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The Celtic Tiger has a lot to answer for !!!!

BBC News - Ireland 'in preliminary talks with EU on bailout'


Greed Greed & more Greed....& who picks up the tab....the man on the street !!!
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I just finished reading that and then I read this (and things have got a lot worse since then ). NI will also collapse if ROI falls, just think about how many (already very weak) NI business depend on ROI
They should have let AIB collapse, yes the markets would have lost faith in Ireland but that happened anyway
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+1 10,500RPM

I noticed this year on holiday in Inishowen how so many restaurants were only serving weekends...even in mid summer...it's a bloody shame.....and there's no doubt it'll hit us too very soon !!
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do you fancy a 50 year trip to Australia?
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voluntary or compulsory ?........both me & my wife work in the public sector....it's gonna be a bumpy ride !!!
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That's kinda scary
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i have got to say, this has been well known for sometime! I feel the Republic is taking it on the chin)They have no choice their economy is bankrupt) as the USA have done and not dragging their heals as the UK is doing! The only true way to sort out this mess is to start increasing interest rates!?
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Interest Rates going up will stop the man in the street spending, we need to keep spending to buy our way out of this mess.

The w/bankers who put us all in the dung get off with a huge bonus and the Tory/Lib Dem pact scratch their backs.
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We are fooked to be honest. I dunno what to do been thinking of heading away but not sure to be honest where or what I could do. It's mental over here.
 
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it is a real shame. becasue things are so bad over 60% of my college class had to leave to try and find work. tbh if i could i would come home in a heartbeat but with Ireland going down the swanny it just doesnt make sense.

its going to be an "interesting" few years to say the very least
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Theres a lot of people to blame for this!
The SSIA was the first sign that the banks were running out of money,
And to make things worse for them, as soon as people cashed them out.
Off they ran to buy a house in bulgaria/spain/portugal or else they fecked off on a 2 month holiday around the world, spending all the dosh outside of the country. I used mine to buy my apartment, Which is worth 150k less than what i paid for it!
The ECB were throwing money at the Irish banks to pass around to us at record low interest levels.
There is no way that the banks could pay their costs with such a small margin over 30 years. A few defaults on loans and the bank had to carry the loss, because the scum who got the loans had a front protecting them so the bank basically couldnt get money back from a bankrupt company, Clever boys
Then you had the evilness that was 102% mortgages! That was putting people into negative equity before they even got into their house! What a joke!
I lay the blame at the feet of the ECB and the EU. They threw ridiculous money at us, exploding the housing market! and then imposing rules and guidelines on how we run our country.
It doesnt matter who we vote for in the next election, They all report to the EU!
Evidence 1: Ireland voted NO to the Nice and Lisbon Treaties, Bertie/Cowan says "Ah sure make them vote again" and amazingly everyone had changed their mind!
I say F\/ck the EU! Get them out, take their poxy currency with them! Shower of dirty animals!

Rant Over!!
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I truly believe that the good folk of the six counties have a lot more to fear than those down south. For years and years we voted for our 'politicians' on the basis of what particular flag they waved, not upon any genuine ability to play politics.

Now that it is clear that they are a bunch of total clowns, that is there for all to see, we now rely on then to set a budget. You get the politicians you deserve as the old saying goes.
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I love threads like this. The banks threw money at us, the EU threw money at us, let AIB etc go to the wall.....

Lets get something straight, we the Irish people got greedy. Everyone & their dog knew the property market was going to collapse, but what did we do, kept buying houses at hugely over inflated prices! My parents house (an ex corpo 2 bedroom house) was valued at the height of the Celtic Tiger @ €400k!!!! That was madness! So the good times were never going to end & people bought 2nd houses, oh & an apartment or two to rent, & max'd the credit cards.....but yeah lets blame the banks!

I accept the banks are partly to blame, they loaned out way too much money, but we as a nation borrowed way too much money, & now we're in the s*ite because of it. & who in their right mind thought 103% mortgages were a good idea???? Obviously lots of people felt they could not survive without owning their own piece of property & never thought of the consequences when things went bad.

For the first time in this country's history we got money, & then wasted every cent of it.
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Great point well put Toby, we only have ourselves to blame for being so greedy
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ah i thank you Gav! :-)
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Quote:
Originally Posted by toby2449 View Post
I love threads like this. The banks threw money at us, the EU threw money at us, let AIB etc go to the wall.....

Lets get something straight, we the Irish people got greedy. Everyone & their dog knew the property market was going to collapse, but what did we do, kept buying houses at hugely over inflated prices! My parents house (an ex corpo 2 bedroom house) was valued at the height of the Celtic Tiger @ 400k!!!! That was madness! So the good times were never going to end & people bought 2nd houses, oh & an apartment or two to rent, & max'd the credit cards.....but yeah lets blame the banks!

I accept the banks are partly to blame, they loaned out way too much money, but we as a nation borrowed way too much money, & now we're in the s*ite because of it. & who in their right mind thought 103% mortgages were a good idea???? Obviously lots of people felt they could not survive without owning their own piece of property & never thought of the consequences when things went bad.

For the first time in this country's history we got money, & then wasted every cent of it.
Damn right people got greedy thats what i was saying about people buying foreign property. But i got monthly calls from BOI offering me overdrafts, upping my credit limit, car loans! This was very wrong, i was just out of college, in a low paid job, driving a 11 year old micra, of course i thought i could afford to go mad and get everything i wanted, i was young and an easy target, but i didnt give in. I can understand why people gave in to temptation, but i have no sympathy either for people who bought loads of property, did they really think the rental market was gonna stay so plump?
It's a shame but people were spending money they didnt have.
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Don't feel bad fella's it was the same the world over in most capitalist economies with the exception of Germany and maybe one or two others, the only difference is that at the peek, the prices in Dublin where as high as HK. I have heard stories of "Generational Mortgages" whereby you would take on a mortgage for the whole of your working life and then your children take over the mortgage when they begin work!........... Scary.
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Quote:
Originally Posted by Ovation View Post
I truly believe that the good folk of the six counties have a lot more to fear than those down south. For years and years we voted for our 'politicians' on the basis of what particular flag they waved, not upon any genuine ability to play politics.

Now that it is clear that they are a bunch of total clowns, that is there for all to see, we now rely on then to set a budget. You get the politicians you deserve as the old saying goes.
+1 We even chose our police on the same basis ffs!
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Damn right people got greedy thats what i was saying about people buying foreign property. But i got monthly calls from BOI offering me overdrafts, upping my credit limit, car loans! This was very wrong, i was just out of college, in a low paid job, driving a 11 year old micra, of course i thought i could afford to go mad and get everything i wanted, i was young and an easy target, but i didnt give in. I can understand why people gave in to temptation, but i have no sympathy either for people who bought loads of property, did they really think the rental market was gonna stay so plump?
It's a shame but people were spending money they didnt have.

Whats worse then that is I was in college for 4 years. In my second year of college ( i was 19) i got a credit card from the bank with a 600 euro limit. About 6 months after I got it the bank called and offered to up the limit to 1000 so i didnt need to worry about hitting the 600 limit!!!!
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Originally Posted by Paddy1982 View Post
I say F\/ck the EU! Get them out, take their poxy currency with them! Shower of dirty animals! Rant Over!!
The EU didn't **** away all the money earned over the boom years, that was our own dear old politicians burying their noses in the trough and pandering to every tom, dick and harry who came whining to the door looking for more money....
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Personally I really dont think the banks are the main cause of the situation in the UK but just a handy punch bag for everyone to vent there anger at.

The reason i say that is because bailing out the banks added a whole 0.1% to the UK's national debt (not UK personal debt) so it was the state of our finances prior to the "Banking Crisis" that has caused so much pain to the taxpayer.

I would guess this will also be very similar to the situation in Ireland?

Last edited by barryrs; 16-11-10 at 14:38.
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Originally Posted by EauRouge View Post
i have got to say, this has been well known for sometime! I feel the Republic is taking it on the chin)They have no choice their economy is bankrupt) as the USA have done and not dragging their heals as the UK is doing! The only true way to sort out this mess is to start increasing interest rates!?
In what way is the UK dragging its heals? We are now undergoing the most savage cuts in public spending in the UK, but the measures announced in the Autumn Statement are only the first phase. Further measures will be taken in the Budget next March, and there is already serious talk in political circles of a further increase in VAT to either 22 or 23% later next year. It is going to be a phenominally bumpy ride in the UK for at least the next five years, possibly ten.

And we do not need an increase in interest rates thanks. The property market is already extremely fragile in the UK, any increase will lead to a surge in repossessions and a further weakening of the market. If you have savings and are motivated by higher returns on your invesment, then tough, you're not going to get it. And even if rates were to increase, the full increase would not be passed on to customers. All banks at the present time are resolute in increasing balance sheet current assets, and therefore future spread ratios will be optimally geared in favour of the banks.

As far as the Republic is concerned, I am very closely connected to family and friends in the Republic, and all I can say to those Irish folks who believe that greed is the culprit: too true! The ludicrous property balloon in the Republic has simply gone 'bang', the utterly crazy inflatory attitudes bolstered by false assumptions, hopes, and inward flow of grants from the EU (such as the motorway programme) led to an illusory existence waiting to be dumped in the nearest local Irish river (in my case, the Nore). I'm not saying you deserve it, but let's face it, we all knew it was coming.

Let's hope the EU bail-out will work for the Republic, and a more 'balanced' view of the Republic is taken moving forward. Dump the 'Celtic Tiger' in the bin, what a load of old baloney. Ireland is a very small country with a minute population. Try and work within your means and ditch the 'hot talk' of a dynamic economy deserving it's place in the higher rank of world economies as you down your tenth pint of guinesss in the 'local'. The Irish need to get real about their economy: once you started doing that, you may regain a semblance of reality in what is now, financially, an extremely hostile world.

Last edited by Spider95; 16-11-10 at 15:24.
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the Irish economic situation for me looks like when a restroom attendant wins the lottery, and then surpised when once all the money is spent on booze in Ibiza, nobody wants to help her...
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In what way is the UK dragging its heals? We are now undergoing the most savage cuts in public spending in the UK, but the measures announced in the Autumn Statement are only the first phase. Further measures will be taken in the Budget next March, and there is already serious talk in political circles of a further increase in VAT to either 22 or 23% later next year. It is going to be a phenominally bumpy ride in the UK for at least the next five years, possibly ten.

And we do not need an increase in interest rates thanks. The property market is already extremely fragile in the UK, any increase will lead to a surge in repossessions and a further weakening of the market. If you have savings and are motivated by higher returns on your invesment, then tough, you're not going to get it. And even if rates were to increase, the full increase would not be passed on to customers. All banks at the present time are resolute in increasing balance sheet current assets, and therefore future spread ratios will be optimally geared in favour of the banks.

As far as the Republic is concerned, I am very closely connected to family and friends in the Republic, and all I can say to those Irish folks who believe that greed is the culprit: too true! The ludicrous property balloon in the Republic has simply gone 'bang', the utterly crazy inflatory attitudes bolstered by false assumptions, hopes, and inward flow of grants from the EU (such as the motorway programme) led to an illusory existence waiting to be dumped in the nearest local Irish river (in my case, the Nore). I'm not saying you deserve it, but let's face it, we all knew it was coming.

Let's hope the EU bail-out will work for the Republic, and a more 'balanced' view of the Republic is taken moving forward. Dump the 'Celtic Tiger' in the bin, what a load of old baloney. Ireland is a very small country with a minute population. Try and work within your means and ditch the 'hot talk' of a dynamic economy deserving it's place in the higher rank of world economies as you down your tenth pint of guinesss in the 'local'. The Irish need to get real about their economy: once you started doing that, you may regain a semblance of reality in what is now, financially, an extremely hostile world.

Which Economic school of thought is that Spider95! Gordon Brown school of economics that caused the mess in the 1st place in the UK.

My point is rather than devalue the Sterling the country should be strengthening its currency position by increasing interest rates! By keeping low interest rates you will see slow growth if any as there is no new money just old debt! Property, is still overvalued and until that is properly squeezed with rising interest rates, then we will not see the true extent of the recession we are already in. Rather than pander to debt we need to address it and increase interest rates.

What amazes me about the UK is how much like the USA we have become, gotta have everything yet actually own nothing? And there will always be two sides to every story, i guess its found in the the answer to how you found the situ of low interest rates, did you view as an opportunity to clear your debt? or did you view it as an opportunity to get loads more debt?

Last edited by EauRouge; 16-11-10 at 16:17.
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Originally Posted by klapanciusz View Post
the Irish economic situation for me looks like when a restroom attendant wins the lottery, and then surpised when once all the money is spent on booze in Ibiza, nobody wants to help her...

Thats it on the head!
Did she have any regrets tho?
She had a good time while it lasted!
We all enjoyed the boom, us clever ones who didnt overload ourselves with debt will have to pay towards those that did, life aint fair ey?
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