Small and isolated coral atoll populated by contrarian dissidents in an ever rising ocean of vested interests, wishful thinking and accepted wisdom.
That was very, um… poetic…
Has your account been hacked?
I wonder will TUG say hello.
I have unfortunately no doubt that you are correct.
I would be the first to admit that I had no idea how bad it was going to get. I was also slow on seeing the recovery (as Landlord was being regularly lambasted etc).
We didn’t realise when the blood was in the streets - there was too much noise and no prospect of QE in Trichet’s time. But I think most people who sought refuge here did ok (hopefully).
There is much less economic analysis here now than there was. That is fine. TUG pointed out so many of the themes had been hashed to death here. But the site in the very dark days was the most spot on - as un-green a jersey as it was.
And the memory of that is important. It doesn’t matter whether some student decides to pull a phd or two out of analysing the place. What matters is a memory of what happened and who said what. Lots of people would like if this site disappeared and their past musings (or pumping) were quietly put too sleep.
Fuck that. Hero Alan Aherne and his condoms caused house prices to go up theory? Not going to forget about that one. Brian Lucey and his “sell the Anglo deposits” theory? These people are fucking morons and it is important to retain the evidence of that given their and everyone else who deigned to comment on the downturn in an inane fashion and their continuing position in society.
And fuck everyone who thinks everyone here was a permabear.
So yeah, greets and congrats to OW and all of those who made this site what it was.
Wow, congrats to all who keep the vessel float.
It really helped me avoid the rocks back in those latter bubble days. I couldn’t foresee the velocity of the bust but being able to read discussions about all the different booms and busts really helped.
How long did you toy with the idea of the site before setting up, and was there any one event that made you think you needed to set it up?
The actual moment of clear intention and creation occurred on the evening of the 14th of June 2006.
The event that hadn’t happened yet but very soon would beyond any doubt.
Well done and thanks to OW - many will have missed the occasion, on account of it being overshadowed by
DIRECTIVE 2006/48/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 14 June 2006
relating to the taking up and pursuit of the business of credit institutions
I’ll be breathing life into the original aim of the Pin by giving the gift of a Brexit vote.
FWIW - in the NW the opinion is overwhelmingly for Brexit.
Well done OW and all who pilot this fine ship. I do miss that the Central Bank is not what it used to be but whilst it was what it was I learned a lot.
Am I misremembering or was part of the reason for the creation of the Pin the banning of house price discussion on the AskAboutMoney forum?
Anyway, great job and congratulations on the milestone.
It is a common and understandable misconception which was clarified here for the record for those very reasons.
The pin came into existence some months before the infamous ban. The proximity of the two events I believe is the main cause of some of the confusion and thus correct sequence of events.
However it was an important moment as it pushed a lot of the discussion and thus traffic on the issue this direction. The event to my mind exemplified why the pin was very much needed at that point in time. The debate was hugely explosive and consequently massively divisive.
Thankfully there was room a plenty here and the pin has had many friends along the way to keep it afloat and would be nothing without generous souls giving of their time, advise and expertise without fear or favour.
Just to say to OW and a lot of the founding fathers/mothers at a time when I was being pressured/tempted to pay €700k for an OK house and KNEW this was crazy The Pin re focused and steadied my nerve. My own story from 2009 is in there Discostu buys a house I think its called but The Pin saved me a lot of money but more importantly saved my sanity…truely " We were NOT alone" …in thinking it was all mad
Congrats OW…and keep it going!
And I was there!
Well observing at least.
Here’s another perspicacious post from July 2006:
"so the first sign that prices wont increase at 100% pa and we immediately have a soft landing, or is it like watching a car crash in slow motion
where the hell are we when the property scam ends, huge budget deficits, overpaid civil servants, doctors, shite health service, poorly paid teachers and everyone with a mountain of debt to pay for the next 30 years for their 3 bed box
probably quoyted here before but the book "Manias panics and Crashes " is well worth a read, apart from oulining property bubbles it outlines the effect on the banking system, banks can actually go bankrupt!! unless the state, ie the taxpayer, bails them out . This happened back in the 80s with AIB so Paddy taxpayer bails out the bank so it rip u off as before
i am just wondering will some of the banks go under when the whole charade ends, if u have money on deposit u might bear that in mind
and to think idiots call mccreevy the greatest finance minister we ever had, a buffoon would be closer to the mark"
can’t believe it’s been around so long and I’ve just came across it