The Great Crash - 10 years on

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The great crash - 10 years on - BBC News

On 9 August 2007 the French investment bank BNP Paribas announced it was shutting down three investment funds - meaning people who had invested in them couldn't get their money out.
---------

Words like Credit Crunch were initially bandied about but as the data became a lot worse it became a full blown World Wide crises that destroyed many but also enriched many.

The collective greed in Ireland got caught out with a bill still unpaid and the smugness of celebrating because our house is worth more turned to despair as jobs were lost, values collapsed and supposedly "safe as houses" investments were turned out not to be.

In addition yet another generation of Irish people have emigrated. Hard for families still in Ireland but have never regretted emigrating initially in 1980's.

Remember listening to staff I worked with sneering at how Irish people only ever worked as labourers, maids etc in first month I was working in London.................. my job was not in those jobs. My boss was unknown to me of Irish extraction (Indian surname) who just reminded the sneerers that their immediate boss was Irish, as was his boss and the boss above them and to STFU................. Thanks Jimmy.

Irish emigrants are the ambassadors both good and bad for Ireland.

It changed Ireland and many other countrys and was a latter day revolution of a different kind.
 


storybud1

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A lot of English people are still coming here, a lot of the people I talk to from all over Europe have no negative stereotypes of Irish people ,

Working class English people are the salt of the earth just like us, I know what you are saying but events have changed a lot of preconceptions today, the UK had their own property crash in the late 80s and I would think a lot more English people will come here to the West of Ireland over the next few decades.

If I could make a living in the West of Ireland I would,,
 

Marcos the black

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10 years on and what have we learned?

Property bubble anyone?
 

gleeful

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The great crash - 10 years on - BBC News

On 9 August 2007 the French investment bank BNP Paribas announced it was shutting down three investment funds - meaning people who had invested in them couldn't get their money out.
---------

Words like Credit Crunch were initially bandied about but as the data became a lot worse it became a full blown World Wide crises that destroyed many but also enriched many.

The collective greed in Ireland got caught out with a bill still unpaid and the smugness of celebrating because our house is worth more turned to despair as jobs were lost, values collapsed and supposedly "safe as houses" investments were turned out not to be.

In addition yet another generation of Irish people have emigrated. Hard for families still in Ireland but have never regretted emigrating initially in 1980's.

Remember listening to staff I worked with sneering at how Irish people only ever worked as labourers, maids etc in first month I was working in London.................. my job was not in those jobs. My boss was unknown to me of Irish extraction (Indian surname) who just reminded the sneerers that their immediate boss was Irish, as was his boss and the boss above them and to STFU................. Thanks Jimmy.

Irish emigrants are the ambassadors both good and bad for Ireland.

It changed Ireland and many other countrys and was a latter day revolution of a different kind.
One aspect of the crash, bailout and fallout that no one ever talks about is - it made Ireland more European. In fact, it paradoxically invented a 'European politics' and (along with Brexit) brought the whole EU closer to being a unified state.

Before, if you can remember, Irish people didn't have particular opinions about the candidates in upcoming Bundestag elections. These days, who might win the next election in Germany, France or Greece is a fairly normal topic of conversation, and not just among politics nerds. The crisis is the first step to a unified EU. Next stop is federalism.
 

ger12

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eoghanacht

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Capitalism is a cancer.
 

Marcos the black

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ger12

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Marcos the black

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Nope, I was a Green. Yep, I voted for FF and SF in 2016.

So, back to what you posted, another property bubble eh ... Why?
Ger.. who was in govt from 2008 to 2011? Would that have been the Greens and FF? So you saying "I was a Green" is your way of saying "I was a FF'er but I'm not going to admit it". And you voted FF in 2016 in spite of the fact that they drove the economy off the cliff. Well done you.
And you think you get to pontificate about what this govt is doing.. :p
You don't.
 

DJP

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I remember being made aware shortly after the 2007 general election that we were heading for big trouble. Can anyone remind me as to when the then Government in the country really accepted we were in trouble?
 

ger12

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Marcos the black

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Same old, same old.
Wow.. reduced to changing posts. Makes a change from you trying to change history I suppose.
Hey, why did you vote FF in 2016? I mean can you name the specific reasons for voting FF one Dail term after they bankrupt the country with the leader having sat in the cabinet of the govt that did it?
 

ger12

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Wow.. reduced to changing posts. Makes a change from you trying to change history I suppose.
Hey, why did you vote FF in 2016? I mean can you name the specific reasons for voting FF one Dail term after they bankrupt the country with the leader having sat in the cabinet of the govt that did it?
You started by suggesting we've got another property bubble Marcos. The tedious deflecting away from that just makes you look childish.
 

Marcos the black

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You started by suggesting we've got another property bubble Marcos. The tedious deflecting away from that just makes you look childish.
I did. And you came along to suggest it was the govts fault.. I then pointed out that you were a cheerleader for FF who created the biggest property crash in the history of the state and you still are. So you lecturing about it is a bit nauseating.
Anyway, I was talking about people's obsession with property as opposed to the govt. But if you want to go down that route the reason that people can now obsess about it is because of the thriving economy, the net immigration and the strength of the recovery that this Govt has achieved while you were out supporting the guys who caused the crash in the first place.
 

SPN

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Ger.. who was in govt from 2008 to 2011?
Who was in Government from 1997 to 2007?

That's when the damage was done.

One third of tax revenues, and one third of State spending, coming from a Ponzi Scheme.

And I don't remember any political party, other than the Greens, warning about the problem back when it could have been addressed.
 

Marcos the black

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Who was in Government from 1997 to 2007?

That's when the damage was done.

One third of tax revenues, and one third of State spending, coming from a Ponzi Scheme.

And I don't remember any political party, other than the Greens, warning about the problem back when it could have been addressed.
It was auction politics. Bertie was giving away everything he could and unions were coming out of meetings saying they were "happy" with the monies given to their members..... Unions should never be happy.. they should always be looking for more. The fact that they publicly said they were happy meant not even they could believe their luck. So yes, you're 100% right. It was from 2002 to 2007 when the damage was done, but there are certain posters here who try to remove themselves from this by saying that they were actually Green supporters.. (but this allowed them to still support FF)
 

SPN

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you were a cheerleader for FF who created the biggest property crash in the history of the state
Never mind the property crash.

The problem that caused so much pain for so many people was the 50% increase in State spending from 1997.


the thriving economy, the net immigration and the strength of the recovery that this Govt has achieved.
2011 to 2016, the FG/AmateurFF Government spent €80 Billion of borrowed money trying to pretend they could afford to maintain the crazy spending the FFailures signed us up to in 1997-2007.

"People have expectations" - Brendan Howlin, FG/AmateurFF Minister for Pubic Expenditure.
 


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