bond holders

my understanding of economics is being learnt first hand
through the biggest financial f*ck up to have happened.

what i do know is capitalism is about winning and losing and
i have lost a lot of money in this recession.

what should Ireland do to return to some sort of normality?

Learn from past mistakes, put in place corrective measures/checks/controls, work bloody hard to repay our massive debt and move on - simple really but it won't happen because wealth/money, vested interests and the old boy network will always exert undue influence.

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Originally Posted by ThomasJ

Learn from past mistakes, put in place corrective measures/checks/controls, work bloody hard to repay our massive debt and move on - simple really but it won't happen because wealth/money, vested interests and the old boy network will always exert undue influence.

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Thats the problem,if we ever do get out of this mess in a few years time,i can see it happening all over again...there is so many been driven by greed that it is possible another celtic tiger may happen a decade or two in the future.I frankly never want to see a celtic tiger lifestyle in my lifetime again,buliding houses nobody wanted,extorinate living expences etc...

Everybody's becoming an economic expert these days by default.

I think people are still wondering when all this will end so they can come out of the ground and go back to their old lifestyle. The fact is that it's not going to end as such. We will come out of recession (technically we already have believe it or not) and return to growth again. However, it will not be anything like what it was in the late 90's and up to 2007. That carry on was unsustainable as we've now all found out because it was built on nothing but debt. We will return to a sustainable level of growth at a slower pace.

To answer the OP question. I think the single biggest thing that has to happen is a major psychological shift in the population. We've got to get it into our heads that what happened will not return, so forget it. We've got to set our sights at a far more modest level and set our expectations accordingly. If we could do that I think we've a far better chance of a quicker recovery than it we stay in our old frame of mind. In fact if we do stay in our old frame of mind we will never recover because the old days will never return. So we've got no choice but to recalibrate our perception of what having it good means.

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Originally Posted by warmcome

what should Ireland do to return to some sort of normality?

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When do you think Ireland was normal?