dail is largely irrelevant due to the way it is organised but IMO it is pathetic the Taoiseach basically refused to discuss the economy until the announcement of the budget in 3 weeks time. The opposition may not be in government but they are elected to debate with the government & highlight inadequacies.
Cowen is cutting and running to China straight after the budget as well. So he can't be questioned for the 3 weeks before the budget and a week after.
The Dail is irrelevant because the Government parties treat it with disdain. Look at all the announcements over the summer when the Dail is in recess, or how many policies and bills are launched at Press Conferences rather than in the chamber.
The moniker ZanuFF looks more apt the more you think about it...
If you attack me with stupidity, I'll be forced to defend myself with sarcasm.
It is probably worse now than ever before but I wouldn't be convinced the opposition would change it if they were in power.Originally Posted by Macy
I don't know if they achieve anything but at least in the House of Common they have what appears to be open leaders question time with full house.
The Taoiseach & Ministers should at the very least put their positions on the record in the national Parliament. I was unaware we had a Presidential format of government.
But a question is how to act in this knowledge?
It looks to me that bailout for the US economy is going to create another problem.
Printing another $700 billion based on very little wealth will just inflate the dollar and not restore confidence.
Maybe exports will have some boost.
Prices will go up and consumers will have less to spend - less is sold - companies will have to act to counteract a loss in sales -closures - layoffs -reduced salaries - hiring cheaper labour. A downward spiral.
Even if you shut down all the speculative markets and tied the dollar to bullion it would only be a temporary stability.
I do not see a fix for this as long as you have a system with a finite aggregate wealth but an individuals right to hoard vast portions of this is largely unrestrained.
Capitalism is inherently cyclical, but even once in a while we think we have it sorted.
RTE: Political Severance Payments
Even when there are no jobs for the boys they still get paid.The Department of Finance has confirmed that Bertie Ahern is set to receive approximately €68,000 in severance payments following his resignation as Taoiseach earlier this year.
Under 1992 legislation, ministers who lose their jobs are entitled to severance pay.
The Department of Finance has confirmed it is to award the severance payments to John Browne from Wexford and Cork East deputy Michael Ahern.
They will each get €53,000 over the next two years.
The news follows reports that €3m was paid out in severance payments to former Oireachtas members who failed to get re-elected at the last general election.
Whether they would or not is immaterial. If the current joblot are not performing up to scratch, you have a vote at election time, where you have the opportunity to punish them. The only thing they're afraid of.
Then we see if a change of government leads to a change of policy, which in turn leads to a change in fortune. The current government have been a disaster since taking office 18 months ago.
I saw a bit of Q&A last night & attempt by Mary Hanafin to defend the government was woeful. She tried to suggest the government was acting to economic situation & that was external factors driving it down. Nell McCafferty destroyed her with biting comments.
Last edited by pete; 30/09/2008 at 10:21 AM.
If it was Neil McCafferty it was more likely to be a poorly timed knee high tackle that destroyed her....
Suggest it was Nell McCafferty.
Both from Derry
Nell Mc Cafferty was a joke last night. Offered nothing. Was like a child who cannot understand what is going on and tries to make a joke of everything.
One of those moments that if you enter a debate with her, you both come out looking like fools. What do they say, never debate with a fool.
In Trap we trust
I heard at the weekend suggestions that we heading for 7.5% unemployment. Can't find link but if true that is a massive turn around.
I think I live in a little bubble as when the times were great according to everybody I did not know anybody who was making a fortune and now I don't know anybody who is stone broke.
So anecdotally in my mind there was never a boom and now there is no crash.
In Trap we trust
If you are not Scared - You should be now!
[MOD EDIT: Read the rules.]
Last edited by dahamsta; 07/10/2008 at 10:41 AM.
Please link source.
Apparently we are to go from 6% growth in 2007 to -1.3% in 2008. By any standards a massive turnaround. Last I heard budget deficit heading for 9 billion. Going to need a slash & burn approach to the budget. Seems the National Pay talks were premature as no sign of improved finances in the next 2 years now.The report predicted that deficit will continue into 2009 and that stabilising it would require severe cuts in spending and tax increases, which will add to the downturn.
It predicts unemployment will soar to an average of 8% next year, compared with a figure of 6.1% estimated for 2008.
The body originally forecast GNP would grow by almost 2% next year but revised its estimate and is now predicting it will fall by 0.7%.
American survey indicates massive pessimism over there.
Nearly six out of ten Americans believe another economic depression is likely, according to a poll released Monday.
The CNN/Opinion Research Corp. poll, which surveyed more than 1,000 Americans over the weekend, cited common measures of the economic pain of the 1930s:
* 25% unemployment rate;
* widespread bank failures; and
* millions of Americans homeless and unable to feed their families.
In response, 21% of those polled say that a depression is very likely and another 38% say it is somewhat likely. The poll also found that 29% feel a depression is not very likely, while 13% believe it is not likely at all.
To quote ORA, if only things were that simple..
The Model Club
Tell all the Bohs you know
that we've gone and won two-in-a-row
and it's not gonna be three
and it's not gonna be four
it's more likely to be 5-1.
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