CNN Money - Ireland's new troubles

thebman

A two page article on the current crisis facing Ireland.

I agree with most of what was said in the article especially the second page on what we need to do to get out of this mess.

http://money.cnn.com/2009/05/13/news/international/tully_ireland.fortune/index.htm

pakalasa

Great article - yeah, the general concensus is that 2003 was the year that the economy started to go off the rails.:(

Hasschu

I see this as being the usual puffery of the US main stream media. Ireland has serious problems with its banks which are losing millions daily in residential and commercial collateral. The government is in a state of deep denial and will probably heave a sigh of relief when it is defeated. The quarter of a billion Euros increase granted to the Public Service was not a wise move. Deflation is a certainty this year and next. This will cause problems for overstretched consumers and businesses which in turn will lead to problems for the banks and the government which is guaranteeing their losses. The fissures will be deep enough to cause social unrest and political problems. Ireland will have to exercise enormous self control to hold things together for the next five years. Political risk is the greatest danger facing Ireland and a number of other countries that were booming recently. The Ukraine is what we do not want to become.

partyguinness

Good article but the liberal spreading of poetic references, blarney this and that, drinking too much, celtic weaving, diddley dieddly blah blah is annoying.:mad:

thebman

Says "PartyGuinness" :P

I agree with you though.

partyguinness

thebman wrote: »

Says "PartyGuinness" :P

I agree with you though.

Touche....:o

turgon

Good article!

And remember how much of this is the governments (FF) fault.

• Encouraged the boom due to
  • Tax breaks for development
  • Land rezoning
• Low interest rates flooding us with money
• Using tax from the housing boom, which was not a long term constant supply of money, to increase day-to-day spending. It would have moderately better to just invest in solely capital projects, this way the spending could be stopped immediately as the tax went down. Which was inevitable.
• Giving in to the unions, and literally getting raped. Look how much it costs to set up in Ireland. I dont blame Dell for trying to produce computers on the cheap.

And yet this anger we have is termed irrational :mad:

This anger is apparently because FF have to make the tough decisions. Years and years too late. Even though Cowen now says he was about to tackle it. :rolleyes: Yeah, just like I was about to break up with my girlfriend before she broke up with me. Oh wait, I stopped making that crap up when I was about 14.

Good second chart here: