ANGLO - IRISH (31)
Ross30: The public sector is overbloated and is completely unaffordable in its current size, ruthless capitalism needs to be drastcially implemented in the public sector ie 90,000 redundancies and the Croke Park deal needs to be ripped up. Firther pay cuts will also be required in the public sector, public sector pay rates need to be brought into line with the EU average so further pay cuts of 15-35% will be required.
Welfare has to be cut, the government is borrowing off the international market to pay welfare if the markets decide not to lend to the Irish government then welfare is cut off for the 450,000+ reliant on social welfare.
Agreed that NAMA was approved and recomended by the IMF.
I agree with you that we all got too greedy, our cultural obsession with owning property has come back to haunt us, we should be more like the Germans and rent.
Irish people have the highest average personal debt levels in Europe, what does that say about us as a people.
Welfare has to be cut, the government is borrowing off the international market to pay welfare if the markets decide not to lend to the Irish government then welfare is cut off for the 450,000+ reliant on social welfare.
Agreed that NAMA was approved and recomended by the IMF.
I agree with you that we all got too greedy, our cultural obsession with owning property has come back to haunt us, we should be more like the Germans and rent.
Irish people have the highest average personal debt levels in Europe, what does that say about us as a people.
theres nothing wrong with borrowing money as long as you can pay it back
we have a culture now where everyone wants to keep up with the jones's
personally im not feeling the recession too much cause im still working
at onwe stage 25% of the male population was involved in the building trade
i knew it couldnt go on so i didnt overspend
why everyone thought it was gonna last forever boggles my mind
you make some good points but the more money you take out of the economy the less money will circulate to pay for goods
its a vicsious circle
blipper2000: theres nothing wrong with borrowing money as long as you can pay it back
we have a culture now where everyone wants to keep up with the jones's
personally im not feeling the recession too much cause im still working
at onwe stage 25% of the male population was involved in the building trade
i knew it couldnt go on so i didnt overspend
why everyone thought it was gonna last forever boggles my mind
you make some good points but the more money you take out of the economy the less money will circulate to pay for goods
its a vicsious circle
we have a culture now where everyone wants to keep up with the jones's
personally im not feeling the recession too much cause im still working
at onwe stage 25% of the male population was involved in the building trade
i knew it couldnt go on so i didnt overspend
why everyone thought it was gonna last forever boggles my mind
you make some good points but the more money you take out of the economy the less money will circulate to pay for goods
its a vicsious circle
The quicker drastic spending cuts are implemented the easier it will be for the Irish government to raise money on the international markets. Also for the conomy to recover and jobs to be created the following needs to happen.
1) Min wage needs to be cut to €6.50 per hour.
2) Commercial and local authorirty rents needs to be slashed big time.
3) Everyone in the private sector who hasn't had to take a pay cut needs to take a pay cut of between 15-25% depending on salary, high wages have made Ireland a very uncompetitive place to do business, competitiveness needs to be brutally restored.
4) Electricity and insurance costs need to be slashed, get rid od the 5% Public servicer obligation electricity increase for starters.
5) All income and health levies introduced since October 2008 need to be abolished.
6) Businesses will have to drastcially reduce prices for good and services.
7) Rent allowance needs to be cut by 40% in Dublin and by at least 25% in Cork, Galway and Limerick, high rates of rent allowance are keeping rents articficially high.
Countries that slash public spending and reduce the costs of doing business tend to get out of recession quicker than countries that keep spending high. Its pain all around but if we take the hit now than recovery will come quicker.
At least blipper you had some sense and didn't go mad during the Celtic tiger, people might't like this but we also need to change our cultural attitudes towards renting in Ireland.
imf report on us july '10
Executive Directors considered that the authorities’ decisive measures to support the banking sector and advance fiscal consolidation have helped gain policy credibility and stabilize the economy. Directors encouraged the authorities to sustain these efforts and actively manage risks going forward.
Directors noted that vulnerabilities remain elevated as evidenced by continued pressures in sovereign debt and bank funding markets. With limited fiscal resources for dealing with contingencies, maintaining a steady policy course will require effective mechanisms for oversight and transparency, and high-quality communication to minimize risks and sustain market confidence.......
Recognizing that much progress had been made to strengthen the banking sector, Directors observed that a sizeable agenda remains. They welcomed the transfer of banks’ distressed property development and commercial real estate assets to the NAMA and the complementary decision to raise banks’ capital targets. Going forward, the orderly disposal of NAMA’s assets will help restore the commercial property market. While mindful of the moral hazard risks, Directors noted that narrowly-targeted support measures for vulnerable homeowners would limit the economic and social fallout of the crisis. Directors also welcomed the authorities’ intent to proactively reshape the banking system, noting the importance of using a strategic, but market-oriented, approach....
Executive Directors considered that the authorities’ decisive measures to support the banking sector and advance fiscal consolidation have helped gain policy credibility and stabilize the economy. Directors encouraged the authorities to sustain these efforts and actively manage risks going forward.
Directors noted that vulnerabilities remain elevated as evidenced by continued pressures in sovereign debt and bank funding markets. With limited fiscal resources for dealing with contingencies, maintaining a steady policy course will require effective mechanisms for oversight and transparency, and high-quality communication to minimize risks and sustain market confidence.......
Recognizing that much progress had been made to strengthen the banking sector, Directors observed that a sizeable agenda remains. They welcomed the transfer of banks’ distressed property development and commercial real estate assets to the NAMA and the complementary decision to raise banks’ capital targets. Going forward, the orderly disposal of NAMA’s assets will help restore the commercial property market. While mindful of the moral hazard risks, Directors noted that narrowly-targeted support measures for vulnerable homeowners would limit the economic and social fallout of the crisis. Directors also welcomed the authorities’ intent to proactively reshape the banking system, noting the importance of using a strategic, but market-oriented, approach....
I just read the report there from the IMF as concerns Ireland, they also mentioned that tax revenues from 2003-07 were highly reliant on property taxes. Our interest rate on borrowing reached over 6% today, Greece had to call in the EU/IMF when their interest rates for boorrowing off the markets reached 7.5% so its becoming perilously like a Greece type scenario unless the government delivers an absolutely savage budget in December.
sharmini: imf report on us july '10
Executive Directors considered that the authorities’ decisive measures to support the banking sector and advance fiscal consolidation have helped gain policy credibility and stabilize the economy. Directors encouraged the authorities to sustain these efforts and actively manage risks going forward.
Directors noted that vulnerabilities remain elevated as evidenced by continued pressures in sovereign debt and bank funding markets. With limited fiscal resources for dealing with contingencies, maintaining a steady policy course will require effective mechanisms for oversight and transparency, and high-quality communication to minimize risks and sustain market confidence.......
Recognizing that much progress had been made to strengthen the banking sector, Directors observed that a sizeable agenda remains. They welcomed the transfer of banks’ distressed property development and commercial real estate assets to the NAMA and the complementary decision to raise banks’ capital targets. Going forward, the orderly disposal of NAMA’s assets will help restore the commercial property market. While mindful of the moral hazard risks, Directors noted that narrowly-targeted support measures for vulnerable homeowners would limit the economic and social fallout of the crisis. Directors also welcomed the authorities’ intent to proactively reshape the banking system, noting the importance of using a strategic, but market-oriented, approach....http://www.imf.org/external/np/sec/pn/2010/pn1086.htm
Executive Directors considered that the authorities’ decisive measures to support the banking sector and advance fiscal consolidation have helped gain policy credibility and stabilize the economy. Directors encouraged the authorities to sustain these efforts and actively manage risks going forward.
Directors noted that vulnerabilities remain elevated as evidenced by continued pressures in sovereign debt and bank funding markets. With limited fiscal resources for dealing with contingencies, maintaining a steady policy course will require effective mechanisms for oversight and transparency, and high-quality communication to minimize risks and sustain market confidence.......
Recognizing that much progress had been made to strengthen the banking sector, Directors observed that a sizeable agenda remains. They welcomed the transfer of banks’ distressed property development and commercial real estate assets to the NAMA and the complementary decision to raise banks’ capital targets. Going forward, the orderly disposal of NAMA’s assets will help restore the commercial property market. While mindful of the moral hazard risks, Directors noted that narrowly-targeted support measures for vulnerable homeowners would limit the economic and social fallout of the crisis. Directors also welcomed the authorities’ intent to proactively reshape the banking system, noting the importance of using a strategic, but market-oriented, approach....http://www.imf.org/external/np/sec/pn/2010/pn1086.htm
Up till now they don't seem to have restructured or reshaped the banking industry. They've had 2 years and all they've done is pour in money from what I can see.
Remember tthey stress tested the banks and said all was fine...it wasn't. Then all 3 big banks lied to the government and the government really seem out of control. Espescially in the current climate, a week is a long time in politics. Infact a day seems a long time.
Ross30: I just read the report there from the IMF as concerns Ireland, they also mentioned that tax revenues from 2003-07 were highly reliant on property taxes. Our interest rate on borrowing reached over 6% today, Greece had to call in the EU/IMF when their interest rates for boorrowing off the markets reached 7.5% so its becoming perilously like a Greece type scenario unless the government delivers an absolutely savage budget in December.
I've read all your posts and I hate what you're saying but deep down, I suspect that you're right.
Godsgift: Up till now they don't seem to have restructured or reshaped the banking industry. They've had 2 years and all they've done is pour in money from what I can see.
Remember tthey stress tested the banks and said all was fine...it wasn't. Then all 3 big banks lied to the government and the government really seem out of control. Espescially in the current climate, a week is a long time in politics. Infact a day seems a long time.
Remember tthey stress tested the banks and said all was fine...it wasn't. Then all 3 big banks lied to the government and the government really seem out of control. Espescially in the current climate, a week is a long time in politics. Infact a day seems a long time.
Yep billions is been poured into Anglo €24 billion at the last count and still rising, the problem with an immediate closure of Anglo is that depositors would flee Ireland and there could be a run on the other banks but its a risk the government should be prepared to take.
On the other hand when money was plentiful people were screaming at the banks for extended overdafts, credit card limits to be extended, loans for communions or comfirmations, loans for holidays, loans for a fancy car to be changed every two years and taking out mortgages 10 times their salaries.
We need a decade of financial putitanism in this country not only amongst politicians and banks but amongst ordinary people as well. Its back to basics as far as I'm concerned.
Ross30: Yep billions is been poured into Anglo €24 billion at the last count and still rising, the problem with an immediate closure of Anglo is that depositors would flee Ireland and there could be a run on the other banks but its a risk the government should be prepared to take.
On the other hand when money was plentiful people were screaming at the banks for extended overdafts, credit card limits to be extended, loans for communions or comfirmations, loans for holidays, loans for a fancy car to be changed every two years and taking out mortgages 10 times their salaries.
We need a decade of financial putitanism in this country not only amongst politicians and banks but amongst ordinary people as well. Its back to basics as far as I'm concerned.
On the other hand when money was plentiful people were screaming at the banks for extended overdafts, credit card limits to be extended, loans for communions or comfirmations, loans for holidays, loans for a fancy car to be changed every two years and taking out mortgages 10 times their salaries.
We need a decade of financial putitanism in this country not only amongst politicians and banks but amongst ordinary people as well. Its back to basics as far as I'm concerned.
Probably no bad thing to put our feet back on the ground but can we not delay it for about 3 or 4 decades and I'll be gone!
Godsgift: Accountability in Ireland? Have you been drinking? Why has the state not sued the old financial regulator? I heard some banker on Vincent Browne saying we had to pay high salaries because of the responsibility of the job. When Vincent asked, 'What responsibility? Not one of you has taken responsibility,' the banker just didn't seem to understand.
I wish I was drinking then this might all seem like a bad drunken haze.
Godsgift: I think he's an old banned poster called Skimpy Doo! He's got a few fake profiles on here. It's his kind of crap!
I think your way off track with that GG. While I do think there are only 1 or 2 people behind the various fakes here, I never got the vibe from Skimpydoo that he had any fake profiles himself.
I find it highly unlikely that this clown or these clowns would be a guy who would have gone to meets and let himself be seen. JMO.
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i know this isnt the populist view but the major economic institutions abroad think the government is handling the economy superbly
thats a fact folks
in particular they think NAMA was a great idea
the main gripe the OECD has is that we spend too much on social welfare
we have to cut back on social welfare somehow
i know everyone wants to blame the present government but the fact is we all got greedy
its all our faults the economy is the way it is
noone was givin out about the banks or the government when times were good
The public sector is overbloated and is completely unaffordable in its current size, ruthless capitalism needs to be drastcially implemented in the public sector ie 90,000 redundancies and the Croke Park deal needs to be ripped up. Firther pay cuts will also be required in the public sector, public sector pay rates need to be brought into line with the EU average so further pay cuts of 15-35% will be required.
Welfare has to be cut, the government is borrowing off the international market to pay welfare if the markets decide not to lend to the Irish government then welfare is cut off for the 450,000+ reliant on social welfare.
Agreed that NAMA was approved and recomended by the IMF.
I agree with you that we all got too greedy, our cultural obsession with owning property has come back to haunt us, we should be more like the Germans and rent.
Irish people have the highest average personal debt levels in Europe, what does that say about us as a people.