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How To Blow A Fortune

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Irish property boom.

On now - BBC News.

Saw it [again]. I just sat there, utterly amazed at how people just seem not to have see all this coming!?? I mean - about 5 years ago - I read/saw stuff about Irish house prices - and I thought - "Bubble, Ponzi Pyramid Scam, largely fuelled by LIAR LOANS, - bound to burst -- and cause utter misery when it did.

Durr......?!?!??*^$£!! THICKOES........ :rolleyes::huh:

................................... - And I was right. :rolleyes::rolleyes::rolleyes:

Edited by eric pebble

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Irish property boom.

On now - BBC News.

I wonder if any viewer made the connection with the UK HP bubble, somehow I doubt so, 'cause most people think this will never happen to them, only to others.

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Saw this too. So much of it seemed to apply to the UK too. And yet...

The main differences between the Irish situation and ours is that the Irish overbuilt and they don't have control of their currency. While those are significant factors, are they enough to justify / save current UK HPs?

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From the Panorama website

Fergal Keane returns home to find out why Ireland went from being one of the richest countries in the world to the brink of bankruptcy

This made me think that Keane really hadn't got it either.

Was Ireland really one of the richest countries in the world, or was it just lots of Irish people behaving like they were rich?

Reminded me of another incident in Shropshire - bloke killed his family and himself and burnt his house down. (not in that order). He was living an expensive lifestyle but was in deep unpayable debt. Midlands today recently reported on the inquest and still reported him as being a `millionaire businessman`

Rich (financially) is money in the bank, not a flashy car in the drive and a credit card bill hidden in a drawer.

Y

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Saw this too. So much of it seemed to apply to the UK too. And yet...

The main differences between the Irish situation and ours is that the Irish overbuilt and they don't have control of their currency. While those are significant factors, are they enough to justify / save current UK HPs?

There was a hell of a lot of overbuilding in the UK too for apartments and commercial real estate, though nothing like Ireland when it comes to regular houses and the resulting 'ghost estates'.

Yeah, not being able to debase the currency has meant that there was no way to cushion falling asset prices in the RoI - but going the 'trash the pound' route that the UK has done is only going to delay the inevitable and drag things out, IMO.

The notion that pursuing economic policies which would have been considered unbelievably rash until a couple of years ago is going to provide a magic solution to a decade of out of control credit followed by a near collapse of the financial system is simply wishful thinking.

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(...)

I'd still only give the program s 5/10, it all relyied on hear say and lacked facts and figures

+ 1

By the way, the BBC very rarely gives relevant "facts and figures". Most of its staff has serious numeracy problems, having done Media Studies or English... :rolleyes:

From the Panorama website

("Ireland one of the richest countries in the world")

This made me think that Keane really hadn't got it either.

(...)

+ 1

Another idiot that can't get "facts and figures".

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3 years into a 40 year mortgage on a house worth 50% of what she had paid for it.

Oh my gawd. :o

Puts my minor worries into perspective.

The sad thing is, this won't be the last such lunacy, the "madness of crowds" seems to be here to stay.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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