Jobs for the Boys???

Right, with all the data that has been gathered recently with regard to just how much of Ireland’s finances are dependent upon the construction industry, another potential outcome of a slowdown in the industry occurred to me.

If public capital expenditure stops and the real estate developers make the smart move and don’t get stuck with a shitload of new builds on their hands, we’re going to be looking at a massive slowdown for 250,000 workers in the economy.

Construction workers.

In a certain sense, this sector has represented a massive mopping up of school leavers and uni dropouts and even people who have completed university, I’ve a mate on the sites who has a degree in electrical engineering (actually there’s a classic case study in bad govt policy, the push for engineers led to the creation of courses with hundreds of places but when the corporation tax ran out, the companies and the jobs buggered off) so while the lads are raking in the moolah now, what on earth is going to happen when the slowdown comes?

Probably, through nixers etc, most of them will have set themselves up with a nice little house and maybe made hay while the sun shined selling on a property or two themselves… My mate tells me stories of site managers constantly appropriating resources in both labour and material away from jobs they are on for their own benefit but that can’t be across the board for all of them surely?

The migrant workers will go where the construction industry international goes next and that will be back to Eastern Europe, the newest last low wage economy within the EU but what will happen to the lads (and lassies undoubtedly) who have been mopped up into the Irish construction behemoth in the interim???

If the industry slows down as all the signs point towards, it just might be that bit easier to get hold of that tiler or plumber than it has been for the past decade! :open_mouth:

finfacts.com/irelandbusiness … 6312.shtml

Prescient.

hax, definitely hax
:smiley:

nobody could have predicted this recession :angry:

nobody but…

Wouldnt it be great if some media types expended a modicum of effort and read some of the older Pin threads such as the above with a view to rebutting the latest mantra to have entered the lexicon of everyday usage ie “nobody could have predicted it”.

If a group of amateurs on a forum could have predicted that the direction things were moving in, as mapped out by the great and the good of Irish Public Life, was a recipe for disaster, why oh why are the same heroes of the boom now being afforded massive amounts of airtime with a view to charting a way out of the darkness and into the light. See Eddie the Hobbit on the Late Late last night as well as practically every “economist” in the country. Then we have regulators, business leaders, awn-trupp-inners, Dept Finance heads, politicians etc etc.

Perhaps the real reason is that it would expose the media’s own CENTRAL role in interpreting and diluting the message before force feeding it down the throats of a gullible public.

Is there a journo in the country worth his/her salt who would take on such a venture???

Is there an editor in the country worth his/her salt who would print it???

Instead (just this week) Madam launches a self-righteous attack on the greed which infected “all sections” of Irish society (with much indiscriminate use of the royal “we”), whilst ommitting the sainted media crusaders of South Dublin who were fucking CENTRAL to the whole poxy debacle.

Next time you hear any of these fucks spout about gombeenism in the provinces or the planning debacles of West Dublin, be sure to point out the utter fucking hypocricy of the D4 set who are now attempting to wash their hands of any involvement in what passed for the “Toiger”. While the professionals classes may have been “appalled” by the sudden emergence of many of the nouveau riche upstarts, they werent shouting too fucking loudly when the “value” of their homes was multiplying exponentially on a weekly basis. And the IT (their local newspaper) pumped the whole thing for every penny it was worth to much (dignified no doubt) approval.

Yes “we” all played our part. Just some more than others.

Did anyone here predict the current bank share price.
We had, sell your property and rent.
Did we have sell your bank shares, in fact all your shares.

Of course, we were going on (and on, and on) here about how the ISEQ was overwhelmingly dominated by construction and banking stocks and that these stocks would get completely hammered in the property bubble bust. I recall discussions about that back on AAM, on p.ie and here on the Pin going back as far as late 2005 FFS. “crazy talk” from “doomers” was the usual response from the herd shrugs

This was all completely and utterly predictable and inevitable. The only variation is on timing, the bust took a lot longer to get rolling than any of us thought. Even though all the signs were there in late 2005 and all the numbers were clearly going the wrong way from the summer of 2006, the rampant Denial kept pumping more air into the burst baloon. Reality is only finally breaching the ramparts of complete idiotic stupidity in the last 3 months.

A very good point. There must be lots of people who sold their house in 2006 or 2007 and bought shares with the money. They’d have been better off keeping their house. Even more so if they did it before 2006. I’m sure if you looked back through the archives for 2005, there’d be lots of posts advocating selling your house and using the proceeds to buy shares in RBS, General Motors, BT and so on.

If you look back at 2005, you won’t find much advise on Irish forums on what to do with the proceeds of the sale, in fact selling a house was looked down on, the mainstream advise was to use the “equity” in your existing home to get a mortgage on the second and rent out the first. Most sellers who got out imply put their cash in the bank. There was lots of gold ramping going on even then though on UK forums such as hpc.co.uk.

Most sceptics on the Irish boom in 2005 and previously were very much scattered around the internet on sites such as The Owl, Duplex’s blog, housepricecrash.co.uk, globalhouspricecrash.com. It was not until late 2005, early 2006 that enough people coalesced on askaboutmoney.com and boards.ie to shout game over. Thepropertypin.com did not appear until Summer 2006, and only started to take off when AAM shutdown any discussion on house prices in November 2006.