Nobody saw this coming

[DCon]

FF like to pretend that nobody could have seen our economic crisis coming, in spite of several media commentators pointing out the obvious.

Turns out it was mentioned in the Dail too. I am sure the below is not the only instance, but it was a good one.


Sean Crowe, June 22 2006

This country is facing a number of crises. We have all realised that a crisis exists in the health services, and a drug epidemic is sweeping the country, especially in terms of cocaine. Figures revealed in the Permanent TSB-ESRI house price index confirm what everybody but the Government believes, namely, a housing crisis has also arisen. House prices have risen by an explosive 270% over the past decade. It must be asked whether the wages of working men and women have increased accordingly. I do not think they have.

A global housing survey indicated that Irish house prices are unsustainable. While the cost of land is on average 20% of the total cost of house construction in industrial countries, it is 50% in Ireland. The contentious Part V of the Planning and Development Act 2000 stipulates that 20% of residential development sites must be used for social and affordable housing, but many builders pay money instead of delivering housing units. The Building Industry Bulletin of 2002 found that the profit on building land in Ireland was 300% above average profits. The Kenny report recommended a ceiling on the price of land of the existing value of agricultural land plus 25%. Again, however, no action was taken by the Government. Many young people in Ireland face difficulties, yet the Government does not seem to realise that a crisis exists.

Parliamentary Debates (Official Report - Unrevised) Dáil Éireann Thursday, 22 June 2006 - Page 1

[Digout]

Interesting, but FF admitted that they knew it was out of control. O Dea was on the radio yesterday and he said that everybody knew the prices being paid for certain development land was crazy, so there ya go.

[DCon]

Interesting, but FF admitted that they knew it was out of control. O Dea was on the radio yesterday and he said that everybody knew the prices being paid for certain development land was crazy, so there ya go.

I must have missed all the legislation Willie proposed to calm things down...

[ibis]

Good one from Finfacts Oct 17, 2006: Irish property development levies now account for 13.6% of local government expenditure:

Research published by Chambers Ireland today has revealed that income from development contributions has risen from €0.11bn to €0.55bn between 2000 and 2005 and now represent 13.6% of local government expenditure.

Chair of the Chambers Ireland Ratepayers’ Council Hilary Haydon explained, “income from development contributions has risen dramatically in recent years, increasing by 62% from 2004 to 2005 alone. Local authorities now rely on this income stream which is unsustainable as it is dependent on continued construction growth which is predicted to fall in the coming years.”

[toxic avenger]

My 74 year old dad saw it coming, he left school at 13, he saved more than one of my relatives from their desire to speculate on property. Fianna Fáil spin-merchants use ridicule of the assertion that it was seen coming as a stock trick, but too many people were indeed saying it publicly for them to get away with that..

[Mad as a hatter]

Interesting, but FF admitted that they knew it was out of control. O Dea was on the radio yesterday and he said that everybody knew the prices being paid for certain development land was crazy, so there ya go.

Ahh yes, good aul, Willie O'Dea a beacon of honesty and truth that fella. Even if it killed him, that man wouldn't tell a lie. Oh wait!... moving on...

[darkhorse]

the only ones i have ever heard saying 'nobody saw this coming' are those who had a vested interest in the bubble continuing.
it was blantantly obvious to everyone else

[EvotingMachine0197]

Good finds Dcon + ibis. But I'm sure there are myriads of them. Certainly there were loads of them on here prior to the '07 election. Like finding a stone in Connemara.

I remember the '07 election very well. I remember MinFin Cowen on Newstalk, taking the campaign by the scruff, telling us the Country was fine.

I also remember a significant absence of Joan Burton.


Was Joan politically gagged by Rabbitte in the run up to GE07 ?

[staunch ff]

FF like to pretend that nobody could have seen our economic crisis coming, in spite of several media commentators pointing out the obvious.

Turns out it was mentioned in the Dail too. I am sure the below is not the only instance, but it was a good one.


Sean Crowe, June 22 2006






Parliamentary Debates (Official Report - Unrevised) Dáil Éireann Thursday, 22 June 2006 - Page 1

The Blueshirt plant in RTE claims he saw it coming alright.

You utter clown, the dogs in the street knew a bust was on the way on the economy and property. Only a barefaced liar would claim he/she knew the banks were as fuucked up as they turned out to be. Even the banks didnt know themselves until US Fed had the balls to pull the plug in Lehmans. Have spotted you as a permanent thread starter on topics that point at FF. How you get away with it is surprising.
I started a very valid thread on the question " Are the FF critics suffering from a chronic addiction ? ". The thread was pulled instantly no doubt by the influence of political bigots like you
Not a fraction of the corruption involving the small number of FF people will ever come close to the vile hatred the Anti FF Party display towards FF. You losers cannot get the message its your own deep rooted personality disorders that cause you to fail in election after election.

The sooners you effers get out of the country the better and leave it to the decent patriots to get on with the job of restoring this country to the greatness we have enjoyed under FF

[EvotingMachine0197]

The Blueshirt plant in RTE claims he saw it coming alright.

You utter clown, the dogs in the street knew a bust was on the way on the economy and property. Only a barefaced liar would claim he/she knew the banks were as fuucked up as they turned out to be. Even the banks didnt know themselves until US Fed had the balls to pull the plug in Lehmans. Have spotted you as a permanent thread starter on topics that point at FF. How you get away with it is surprising.
I started a very valid thread on the question " Are the FF critics suffering from a chronic addiction ? ". The thread was pulled instantly no doubt by the influence of political bigots like you
Not a fraction of the corruption involving the small number of FF people will ever come close to the vile hatred the Anti FF Party display towards FF. You losers cannot get the message its your own deep rooted personality disorders that cause you to fail in election after election.

The sooners you effers get out of the country the better and leave it to the decent patriots to get on with the job of restoring this country to the greatness we have enjoyed under FF

Yet your buddy Cowen went on the radio 3 days before the GE in 07 and said everything was fine. Are you saying he lied ?