Recession. :mad:

pyramuid man

:mad::mad::mad::mad::mad:
Why is everyone convinced that Ireland is in a recession. I have to cringe whenever I hear it on the radio or the tv or anywhere.
The reason I cringe is because we are not in a recession. Ireland still has positive economic growth.

Why is everyone saying we are in a recession when to be in recession is to have negative economic growth.

mikemac

pyramuid man wrote: »

Why is everyone saying we are in a recession when to be in recession is to have negative economic growth.

Negative growth for two quarters isn't it?

Victor McDade

€5 billion down on the "conservative" estimate from last year is reason enough. People need to pull their heads out of the sand

TechieEddy

Because we are told we are on a daily basis. Thanks media.

Shryke

I think it is that we are most likely entering a recession. There are less jobs, many companies are making cut-backs and business is down from last year. You can argue over the technicalities of what is deemed a recession but the country has taken a down turn and there's no arguing that unless you keep your head firmly up your ass and your feet in your ears.

This would impress me greatly.

Dudess

Red Alert

Massive cuts in spending on public services and serious tightening of credit lines by the banks.... smells like Recession to me.

biko

Perhaps pyramuidman can provide some links or such to back up his claim? I'm not an economist and so would like to see some proof.

Turd Ferguson

If David McWilliams and Eddie Hobbs say something then its the law.

Dudess

3% cut in public spending, sharp rise in unemployment (forecast for this to continue rising for a good while)... scary times.

aidan_walsh

Dudess wrote: »

www.instantrimshot.com

kayos

Red Alert wrote: »

Massive cuts in spending on public services and serious tightening of credit lines by the banks.... smells like Recession to me.

Exactly, we are standing down wind and can smell it coming!

The government going on their stupidly long summer break was the last thing they should have done. When the econ was taking a drop they go on holidays and come back to one on the edge of a free fall. And lets be honest here if they were smart and did something about the housing market a few years ago we might not be as badly positioned as we are now.

Getting a pay agreement now will harder than a few months ago as things have really become worse. We will have the unions refusing to take a pay freeze, employers not wanting to give a pay rise (tbh I agree with IBEC) and the government stuck in the middle twiddling their thumbs.

In any coming local elections I would expect to see FF/Greens and the PDs losing seats. If the government even dream of putting another lisbon threaty to the people it will be knocked so far out of the park simply as a result of the economy and the lack of any real action to pull it back on course (to be honest I bet plenty of people voted no for the same reason the last time). Its sad to see something like the vote on Lisbon being an out let for peoples feelings towards the government but thats the way these things go.

Are we there yet? No, but the government have made it a hell of a lot harder to turn around and get back to a stable econ.

gixerfixer

For god's sake people we are in a recession. Instead of putting our heads in the sand lets do what we gotta do and get out of it.

topper75

GDP growth was -1.5% in Q1.

I can't find Q2 yet on the ESRI website.

- should be out by now? I mean Q3 will be over in 2 weeks!

Turd Ferguson

aidan_walsh wrote: »

www.instantrimshot.com

I feel like such a fuckin idiot for actually clicking the link and being all "Why is this not opening"

/turd fail

humanji

pyramuid man wrote: »

:mad::mad::mad::mad::mad:
Why is everyone convinced that Ireland is in a recession. I have to cringe whenever I hear it on the radio or the tv or anywhere.
The reason I cringe is because we are not in a recession. Ireland still has positive economic growth.

Why is everyone saying we are in a recession when to be in recession is to have negative economic growth.

Of course we're in a recession and you'd be insane not to notice. Have you seen the price of a latte? I had to resort to an americano. A F*CKING AMERICANO!!! This country is definitely gone down the sh*tter.

Sofaspud

I saw an article in a paper about a week ago that said "People are still going out and spending money, despite the recession, so the economy is improving"

Basically saying that because people weren't afraid of the economy going crap, it wasn't. That struck me as ever so slightly bloody stupid.

Dudess

But isn't spending putting money into the economy? I agree though, there's no need for flashness...

SV

Media: It's a recession!
Public: Best stop spending money so!
Employers: Oh no, A recession..work won't be coming up, I best lay off everyone!

6 months on


Public: Everything is really cheap and I have so much money saved! How did that happen?

Employees still left: Why are we getting so much work lately?


figure it out ffs.
There's as much a recession as a good chance of Mary Harney becoming Miss Ireland.

Turd Ferguson

Well I for one welcome our new recession overlords...

digitally-yours

Recession is when a neighbor loses his job. Depression is when you lose yours.
Ronald Reagan

gamer

well, unemployment is up,theres at least factory closing down per month,the housing sector is declining from 60k,to 25k houses per year ,theres lots of shops closing that depend on high salary,impulse buyers,its definitely a recession.
IF you are in the city on a high salary ,you may not notice all this ,especially if you,r living in a middle class area.THE country areas ,commuter towns are taking the brunt of all this,the tech/finance/services sector is keeping the economy going.
the banks are not throwing out loans /mortgages at everyone now,theres even talk of some builders going bankrupt.Theres loads of empty apartments out there ,with no one interested in buying them,eg blocks that are 90per cent empty.IF you have loadsa money,good wage ,working in an office you may not notice all this.IT,LL be a year be4 the effect of all the laid off blocklayers,painters becomes evident.
IF you work at say,ibm on 40k salary for example you may not know any1 who lost their job,so you may not see any sign of recession,but house prices even in posh areas have declined by 20percent.
IF you bought an apartment for 250k, and its worth 200k now, you r ,in negative equity.

Sofaspud

Dudess wrote: »

But isn't spending putting money into the economy? I agree though, there's no need for flashness...

Yes, but the media are telling everyone to tighten their belts, because there's a recession coming. If people did tighten their belts, the economy would go to shit because of lack of public spending. Luckily, people ignored the media, and kept spending, which is good for the economy.

"We have nothing to fear but fear itself", etc.

monkeyfudge

Well what I've noticed is now every week I get at least one random guy walking in off the street into my office asking for a job.... that or a mammy comes in looking for a job for her son.

humanji

But you work in a recruitment agency...

monkeyfudge

humanji wrote: »

But you work in a recruitment agency...

But why do they have to come to my recruitment agency!?!?!


Actually... it's a computer training centre. People seem to just wander from office to office in the building asking for jobs without knowing anything about what company they are talking to. And you can forget about them having anything as complex as a CV.

BaconZombie

It's no the media's fault, I blame Global Warming....

TechieEddy wrote: »

Because we are told we are on a daily basis. Thanks media.

Turd Ferguson

BOFH_139 wrote: »

It's no the media's fault, I blame Global Warming....

Blame Al Gore...its way easier :pac:

Dancor

A poor country is usually a good country because of hot women and a decent national football team.

ronano

monkeyfudge wrote: »

But why do they have to come to my recruitment agency!?!?!


Actually... it's a computer training centre. People seem to just wander from office to office in the building asking for jobs without knowing anything about what company they are talking to. And you can forget about them having anything as complex as a CV.

giz a job

pyramuid man

What kind of idiot has their mother looking for a job for them. I just dont get it. I am a retail manager and I wouldn't even think of hiring anyone whose mother came in and asked for a job for him. If he has to get his mother to look for a job for him then he isn't fit to work in any contact with people in general. Culture shock may be too much for him when he/she realises they actually have to do some work.

monkeyfudge

ronano wrote: »

giz a job

Yep. It's Boys From the Black Stuff all over again.

pyramuid man wrote: »

What kind of idiot has their mother looking for a job for them. I just dont get it. I am a retail manager and I wouldn't even think of hiring anyone whose mother came in and asked for a job for him. If he has to get his mother to look for a job for him then he isn't fit to work in any contact with people in general. Culture shock may be too much for him when he/she realises they actually have to do some work.

Yeah. Wasn't like she was hot or anything either.

pyramuid man

monkeyfudge wrote: »

Yeah. Wasn't like she was hot or anything either.

Makes everything even worse then

Ross_Mahon

We need a hero...Someone like Batman...

http://www.youandyourmoney.ie/content.asp?ContentId=1004

Eddie Hobbs! :pac:

SimpleSam06

ClioV6 wrote: »

There's as much a recession as a good chance of Mary Harney becoming Miss Ireland.

Actually you wouldn't believe the financial carnage thats going on out there at the moment. It will take some time for the full brunt of the aftershocks to hit Ireland, but nobody is getting out of this scot free.

The_Conductor

Dudess wrote: »

3% cut in public spending, sharp rise in unemployment (forecast for this to continue rising for a good while)... scary times.

Actually that would be a:

3% reduction in public sector pay
5% reduction in non-pay budgets of all government departments
Postponement or outright cancellation of most capital expenditure

47% rise in unemployment in under 12 months
110% rise in mortgage repayments for those coming off fixed term policies since Sept 07
32% rise in electricity prices (part 1 implemented 1st August, part 2 to follow)
28% (correct me on this) rise in gas prices
14% rise in basic groceries (with more forecast because of crabby harvests in most of Europe, Canada and the US)
38% rise in petrol and 46% rise in diesel prices at the pump since July 2007
47% rise in the cost of home heating oil

Inflation stubbornly at or around 5% for almost 2 years solid
Wage increases in period in question averaging 3.8% (i.e. a net reduction in people´s purchasing power of 1.2% year on year, before any other factors taken into account).

Proposals for a public sector payfreeze for 11 months, a construction sector payfreeze for 14 months, and increases at significantly below the rate of inflation for everyone else.

Current budget proposals are to increase income tax by at least 1% on the top band (with some suggestions that a 2% increase may be implemented)

No further lodgements to the National Pension Reserve Fund until further notice.

Need I go on?

Dudess

Nah... there's no recession... :pac:

Darragh29

Dudess wrote: »

Nah... there's no recession... :pac:

We're all gonna be eating sea weed next year and drinkin outa puddles I think!

Adam

Darragh29 wrote: »

We're all gonna be eating sea weed next year and drinkin outa puddles I think!

nah them natural health spas are a load of arse, don't bother

johnnyskeleton

pyramuid man wrote: »

:mad::mad::mad::mad::mad:
Why is everyone convinced that Ireland is in a recession. I have to cringe whenever I hear it on the radio or the tv or anywhere.
The reason I cringe is because we are not in a recession. Ireland still has positive economic growth.

Why is everyone saying we are in a recession when to be in recession is to have negative economic growth.

Recession is often described as negative real economic growth for more than 2 quarters. We had nominal economic growth of 2% last year, but the real economic growth was negative as inflation was so high. If we had negative nominal economic growth we would be in serious trouble.

DTrotter

Is this fella still around?

AnonoBoy

I'm pretty sure there's no such thing as the economy myself.

I mean, have you ever actually seen the economy?

No of course not.

DTrotter

AnonoBoy wrote: »

I'm pretty sure there's no such thing as the economy myself.

I mean, have you ever actually seen the economy?

No of course not.

Have you seen the economy and the recession in the same room? Think about it.