Thursday, September 25, 2008

Ireland is officially in recession.

In other news, Ireland is officially an island and the world is officially not flat.

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Joey Logano said...

These days it seems like every country is entering into a recession :(, Times are tough.

donate a car to charity said...

Well that is not only about the Ireland but all the Countries is facing the big Recession problem.

Briongloid said...

Ireland's problem is much like the problem in the United States in miniature, a lack of regulation in the banking sector which allowed it to become dangerously exposed when the property bubble inevitably burst. It also had a dangerously disproportionate amount of the workforce in this sector. Other European countries such as Spain and Greece are suffering the same problem which is why unemployment is running high.

Different economies have different levels of exposure. Britain was too exposed to Wall Street banks, whereas Germany was not. Germany, which is primarily a producer, rather than a consumer, does not have the concerns that the US or Britain has, Germany's problem is that, whilst it's economic foundations are far more stable, they none the less fall flat on their face if other countries don't have the cash to buy their exports. Producers in Asia have the problem.

Personally I don't think this problem won't be solved by a lot of pompous huffing and puffing about protectionism at the G20. Personally I think this problem won't be fixed so much by politicians, rather it will be solved in spite of politicians.

Anyways, getting very serious here, this was meant to be a tongue in cheek comment about the Irish government's slow and stubborn acceptance of facts which were already glaringly obvious to the entire country.