Irish banking shares in complete meltdown (again)

Originally Posted by Mrs.B http://www.askaboutmoney.com/showthread.php?p=788721#post788721

History will not remember this p**ck kindly.

So you dont think he will be president some day?
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Not 100% on using the quote button.

No I don't think he will be president.
IMHO he will start to attract public derision later this year. Public and political ostracism will hopefully follow.

This ar$ehole has economically butchered a generation and made us the laughing stock of the international financial world.

After telling us the boom was to get boomier; that doomsayers should kill themselves and that bad advice given by so many resulted in some people making mistakes when they should have bought property in 2006 he turns around on November 1 last in the Irish Times with "Granted, [property] was over-priced. We all knew it was over-priced and the correction had to happen in the market".

http://www.irishtimes.com/newspaper/ireland/2008/1101/1225321622165.html

WTF???

Imagine the French public response if this ar$ehole was their Premier?
I hope he rots in Hell.
 
As a civil servant myself, I am appalled at the media coverage of proposed cuts in pay/staffing in the civil service. I am also extremely tired of civil servants and average PAYE taxpayers being left to pay for all those who profited beyond sustainable limits from the construction/housing bubble. As it has been asked elsewhere on the general forum, just where did all the wealth created go? It wasn't into the pockets or bank accounts of the average civil servant.

People ranging from tradesmen to solicitors made exhorbitant amounts of money over the last 10 years and have admitted to it in some cases.

No ordinary civil servants saw even a small fraction of that wealth at any time during the Celtic Tiger. The most we saw was National Pay Deals that keps us behind inflation. Now we're supposed to suffer pay/pension cuts because most other professions got greedy and reckless. Spare me!

It's time a certain daily newspaper came clean about it's management's agenda in misrepresenting public secor pay and pensions. This management's agenda is to cut their own staff's pensions and pay and staffing levels, once the civil service are forced to take a pay cut/freeze/pension levy or worse.

There has been a sustained campaign of misinformation and misrepresentation of working conditions and pay in the Civil Service for many years.
 
This has been done to death in other threads Daf, and with respect seems a little off topic here.

Your general point about attention being deflected - with galling hypocricy in many cases - from the layer of super-wealthy (who are facilitated by an absurdly favourable tax regime) onto ordinary PAYE-paying public servants as scapegoats during the last while is perfectly valid, as is the point that there is a ridiculous amount of misinformation about Public Service T & Cs. On the other hand you can't overlook the benefits of benchmarking (which was funded by the boom), and equally, large numbers of "tradesmen to solicitors" outside the significant urban centres did not make exhorbitant amounts in the last few years at all.

In any case, regardless of how we got here, we are where we are and need to do something. Certain malicious media and commentators are certainly focusing on pay cuts alone with absolute relish, but in reality pay cuts are just one aspect of the overall package of government spending proposals. The simple fact of the matter is that current revenue cannot meet current expenditure without exponential increases in increasingly-expensive borrowings, so you either increase revenue or reduce expenditure on all fronts or mix the two approaches - morally and logically, why should PS salaries be the only area of expenditure to be exempted? There may prove to be some legal impediments to imposing an outright cut. In the bigger picture, public sector pay cuts may stem the GGD slightly but will probably have a negative and more immediate short-term impact on spending within the economy and obviously provision of services - effectively, the savings are simply being taken out of circulation and retained by the exchequer. Greater benefits would accrue from meaningful reform and increased flexibility and efficiency measures, but this does not seem to be on the agenda at the moment on either side.
 
[broken link removed] This link shows that Southern Irish teacher salaries range from €29K to €56K.
[broken link removed] This link shows Northern Irish teacher salaries range from £20K to £33K.

I presume similar "benchmarking" applies across the public sector. I am also aware that teachers in the South have to speak Irish so it is a much more difficult profession.

Nonetheless we see what was well known even before the currency upheavals that public servants south of the border did jolly well compared to their northern counterparts. With a 40% rise in the € vs £ the comparison has become ridiculous and unsustainable.
 
Bearing in mind the topic of the post, I regret posting my earlier response as we are veering off-topic into this endless and irreconcilable private v. public sector "debate" again, with the deafening sound of axes being ground in the background yet again.

Might I suggest that the thread be moderated on this basis before it's derailed?
 
dafmurray said:
No ordinary civil servants saw even a small fraction of that wealth at any time during the Celtic Tiger. The most we saw was National Pay Deals that keps us behind inflation. Now we're supposed to suffer pay/pension cuts because most other professions got greedy and reckless. Spare me!

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Dont civil servants usually live in houses - paid for by their salaries augmented by benchmarking?

Many private sector workers live in similar houses and are in danger of losing those houses as they lose their jobs. No such risk for civil servants.

So you now have a house inflated by the boom and a nice secure ( augmented, guaranteed ) income - it all levels out in the end.


I know -- off topic.
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Ok, so from where I'm looking the banks seem to be making somewhat of a recovery. What are peoples views on this, short term recovery before a slump again, or maybe the first step on the road to an upturn in the economy?
 
where did you hear this? i hope it's true. it's nothing but bad news every single day. we need some good news for a change.
 
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