Jump to content

Ireland Bail Out

Mick Mac

By Mick Mac
in The Lounge

 Share

Recommended Posts

Loz

Loz

Posted
Posted

Tarot Wrote:

-------------------------------------------------------

> What is a mystery is why did Eire, join up with

> "The Union", Why were there all the troubles with

> the English, death and destruction, not to be

> ruled by them, and wanting unifiacation. Then just

> agree to be ruled by some inadaquate, so called

> Union of Europe. Its a crumbling tower, and when

> they sort through the ruins, we will see all the

> little fat rats ( E.M.Ps) in the papers.) Tony

> Blairs made his fortune and moved on. after

> signing our U.K away without even a referendem.

> That was not democratic.


OK, I'll bite. How exactly did Tony Blair "sign the UK away"? What powers did he give away? Which part of the UK "Constitution" required a referendum? How many people ever read the Maastrict treaty? Why doesn't anyone vote UKIP?


The EU and the Euro has it's (many) flaws, but at the heart of it is a good idea. Small is not beautiful in world markets. The EU is our biggest trading partner and UK businesses have to contend with currency variations, which puts them at a competitive disadvantage in that it leaves them with extra costs as they have to hedge the Euro.


There are many argument both for and against the EU/Euro. A taxi driver's rant really doesn't cover any of them.

SeanMacGabhann

SeanMacGabhann

Posted
Posted

Iceland had nothing to do with the Euro or EU and they were/are equally fucked


being ruled by Britain (with all of the attendant inequalities - you can guess which ones surely? or maybe I'm crediting you with too much) is ENTIRELY different to entering a union voluntarily to co-operate with other countries


How did Tony Blair sign the UK away exactly?



That only mystery is how you manage to get so many things wrong

Mick Mac

Mick Mac

Posted
  • Author
Posted
One thing is for sure. Its a great fall from grace for the irish people. For once they appeared to have shaken off their past as a poorer nation and a lot of that was achieved with hard work and endeavour only for it to go tits up through the greed of a few and an over ambitious financial system.
Loz

Loz

Posted
Posted
through the greed of a few


Sorry, I don't buy that. Yes, some people got more money than others, but the greed was widespread across Ireland and the UK. Like the UK, everyone that could jumped onto the gravy train (or, in Ireland, upon the Celtic tiger's back). I'm sure that house prices were talked about at dinner parties across Dublin.


Whilst banks have to take a good proportion of the blame, the little guy/girl on the street was happy to play along while the money was coming in and credit readily available. Now the manure has hit the air-conditioning unit, it's all "not my fault - damn bankers". Sorry - we are all to blame for this mess.


(Disclaimers: I am not a banker. I do not work for a bank. I do have a couple of bank accounts and a mortgage, though.)

Mick Mac

Mick Mac

Posted
  • Author
Posted

Loz Wrote:

-------------------------------------------------------

> through the greed of a few

>

> Sorry, I don't buy that. Yes, some people got

> more money than others, but the greed was

> widespread across Ireland and the UK. Like the UK,

> everyone that could jumped onto the gravy train

> (or, in Ireland, upon the Celtic tiger's back).

> I'm sure that house prices were talked about at

> dinner parties across Dublin.

>

> Whilst banks have to take a good proportion of the

> blame, the little guy/girl on the street was happy

> to play along while the money was coming in and

> credit readily available. >



I'm afraid its not the case Loz - the small scale borrowings of the general public are not sufficient to bring down an economy unless you get significant defaulters.


The Irish had its property oligarchs, a relatively small group of big hitters who did not know when to stop and were never asked to, Quinlan and the like owning London prime real estate. Its little to do with the little guy in the street.


The property loans are going bad and the assets are now in public hands. The individuals responsible are largly bankrupt and the government hold empty buildings which noone ever needed.

karter

karter

Posted
Posted

SeanMacGabhann Wrote:

-------------------------------------------------------

> Karter

>

> It's nowt to do with money. When someone has

> plain cuckoo as tarot starts rabbiting shite

> people have to correct them.

>

> I mean.... Ireland was part of a union with

> Britain, comparable to the eu? That's just

> insulting


I'm not getting dragged into this :),it's all about money and politics and you know it.


Find the light guys then conversation over.

huncamunca

huncamunca

Posted
Posted

MickMack -the past decade has been a feeding frenzy of capitalism for the Irish on all levels, it is incorrect to point the finger at one bunch who were at the party. Satying that though, the Irish goverment & its social/ economic elite are a bunch of corrupt rapacious shitbags who filled their boots.


I saw the "Celtic Tiger" as more of a pPaper tiger back in the early 00's and am not proud or take any pleasure to say I have been proved correct.Anyone with the slightest in economics should have been aware of what was looming in the not so distant future.


As well as the home boom in houses, much of the Middle and Eastern European house market bubble was funded by borrowed Irish money - those new cars and sexy holidays that became the norm for many irish were always going to bite them on the arse.


Down with this sort of thing

Tarot

Tarot

Posted
Posted
...................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... ............................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
Mick Mac

Mick Mac

Posted
  • Author
Posted

huncamunca Wrote:

-------------------------------------------------------

> MickMack >

> I saw the "Celtic Tiger" as more of a pPaper tiger

> back in the early 00's and am not proud or take

> any pleasure to say I have been proved

> correct.Anyone with the slightest in economics

> should have been aware of what was looming in the

> not so distant future.


I'm not sure you were right about the paper tiger though - you prediction was nothing more than its too good to be true in a Vince Cable sort of way. But Ireland's growth was a genuine increase in economic wealth. The country generated increased business revenues etc, as I responded on the George Osborne thread before.


The Irish economy was based upon attracting businesses to Ireland, making use of the low corporate tax rates and the strongly educated english speaking local workforce. The country was in demand from companies from across the world.


The economy was smartly run at first and was growing long before other countries came out of the last slowdown.


One of the problems was that the EU restrictions prevented them raising interest rates, outside a narrow band linked to the rates in France and Germany which were still in slowdown. This is one of the major restrictions in the eurozone which limits your ability to control your own consumer spending.


Thus borrowing money remained cheap and the cheap money was too easy for the greedy property guys who borrowed and built and borrowed a bit more and buitlt a bit more. Ghost towns.


Its principally builders, property companies and hotel complexes that are going bust. The bad loans on these "enterprises" are being bought back from the banks by the government to save the banks.


Like the USA's sub prime, we are all going to pay for some of it. I suspect the UK will lend the money to Ireland and hopefully get the money back.



You refer to you understanding of economics, on what did you base your paper tiger theory?

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing
  • Advertise Here

  • Latest Discussions

    • Sue
      Flu and Covid jabs locally

      By Sue · Posted

      This year it was Pfizer. Last year was Moderna and I was quite  ill after it for the first time. I think last year was the only time I have had Moderna, but the illness may have been nothing to do with what kind of jab it was, I don't know. I have no idea whether everyone gets the same one in any particular year, but I'm sure someone else on here will know! 
    • bettyorange
      Charter School ED - SEN / ADHD experience

      By bettyorange · Posted

      Thanks for posting this JMK we have had 3 children at Charter East so have been involved with the school from the very early days and have watched the impact of inconsistent, unsupportive and at worst unprofessional and biased management on them over the years. Individual teachers have at times been great and as JMK says it is the overall structure that creates a toxic and punitive atmosphere which directly impacts some families more than others and these are the kids overwhelmingly that have an SEN.  The experience of these families is night and day compared with the families with children that can cope in this system.  
    • jandhuk
      RECOMMENDATION FOR HANDYMAN

      By jandhuk · Posted

      Another recommendation for Lukasz, he sorted out our bifold door. He came at the agreed time, found the issue very quickly, adjusted it, all very carefully and with attention to detail. And he was very reasonably priced as well. 
    • beansprout
      Should facial recognition be mandatory for retail outlets?

      By beansprout · Posted

      Well sure someone will correct me but years ago, in Singapore and I was quite young so not sure if it is true. but if you were caught stealing, your little finger or just the  tip part with nail was chopped off.  Stigma for  life as all know that was punishment for stealing… no questions asked.Totally agree it is barbaric but equally putting people  into overcrowded prison for minor offences is also not right. Tagging I guess would not work or maybe does… no idea at all.  Not so long ago, heard a talk about how European’s cope/deal with prisoners and how the suggest rate is higher and offences lowered greatly as in not going back to prison for same  or another offence.  The general gist was their approach was each prisoner mattered , was heard and listens to and a suitable package was tailored towards their needs. Not  b one package for all. Not cooped up for the majority of the day - encouraged as an example to cook, garden, grow food, other household stuff  plus study if wanted for courses, languages etc. and mental health, dependency on substance abuse also addressed. Can’t remember if they were paid c pocket money which clearly accumulated or could be used to  I purchase whatever in prison. If they can do it by experimenting and I think but not sure, at the time an English prison was learning why can’t this sort of program be rolled  out throughout UK - cut backs not an excuse - think of the millions lost by govt during Covid…  Maybe it is - no experience in the matter at all.   

East Dulwich Forum

Established in 2006, we are an online community discussion forum for people who live, work in and visit SE22.

Home
Events
Sign In

Sign In



Or sign in with one of these services

Search
×
    Search In
×
×
  • Create New...