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Will 2010 be the year of Irish Economic Armageddon?

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    #62
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    bangersandmash wrote: »
    I presume you're referring to the banks, or least the ones that are of systemic importance of course. But wasn't NAMA passed two months ago? :pac:

    and who was NAMA passed by? and who decided to give money to banks?


    yeh politicians who are part of the public sector....


    btw if you read my posts you see i oppose both of the above, they should have been left swim on their own


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    #63
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    ei.sdraob wrote: »
    and who was NAMA passed by? and who decided to give money to banks?
    I was joking. But let's not pretend for a minute that the banks or other VIs have no influence on these decisions.


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    #64
    westtip
    Registered Users Posts: 4,282 ✭✭✭westtip


    DublinWriter wrote: »
    Personally, I think so.

    Europe has officially declared itself out of recession, Euro-zone interest rates are at an all time low, which only means one thing - interest rates will go up in 2010.

    The effect of increasing interest rates would be catastrophic to the Irish economy, we have record levels of personal debt in this country, many people are screwed to the hilt paying mortgage repayments and are in negative equity situations.

    Add to that the increasing levels of personal taxation and the spectre of the state paying tens of billions for what might turn out to be totally worthless real-estate in the guise of NAMA.

    And that's just the quantifiable economic tangibles, add in intangible factors such as consumer confidence and the prospect for 2010 does indeed look bleak.

    Agreed OP having read Banana Republic over the holidays I think we are destined to become the West Virginia of the Eurozone - Remember we are but a pimple on europes backside - what happens here really doesn't matter, we have an overinflated sense of our own importance - A burden around our neck in terms of top heavy public spending and this is not just about the old mantra of cut public sector pay, but basically facing upto the fact we have too many people in the public sector. The Eurozone countries that matter - AKA France, Germany Italy may well do well in the next few years, this tiny little island nation is truly destined to become Europes West Virginia.


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