It’s Official, we are in a recession: Irish recession 2008

I had said back in January that we were on the cusp of a recession, that this would have started out in Q1 and only be realised further down the line. I was wrong, my estimates flawed by a few weeks. Having taken it in the neck from many colleagues I am now partially smug, but more so disappointed because to be honest it means that all the talk of ‘it might happen’ is no longer considered doom and gloom, instead it is fact.

This news is already being reported as far away as New Zealand! How did they get this story the day before we did? Something to do with the international date line I assume, the CSO (Central Statistics Office) released this information today and we had two quarters of negative GDP meaning that we are officially in a recession. How does it feel to ‘officially’ …

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It's Official, we are in a recession: Irish recession 2008

I had said back in January that we were on the cusp of a recession, that this would have started out in Q1 and only be realised further down the line. I was wrong, my estimates flawed by a few weeks. Having taken it in the neck from many colleagues I am now partially smug, but more so disappointed because to be honest it means that all the talk of ‘it might happen’ is no longer considered doom and gloom, instead it is fact.

This news is already being reported as far away as New Zealand! How did they get this story the day before we did? Something to do with the international date line I assume, the CSO (Central Statistics Office) released this information today and we had two quarters of negative GDP meaning that we are officially in a recession. How does it feel to ‘officially’ …

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No to Government Bail Outs

WHAT: Peaceful demonstration to protest against Government bail outs of property developers.

WHERE: Outside the Dail at the junction of Molesworth Street and Kildare Street in Dublin 2

WHEN: Thursday 25th September at 1:30 p.m.

WHY: Bailing out the property market is a mistake and will only benefit people who took risks.

“You cannot mortgage the generation of tomorrow for the benefit of the generation of today to buy into an asset that’s falling in value – let the market reach clearing price”

Excerpt of Karl Deeter on Newstalk 106FM, Discussing Government Bailouts of Irish Property Market – 16th September 2008

John Gormley is in contravention of his own parties policies, the Green Party website clearly states that it wants to “Progressively limit the amount of money that lending institutions can lend for house purchase in order to reduce the price of housing” now that it is actually happening should the Government wade in with tax money to fill the gap? No, the wiser choice …

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