Just Back From Ireland Completely Shellshocked

[indirectapproach]

I don't think it does.

We're in the post, post war consensus.

[Caius]

There's a by-election in Donegal South West on Wednesday. It's Fiana Fail country.....but for how long?

[yellerkat]

There's a by-election in Donegal South West on Wednesday. It's Fiana Fail country.....but for how long?

I wouldn't be surprised to see Sinn Féin doing rather well.

[wonderpup]

The bankers don't really own the banks in any menaingful sense, they just work there, albeit for a very fat pay cheque

Most of the debt is owned by various ******* offshoots of the banks or other hedge fund creatures- there are pension funds in there too, sadly, but the bulk of the debt is owed to groups whose total paper wealth already exceeds that of Ireland by a factor of about 200%

The reality is that until some nation tells these f*ckers to shove it they will continue to loot the economy until there is chaos and social implosion- at which point their paper wealth will be worth exactly what it is printed on.

Default is inevitable- the only question is how much pain is going to be inflicted first.

[ccc]

Saw some bird economic 'expert' being asked on BBC 6 o'clock news about what caused the mess in Ireland. Must have talked for about 60-90 seconds. Didn't mention property once.

It truly is brainwashing on a grand scale.

[@contradevian]

Saw some bird economic 'expert' being asked on BBC 6 o'clock news about what caused the mess in Ireland. Must have talked for about 60-90 seconds. Didn't mention property once.

It truly is brainwashing on a grand scale.

Amazingly the One show covered it (surprising as its a weighty topic) and they did cover property (and Eire's massive motorway building). Showed lots of apartments, which no one wants, and unfinished developments.

The comedian on the sofa afterwards even made a joke about them pouring all this money into property when everyone in Ireland already had a house.

Edited November 22, 2010 by Sir John Steed

[kenzdawg]

Of course, if any of youse had the courage of your HPC convictions then Dublin is exactly where you'll be investing your carefully saved house purchase pennies in 12-18 months time. But…would you really want to live there given the inevitable social chaos?

[darwin]

LOLz.

That was wack.

[ccc]

Amazingly the One show covered it (surprising as its a weighty topic) and they did cover property (and Eire's massive motorway building). Showed lots of apartments, which no one wants, and unfinished developments.

The comedian on the sofa afterwards even made a joke about them pouring all this money into property when everyone in Ireland already had a house.

Well at least somewhere mentioned it - even if it was the One Show !

[IP Newcomer]

Of course, if any of youse had the courage of your HPC convictions then Dublin is exactly where you'll be investing your carefully saved house purchase pennies in 12-18 months time. But…would you really want to live there given the inevitable social chaos?

I'm sure I'm not the only one thinking of investing over there.

[sammysnake]

Turn back the clock

If only they could, but no. Although bullied into submission the Irish were having too much of a good time to care...

[DeepLurker]

Oh yes, I hear some of them are dab hands at explosions as well.

Ah, that would be the gangster class.

Allegedly, they are separate from the political and bankster classes, but I'm not totally convinced yet

[Olebrum]

If only we had emulated the fine example the Irish set as someone suggested.

[stormymonday_2011]

If only we had emulated the fine example the Irish set as someone suggested.

Great catch.

I look forward to someone replaying these prognostications to Osborne.

I bet he was praying that article had been forgotten.

Funny, how he failed to identify easy credit and a crack up property boom as another cause of the economic miracle but then he was hardly alone in that delusion as I am sure that Gordon 'Goldilocks Economy' Brown would agree.

Edited November 23, 2010 by realcrookswearsuits

[headmelter]

Looks vaguely familiar. . . .

[billybong]

http://www.telegraph.co.uk/news/worldnews/europe/ireland/8150761/Ireland-bail-out-government-prepares-for-backlash.html

Irish ministers are so concerned over protests that austerity plans to cut chauffeur driven cars and police outriders have been shelved to protect the government amid heightened post-EU bail-out security.

Total farce.

Edited November 23, 2010 by billybong

[billybong]

two independent members of parliament on whom Prime Minister Brian Cowen's government relies for support said they may withhold support from the 2011 budget due to be unveiled on Dec. 7, effectively depriving the government of a working majority.

[Jackie Healy-Rae and Michael Lowry]

SHTF!

Surprised they don't have something like a vote of confidence for a dissolution of Parliament.

[billybong]

LOLz.

That was wack.

Even the tap dancing clickety clicks look mimed.

Edited November 23, 2010 by billybong

[geezer466]

But did he get the sack after you stopped covering for him?

[needsleep]

But did he get the sack after you stopped covering for him?

That's what I want to know too.

[noodle doodle]

The Irish are very like us Jocks. We get a wonderful reputation for being so lovely, nice and friendly. When in fact of all the races/nationalities I have encountered we are amongst the rudest and most dishonest.

Lots of people think the Irish and Scottish are great. I have no idea where this comes from. I think perhaps because we are generally quite funny people. That maybe blinds people to tha fact many of us are grade 'A' cockends.

And I say this being Scottish myself and having Many Irish relatives.

Ditto the supposed friendliness of cities like Glasgow, Liverpool, Newcastle etc. They're not friendly; they're either a) drunk or working up to rob you.

[Austin Allegro]

Ditto the supposed friendliness of cities like Glasgow, Liverpool, Newcastle etc. They're not friendly; they're either a) drunk or working up to rob you.

Isn't the supposed friendliness of the Scots and Irish simply because people expect them to live up to their reputation for extreme alcohol fuelled violence (and in the case of the Scots, stinginess as well), and when they don't there' s such a sense of relief?

(I'm Scots (with a splash of Irish) myself, so not racist and no returns!)

[Peter Hun]

I'm sure I'm not the only one thinking of investing over there.

Wait until the house prices stop falling , they have a long way to go yet.

[I want a house!]

Is there any mileage in the theory that the reason the UK was quick to lend a helping hand because of the rise of Nationalism and Sinn Feinn in all this?

Give them Northern Ireland and be done with it. Causes more problems for us that we really need to worry about. Let Ireland police it for a while as we know there will still be terrorism from that territory, but this time it will be the other lot of extremists.

[copydude]

Wait until the house prices stop falling , they have a long way to go yet.

Anyone thinking of investing in Ireland should read this splendid paper by the UCD Geary Institute.

PDF - Link from Business Week

It's a quick and easy read and an excellent analysis of the Irish Credit Bubble - entirely driven by lending and property prices as we know.

The author postulates that house prices - which have fallen by 40% since peak - still need to fall again by half to reach equilibrium. By 'equilibrium', that would be a correct balance between salary multiples and the level of lending. (At the peak of the boom, The average Dublin house cost 17 times earnings. The average new build 10 times earnings.)

Given that absurd levels of lending inflated house prices, lower levels naturally have a deflating effect. By computation, a return to 1990 levels would not see house prices return to their 2006 peak for nearly 50 years. And that's assuming Irish zombie banks will have any real money to lend in the forseeable future.

Out of interest, he compares mortgage defaults with Florida data - the most property bubbled region of America - and questions whether the Irish banks can be saved at all.