This f***ing economy!!!

[luther]

Unfortunately, this country cannot afford to allow one of the main banks to go bust as it would shatter our rating with foreign companies who we rely on so much for employment.
The real problem was the banks weren't regulated as they should have been when things were 'good'. It suited Bertie Ahern and his Government to have credit flowing freely, but it was recklessness on the last Governments part to allow it happen. Now we can see it flowed too freely resulting in astronomical prices being paid for houses for instance. And in an effort to convince people that they could still afford these astronomical prices, 35 and 40 year mortgages became the norm, quite simply because if they were any less, the monthly payments would be too high.

We can't afford to allow one of the main banks to fail, ok, they did it in America, but the amount of banks over there compared to the amount they allowed to go under, it just wouldn't stack up here........

And again your right, they wern't regulated, now they may be controlled somewhat by the ECB and interest rates, but the fact still remains, the financial regulator in this country was fast asleep and hadn't got the brains to lift his head and look down the track of the grave train he, and so many others were travelling on.........

[carlos marvado]

The big problem is the Euro people are afraid to say it and the pro Euro lobby will do anything but admit it the Euro is valued far to high for what Ireland needs and the Euro low interest rates are what got us into this mess in the first place. We have lost control of our currency and the basic tools any government would use to control the economy. So we are in being forced to cut wages to lower costs compared to our neighbours were as the UK for example has allowed Sterling to devalue.

Trace the causes of this crisis and they stem from us joining the Euro and loosing control over our interest rates the government had no tools to try and slow the property boom and tried to use stamp duty as an economic tool to slow the property boom but instead made the economy dependent on property taxes that have now disappeared.

All the gobshites that voted for the Maastricht Treaty back in 1992 and ignored the warnings about getting rid of our own currency are who I blame.

Of course theses people will tell you we would be screwed without the Euro we would have gone the way of Iceland but the truth is we would never have ended up here if it was not for the Euro.

If this arguement were true, all the other Euro zone countries would have to be in the exact same shit as we are.......and the Americans also had their sub-prime loans and over-valued property and no sign of the Euro there. Ireland's problems are largely of Ireland's making......no point in blaming the British anymore for all our ills or the other Europeans either now........we just have to learn that if we want to live the dream, we have to earn it and that means becoming more cost competitive, living within our means and breaking up the monopolies and creating real competition out there.

[Stewie]

If this arguement were true, all the other Euro zone countries would have to be in the exact same shit as we are.......and the Americans also had their sub-prime loans and over-valued property and no sign of the Euro there. Ireland's problems are largely of Ireland's making......no point in blaming the British anymore for all our ills or the other Europeans either now........we just have to learn that if we want to live the dream, we have to earn it and that means becoming more cost competitive, living within our means and breaking up the monopolies and creating real competition out there.

No because Ireland unlike most other Eurozone countries was actually experiencing a boom when we joined the Euro, surely you remember all the headlines about the fastest growing economy in the EU. The only other country that was having a bit of a boom was Spain and guess what they are fucked as well exact same problem cheap credit fueling an already booming property market.

If you had read what i said you would see that the Euro interest rates were lowered to try and kick start the stagnant French,German economies but that was effectively throwing petrol on the fire in Ireland and Spain.

Our cost competitivness got out of control exactly because of the Euro cheap credit banks with the backing of the ECB throwing money at developers. We can bitch about the regulators but the truth is as well that the regulators had their hands tied as well.
The government did not want it to stop because they could not afford for it to stop but also what could the regulator do prevent Irish banks from lending money?? We have non Irish regulated banks here as well the regulators had their hands tied they could not put restrictions on Irish banks while other non irish regulated banks could give out the money and the irish banks would have dragged the Irish government to the EU on competition grounds.

We handed over control of the tools needed to regulate the economy to the EU and the EU did what was in the interest of the biggest members not what was in Irelands interest. It was clearly not in Irelands interest to have the lowest historical interest rates at a time of a property boom but it happened because it was in France and Germanys interest to have low interest rates. We are now paying a heavy price for that.

Of course these facts are an embarrassment to those who would tell you the EU saved us yes they did but only after they nearly drowned us. Its like calling the guy who had his foot on your head keeping you under the water a hero because he removed his foot before you drowned.

[Stewie]

We can't afford to allow one of the main banks to fail, ok, they did it in America, but the amount of banks over there compared to the amount they allowed to go under, it just wouldn't stack up here........

And again your right, they wern't regulated, now they may be controlled somewhat by the ECB and interest rates, but the fact still remains, the financial regulator in this country was fast asleep and hadn't got the brains to lift his head and look down the track of the grave train he, and so many others were travelling on.........

But realistically what could the regulator do the truth is that in this country whether it is the financial regualtor or the telecoms regulator they are toothless powerless organisations set up to look after the industry not the public.
But accepting that what could the regulator have done told the banks they were not to lend anymore ??

Most of the scandals about the regulator actually relate to well after the horse had well and truly bolted when the banks were trying to hide the holes in their balance sheets and pretend all was ok. But the regulator did exactly what he had always done he protected the industry rather than let Anglo collapse.
What the regulator could have done to prevent the holes appearing in the first place is never really explained.

[lordjohn]

What Nurses earn €40,000!!! - with pension & taxes that would cost the taxpayer at least €50,000 and that means it take about 3 people in the private sector on the average industrial wage to support that one Nurse. Don't get me started on Consultants or wosre TD's...... This country has lost the run of itself and become a joke!!!

Cockadoodledo are you for fucking real here.

You think €40,000 is a lot to pay a qualified nurse who has spent years of studying, training and looking at the results of car accidents in A&E.
Also get your facts right before you post the average industrial wage in Ireland is €32000 as published by the CSO (2006 Figs).
Therefore your maths of 3 times the avg ind wage = 96,000 Thats more than twice that nurse.

I can assure you that if you need medical assistance and that nurse or consultant saved your life or the life of one of your loved ones you would'nt be moaning about €40,000

[blankmannn]

Cockadoodledo are you for fucking real here.

You think €40,000 is a lot to pay a qualified nurse who has spent years of studying, training and looking at the results of car accidents in A&E.
Also get your facts right before you post the average industrial wage in Ireland is €32000 as published by the CSO (2006 Figs).
Therefore your maths of 3 times the avg ind wage = 96,000 Thats more than twice that nurse.

I can assure you that if you need medical assistance and that nurse or consultant saved your life or the life of one of your loved ones you would'nt be moaning about €40,000

nurses are the least appreciated public servants....pay them more I say, then pay them again....then make them wear that get up they used to wear in the 'Carry On' movies,


crikey moses they were tippity-top in my book

[lordjohn]

Too True

[*Superman]

Interesting poll on "The Business" on RTE Radio 1 this morning. There was a guest interviewed who reckoned we'd be better off in the long run if the IMF took over the running of the country as the present Government have neither the knowledge or the balls to take the decisions to get us out of the mess we are in. A text poll was set up after the interview and around 1,300 responded. Around 80% thought we should call in the IMF. Says it all about the current Government really.

[Stewie]

Interesting poll on "The Business" on RTE Radio 1 this morning. There was a guest interviewed who reckoned we'd be better off in the long run if the IMF took over the running of the country as the present Government have neither the knowledge or the balls to take the decisions to get us out of the mess we are in. A text poll was set up after the interview and around 1,300 responded. Around 80% thought we should call in the IMF. Says it all about the current Government really.

Not really it's a text poll and it's a business show hardly surprising the IMF won't be coming in anyway the ECB won't allow a eurozone country to have the IMF besides we are no where near requiring them

it's a threat used to try and frighten the unions and public servants do this or the IMF will do much worse.

[Smarty]

Stewie is quite right.

The ECB would not allow the IMF into a eurozone country, as the result would be the Euro plunging on the exchange markets as Investors would pull out trillions to invest in Sterling or the greenback.

Wont happen.

It's like the boogyman story we were told as kids.
It frightened the shit out of you but he never appeared.