Gerry Barret named as one of the top 10 developers to be transferred to NAMA

Xiney

For all this recession has well and truly screwed me personally, at least it happened: I'll never take a stable economy for granted again. I will live frugally for the rest of my life. I will make sure I'm saving, and I will never get into debt (apart from probably a mortgage at some point - but a manageable one)


It's been a hard lesson (and I'm kind of ready to graduate now, kthx) but it's been probably the most important thing I've ever learned.

Robbo

PopeBuckfastXVI wrote: »

Indeed.

Propping up bubble prices is the way out of the recession!!

Now, I'm off to check me tulip bulb portfolio...

You fool, you should have all your money in Beanie Babies.

JohnCleary

Robbo wrote: »

You fool, you should have all your money in Beanie Babies.

Monorail FTW

unJustMary

Xiney wrote: »

It's been a hard lesson (and I'm kind of ready to graduate now, kthx).

+100 to that.

fyi, there's one thing that the recession hasn't taught us about: raging inflation. So yes, save. But make sure that your savings are done in something that keeps up with the inflation rate (unless it's trivial).

I came out of university in the early 1990s, in a place that went thru a smaller recession at the time. I was lucky, and got a good job. But some friends didn't - after a year or more unemployed they ended up in call-centres and other ****ty jobs instead of the graduate type jobs they'd hoped for. Some are only just managing to crawl up the employment food-chain in the last 5-ish years, some never did.

So - something for all of us to watch: grab whatever job you can while the country gets out of the mess, but don't stay in it any longer than you have to (unless you really want a career in retail or fast-food).

Webbs

Xiney wrote: »

For all this recession has well and truly screwed me personally, at least it happened: I'll never take a stable economy for granted again. I will live frugally for the rest of my life. I will make sure I'm saving, and I will never get into debt (apart from probably a mortgage at some point - but a manageable one)


It's been a hard lesson (and I'm kind of ready to graduate now, kthx) but it's been probably the most important thing I've ever learned.

I genuinely hope you can live in a debt free (relatively) manner, unfortunately like unjustMary I have been through other recessions and one thing I learnt is that people just don't learn.

Though the depth of this recession is far worse and will take a lot longer to recover from so I think there will be lots of people like yourself who will save.

I did hear and interesting comment this week in that the Irish people have never really known a recession (different from having a weak economy al la 1980s etc) so the attitude here is different say to UK, US, Germany where people have a more 'been there, done that' attitude and have a slightly more upbeat viewpoint on the situation.

Amhran Nua

churchview wrote: »

However, it's highly likely that if it's run properly (enormous if!), that it will make money in the long run.

Its not really, but thats not the point. Even on top of NAMA we'll probably end up paying more into the banks, because the point and purpose of NAMA is to single handedly recapitalise the banks and ergo start lending again -> property boom part II, Bertie's revenge.

Whether or not you think this is a good thing, its not going to happen. The IMF has said that NAMA won't get lending moving again. Various and assorted economists have said that NAMA won't get lending moving again, including a nobel prize winning one who went as far as describing it as "criminal", indicating he felt that its proponents should be locked away for the good of society, those Scandinavians who originally had the bad bank idea NAMA is meant to be modelled on (and its not, much to their outrage) have said that NAMA won't get lending moving again, even the banks themselves admit that NAMA won't get lending moving again.

Fianna Fáil and the lads would have it that NAMA is a big wheeze to get free money out of Europe. The reality is very far from this perspective, leaving the Irish taxpayer overpaying by billions for increasingly worthless assets while the private companies (banks) sit there and get their coffers refilled - after a veritable orgy of profligate and extremely foolish spending - by the hard work of aforementioned hapless taxpayer, with the nation held to ransom over the savings of citizens entrusted to these banks.

You really couldn't make this stuff up if you tried.

koura

The ring road around Galway is another of Fahey's & Friends interests.
Development Land!!!!!!!!!!!!!!!!!!!

galwayrush

koura wrote: »

The ring road around Galway is another of Fahey's & Friends interests.
Development Land!!!!!!!!!!!!!!!!!!!

I don't care what they build around it as long as it's built. Traffic is a nightmare at times, the by pass will help a lot.

Amhran Nua

galwayrush wrote: »

I don't care what they build around it as long as it's built. Traffic is a nightmare at times, the by pass will help a lot.

Its actually easier to do it right than wrong in this case. We'll be lucky if its not a toll road by the time the lads get through with it.

the keen edge

Xiney wrote: »

For all this recession has well and truly screwed me personally, at least it happened: I'll never take a stable economy for granted again. I will live frugally for the rest of my life. I will make sure I'm saving, and I will never get into debt (apart from probably a mortgage at some point - but a manageable one)


It's been a hard lesson (and I'm kind of ready to graduate now, kthx) but it's been probably the most important thing I've ever learned.

Are you using the "Celtic tiger years" as an example of a stable economy. I'd have to disagree with you on that.

I totally agree with the rest of your post though; Those old sayings you'd hear now have meaning for me.
I can say I now know the valve of a Euro. A pound saved is a pound earned, and all that.:)