The banks even more fucked up today (5 Viewers)

[Pantone247]

market sentiment is rarely going to be an accurate assessment of a company's true value, though.

that reads like a David Grubbs lyric

Each Dream Is An Example :
Free advice is adjusted to market price
One dollar symbolic

Sensuous detail, meet sensuous detail meet
Scene upon scene
Compress the day's events

Sensuous detail, meet sensuous detail
The candle meditates
Compress the day's events

A louse of a spouse is spice
For lice
Meditate

Corpse, as corspe as corspe as corspe as corpse
(repeat until end)


but back on point, your right, but it's how much lower the market prices is compared to the physical worth of the company that's distressing

341 million for one of the biggest banks in the country is peanuts

 

[magicbastarder]

one silver lining is that maybe this will destroy the credibility of FF once and for all - ireland wasn't even badly exposed to the toxic debt stemming from the states, and look where we are...

 

[cmndr mind fuck]

I'd like to see the top bankers, that lent to the Construction Industry, wrecklessly, be punished. How they're getting away with it I don't know.... Not exactly 100% clued in on all the facts, but these backslappers should be shot. Also the financial regulator, what's happening him? old cunt. There needs to be leadership, heads should roll...

 

[Pantone247]

one silver lining is that maybe this will destroy the credibility of FF once and for all - ireland wasn't even badly exposed to the toxic debt stemming from the states, and look where we are...

true, but there is no one from the opposition making any sound that suggests that we'd be better off with them... I was surpsied that no one was going for Cowan with the knives out, but it's much more in their interests to let him really fuck this one up

thanks dudes, yr sound!

actually this is the kind of situation, with high unemployment and much disillusionment you can see Sinn Feinn making big gains in the local elections,

 

[Lili Marlene]

crai

 

[jane]

We don't own a house or a car, I'm in student debt and never got paid for my last job, and can't find any work to cover bills in the immediate future (even freelancing usually takes months of begging to get paid, and I literally have weeks before we are really screwed).

If the banks collapse, we will be homeless within 60 days.

That's not a joke. My family has disowned me so I can't even go to them for help.

I never in my life thought I would be praying to a possibly-non-existent deity to just let the banks survive.

 

[Wobbler]

I was surpsied that no one was going for Cowan with the knives out, but it's much more in their interests to let him really fuck this one up

In fairness,. Labour (Joan Burton especially) have been going in quite hard.

 

[JohnnyRaz]

Christ twice. I'd not seen the recession put in such stark terms before. No bloody chance of me coming back now.

And here, this is probably a stupid question, but if buying up the banks bankrupts the country, what *actually* happens? Our currency can't devalue, but will prices of stuff go nuts (and if so, why), or will we all be looking at 50% tax and all the hospitals closing down or...?

I really don't understand the implications of this recession thing at all at all.

bankrupted country cant borrow, cops/nurses/civil servants cant get paid, trains dont run, and basically its back to the lazy beds for us uppity peasants.

as it stands were viewed and the seconds riskiest country in europe to lend to aparently.

 

[Scientician 0.8]

Hmmm, I was gonna try for another student loan. Better do it quickly.

 

[Wobbler]

as it stands were viewed and the seconds riskiest country in europe to lend to aparently.

Good ol' Iceland

 

[GO]

Jane,that sucks.I'm sure it won't come to that.

 

[Pedronimus]

Can we all not just start over again at zero. Scrap everything. Fresh start. I could get a nobel prize for this.

 

[Scientician 0.8]

Pol Pot didn't get a nobel for it though did he?

 

[Pedronimus]

or start a commune. A mate of mine has a field he's not using.

 

[Wobbler]

Depressing. This is one of a load of articles by economists and people in the know who reckon this nationalisation is a disaster:
http://www.irishtimes.com/newspaper/opinion/2009/0120/1232059661333.html

The brother reckons "Your man is an acknowledged crank, so I don’t often listen to what he says.

He was recently asked to back up an Irish Times piece by someone in Merrill Lynch, and he says that he doesn’t have any research, he was just “spouting off”. His words."

He does agree with him in this instance though.

 

[jane]

The weird thing is, people outside Ireland are shocked to learn that Ireland is in such dire straits.

They just seem to assume that a country that made so much money so quickly has invested it in indigenous industries and made sure to use it to sever the need for reliance from elsewhere. But now no one is in a *position* to help Ireland because the recession is global. Ireland's only ever been the recipient of help, or in a one-off 'boom' that was essentially a mirage. The other thing is that people have always left in order to make money elsewhere, but that's not so easy anymore, partly because of immigration changes in other countries, but also because everyone else is fucked, too.

And because there was no investment in making long-term decisions, I think Ireland will end up suffering more than a lot of other countries, and definitely more than it should, because the foundations were never there. The country is the economic equivalent of a trailer park full of big-screen TVs bought on no-money-down deals. And there's a tornado coming.

The bad practices were never sustainable in the first place, and a lot of people did very stupid things. You've got a lot of zombie companies who were bad-debt zombies during the boom, and they got away with it because sure, it wasn't bad enough to bring shit down. But now those debts are bigger and those practices are still as stupidly bad. None of this is a recession problem. It's a problem that's always been there, and it's both aggravating and being aggravated by the recession.

 

[Reets]

Ah crap, I should have gotten a trade instead of a Philosophy degree, what the hell was i thinking?? At least I don't have many debts, and sure, it cant be all that hard to make your own clothes, right?

 

[Pantone247]

You've got a lot of zombie companies who were bad-debt zombies during the boom, and they got away with it because sure,

fecking Zombies

we should never have let them in

go back to Zombania!!!

 

[egg_]

I wouldn't get too depressed by that article in The Irish Times - if this recession has shown anything, it's that economic pundits in the papers know absolutely nothing AT ALL about what's going to happen next

I'm going to buy Bank of Ireland shares

 

[jane]

Ah crap, I should have gotten a trade instead of a Philosophy degree, what the hell was i thinking?? At least I don't have many debts, and sure, it cant be all that hard to make your own clothes, right?

I wouldn't worry about it. Tradespeople are gonna be out of work, too, when philosophers have no money to get someone in to fix the toilet or re-wire the gaff.