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Thread: Did you benefit from the boom?

  1. #1
    Politics.ie Member Howya's Avatar
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    Default Did you benefit from the boom?

    As the argument continues to rage over whether or not many (as against a few) people “partied” during the boom years and as we pick up the pieces and are faced with continuing to bear the cost of the boom years, I thought I would pose the following questions


    (a) In the last 10 years did any of the following apply to you;

    And if so

    (b)Do you accept that you should bear some share of the cost (granted the current mechanism of sharing the burden is not proportional)


    - Get a pay rise greater than the annual inflation rate

    - Get bonuses where there were none/small previously

    - Sell your home and generate a significant capital gain

    - Switch your children’s school from state to private

    - Work in the construction or related industries

    - Work in the professional services industries (e.g. legal, accounting etc)

    - Benefit directly from benchmarking

    - Benefit indirectly from benchmarking (e.g. partner benefitted)

    - Buy a holiday home/mobile in Ireland or elsewhere using a loan secured on your principal residence

    - Purchase a buy-to-let apartment/house in Ireland or elsewhere using leverage greater than 60%

    - Take a greater number of holidays than usual (an extra weekend away; week away; skiing etc etc)

    - Obtain an equity release loan secured against your home

    - Change cars more frequently than usual

    feel free to add further examples



    Edit: Maybe one of the mods will create a poll so that we can track the responses.
    Last edited by Howya; 20th February 2013 at 08:00 PM.
    “Still paying, still to owe. Eternal woe! ” ― Paradise Lost, John Milton

  2. #2
    Politics.ie Member
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    Ask me in 35 years when I'm done paying for it.

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    Politics.ie Member mickterry's Avatar
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    Quote Originally Posted by Howya View Post
    As the argument continues to rage over whether or not many (as against a few) people “partied” during the boom years and as we pick up the pieces and are faced with continuing to bear the cost of the boom years, I thought I would pose the following questions


    (a) In the last 10 years did any of the following apply to you;

    And if so

    (b)Do you accept that you should bear some share of the cost (granted the current mechanism of sharing the burden is not proportional)


    - Get a pay rise greater than the annual inflation rate

    - Get bonuses where there were none/small previously

    - Sell your home and generate a significant capital gain

    - Switch your children’s school from state to private

    - Work in the construction or related industries

    - Work in the professional services industries (e.g. legal, accounting etc)

    - Benefit directly from benchmarking

    - Benefit indirectly from benchmarking (e.g. partner benefitted)

    - Buy a holiday home/mobile in Ireland or elsewhere using a loan secured on your principal residence

    - Purchase a buy-to-let apartment/house in Ireland or elsewhere using leverage greater than 60%

    - Take a greater number of holidays than usual (an extra weekend away; week away; skiing etc etc)

    - Obtain an equity release loan secured against your home

    - Change cars more frequently than usual

    feel free to add further examples
    Went to university as a mature student. Full grant, no registration fees, worked on my time off, got unemployment benefit at the same time, had medical card. Then got a job, 3-4 holidays a year, changed car every two years, both my wife and I. We both work full time and have no kids.

  4. #4
    Politics.ie Member
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    I avoided jumping on the property bandwagon and buying a house at the time, if you want to call that benefiting!
    FF said hello and welcome to the IMF. FG said goodbye.

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    Politics.ie Member Happytolearn's Avatar
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    I gained valuable experience in learning lessons
    I'm a better man now than I was that day

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    Politics.ie Member
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    I decided not to buy property during the property bubble, that was a lucky break even though plenty of my friends were imploring me to go out and buy a house. I consider not buying a house to be a benefit.
    "War is never economically beneficial except for those in position to profit from war expenditures."-Ron Paul

  7. #7
    Dylan2010
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    I mostly benefited from the tech bubble in the 90's and was mortgage free from 2003. I didnt partake in the Oirish bubble as it was a no brainer it was going to go tits up.

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    Politics.ie Member Howya's Avatar
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    Quote Originally Posted by Tough Paddy View Post
    I avoided getting on the property bandwagon and buying a house at the time, if you want to call that benefiting!
    I think hindsight would call that "smart"!
    “Still paying, still to owe. Eternal woe! ” ― Paradise Lost, John Milton

  9. #9
    Politics.ie Member EoinMag's Avatar
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    I moved back from Germany after 6 years working there as Ireland had opportunities and speaking German I was well positioned to service that need. That said I am still in employment so I'd not say that my position is boom related.

    I don't feel that I should be paying for others mistakes.
    “atheism is a belief system in the same way that not playing football is a sport.”

  10. #10
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    Haven't you heard, Howya?

    Not one single poster on P.ie benefited from the boom

    They all struggled in low-paying jobs, watching in awe as some of their irritating so-called "friends" down the pub boasted of their bonuses, their buy-to-lets, their shopping trips to New York, their big kitchen extensions

    These posters tried--over a pint, and reeling off lists of figures, can't have been easy--to warn these "friends" that the cyclical nature of late Capitalism, and the blah blah blah of contracts for difference meant that there was bound to be a crash...the banks would fail....the Troika would end up running the country....Seanie Fitz was a charlatan...Bertie a monster...

    Would the so-called friends listen?

    Would they hell.

    Now the posters here are glad that they stuck with their rusty bicycle and log cabin in the woods...

    Nope. They ignored the "boom". They foresaw it all...

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