BOSI - Job losses 750

[hammer]

I wouldn`t be surprised if all the Anglo staff ( 1,200 remaining ) will be gone after the Summer.

[politicaldonations]

Sad day again for Irish jobs. This is the effect of the downward spiraling debt deflationary depression. How can we have growth when all components are shrinking? Its a symptom of a very flawed system. And unless we address this correctly the point of critical mass will be reached and the system will implode. George Lee knows this and tried to talk sense to the lunatics inside the Dail but to no avail.

Options?

Nonsense. As we deflate we become more attractive to investment. Its a neccessary process.

[Cassandra Syndrome]

I`m amazed also that after this news broke the share prices of BOI / AIB fell

Surely less competition would be good for the main banks ?

Good point. But you see that is logical cause and effect. In this parallel universe land of antimatter kip everything is done arseways.

I think all the PIIGS Banks' shares dipped today as Goldman Snakes downgraded Greek and Italian Banks to sell status.

Also the Central Bank said today that the government will have to increase its share in the big 2 banks further diluting their share value.

You couldn't script this sh1te could you?

[politicaldonations]

I wouldn`t be surprised if all the Anglo staff ( 1,200 remaining ) will be gone after the Summer.

Well theres not enough work for all the workers in AIB,BOI and ANglo but they cant let anyone go as government is pressuring them to keep staff on. They could easily sack 40% of staff with no impact on everyday running of banks. If they are nationalised they will be untouchable with the publice sector unions backing them. Bank workers are de facto public servants now in terms of pay, job security and work load.

[Cassandra Syndrome]

Nonsense. As we deflate we become more attractive to investment. Its a neccessary process.

And do people's loans deflate with that? We are a massive leveraged society. Number 1 in the world.

If disposable income shrinks and credit is unavailable how do people consume more?

[ang]

This snippet from the RTE article is rather telling. Halifix are certainly not expecting growth in Ireland for some time.

The bank said the Halifax retail business was too small to succeed in a shrinking Irish market

RTÉ Business: BoSI shutting Halifax, 750 jobs to go

[politicaldonations]

And do people's loans deflate with that? We are a massive leveraged society. Number 1 in the world.

If disposable income shrinks and credit is unavailable how do people consume more?

The debt is concentrated on a minority of population. Yes consumption must fall , more for those with debts who will become effectively debt slaves but we have no choice im afraid. Those like me with no debt will be fine, as will older people with little or no debt, great PS pensions etc. Most PS workers will be grand once they didnt but houses between 2003 and 2007.

[hammer]

And do people's loans deflate with that? We are a massive leveraged society. Number 1 in the world.

If disposable income shrinks and credit is unavailable how do people consume more?

Just wait too see the turmoil when the Banks let loose on mortgage rates. Not to mention the ECB rates

The real scary stuff hasn`t even started. A lot of the unemployed have been unemployed for less than 18 months. They have refinanced, survived off savings and now they will be punished by the same people that pushed us off the cliff. Politicians, over paid incapable public servants ( central bank & regulator office ) and Bankers.

[hammer]

The debt is concentrated on a minority of population.

Who are the majority of the workforce

[odlum]

What does this mean for the Vincient Brown show?