Paying For The Celtic Tiger

I have one house.

My car is 20 years old.

I have no holiday home.

I have never bought a property for resale at a profit.

I have never owned a rental property.

I had no SSIA.

I have never played the stock market.

I own no shares.

I have no designer clothes.

I owe nothing on my credit card.

And yet, according to our finance minister, I’m just as guilty of creating this financial crisis as anyone else.

I’m kicking myself.  It turns out I was part of the feeding frenzy, just like the politicians and their speculator friends, and I wish I had something to show for it.

Why didn’t I go crazy with the money since I’m paying for it anyway?


Previously on Bock:

Economic Treason – Simple Recipe

Asset Management Agency – Ireland-s Bad Bank

Bludget 2009

Budget 2009 – My suggestions

Fingers Fingleton Sole Beneficiary of €27 Million Irish Nationwide Pension Fund

Bailing Out The Property Developers

Business Ideas for the New Great Depression

Sorry? What?

Irish Government Ministers

Denying the Economic Crisis

Anglo-Irish Bank’s Croke Park Corporate Box

The Anglo-Irish Ten, Hiding Behind Client Confidentiality

Irish Bank Guarantees

Sean Fitzpatrick Tells Parliamentary Committee To Fuck Off

Letter To Brian Goggin, Bank of Ireland CEO

Anglo-Irish Bank, Brian Lenihan and the 7-Billion-Euro Fraud

Irish Government Nationalises Anglo-Irish Bank

14 thoughts on “Paying For The Celtic Tiger

  1. Thats one of the most succinct summaries I have come across of how a bunch of my family and friends feel at the moment Bock – bloody helpless frustration.

    Am watching this whole disaster unfolding from the other side of the world, so can only get a feel for the sense of frustration from reading the papers and catching a few choice blogs. I have just paid for tickets to bring the whole clan home for a couple of weeks in June and am bloody terrified of what I will find. Last time I was home was 3 years back, and I believe the ‘good times’ were still a rolling.

    My heart goes out to the ordinary joes who are being shafted (along with their kids,and kids kids) because of some greedy shite bags who have been allowed to run rampant, by the incompetent shite bags who we have being paying all these years to watch the books.

    I have been reading many comments about pitchforks and lynching, which I thought were tongue in cheek. Am not so sure now how outlandish the concept is now…

  2. Bock, ditto. But who bought the property? Who changed their car every year? Whose wardrobe was full of labels? It had to be sombody. I have sympathy for the people who started businesses or extended overdrafts to keep businesses afloat and are now skint. I know people who borrowed for Mercs, 4x4s, bigger houses, holidays in the sun and will be paying back for years, I have little sympathy for them. We are the only country I know of where a person is judged by their car reg.

  3. Traveling up through the country, past Offaly and the charming sight of siblings in long term loving relationships – and the way they might look at you with that strange light in their eyes, you can see the benefits of the recently deceased Celtic Tiger. New houses, estates full of them, new schools, shopping centers, the roads have improved – although it is beyond belief that we still haven’t got a national road net work linking all Irish cities, etc etc. Overall, we have benefited from the Celtic Tiger. The party is over now. However, it is well within us to rebuild this country. It will take a lot more than Fianna Fail and a handful of speculators and their banks to keep Paddy down.

  4. I’m not so sure Abdul, successive FF governments managed to keep us down for decades in the past.

  5. Are we tending to set a standard here ?
    I live in a simple house, at least its simple to me, but its in a lovely place and no neighbours close by, but it has been a 30 year struggle to be what is now, which is minus the leaks and holes.
    I drive a very nice vehicle, my treat to myself, not guilty about it, I know about cars so for me its not as basic as getting from Ato B its paid for.
    I have had nothing and I have had lot’s, made no difference to who I was or am, so for me the huge difference here is the total injustice and apathy of our Government and the continued indifference to us, the people who did’nt perform the “snatch, grab and run” tactics, who have remained stable, reliable and consistent. If I end up with nothing again I will be fine in myself as long as i don’t have unreasonable imposed debt and that my home remains safe, I just want to live here and leave it to my kid’s.
    Its ok to have what you want, you just have to be accountable when paying for it.I am very angry at having to pay other peoples debts, but i’m glad i did’nt lose my head during the “boom” just never believed in it.

  6. -Abdul
    Would those be the shodily built but almost nice to look at new houses? Estates full of rural ‘regeneration’ scumbags (a generlisation obviously, but not too far from the truth)? Shopping centers to spend all our redundency money in?
    It would seem that Fianna Fail and a handful of speculators and their banks were exactly what it took to keep Paddy down.

  7. in a wee tiny village near my parents i see the left overs of the celtic boom:

    an apartment complex that was built by a greedy developer and a shoddy builder. the roof was never put on right so only a few unsuspecting greedy investors hoping to rent them out at extortinate prices actually bought them. but no one wanted to rent a shoe box in a hole of a village with a leaky roof for €1300 a month so now they lie empty and local kids take great pleasure in throwing bricks in the windows…

  8. Those greedy developers with their greedy investors are everywhere, being greedy, going forward.

    “Greed is good”, insisted Gordon Gekko in Wall Street, summing up what many believed to be the malaise of our age.

  9. “We are the only country I know of where a person is judged by their car reg.”

    That just about sums it up No.8. I too am “ditto” to Bocks description of himself only I have become unemployed ( actually, I don’t know Bock’s employment situation). However, my old car is paid for and my mortgage is manageable if my wife can keep her job, ( and hopefully I can find another one)

    I am not in debt to thousands like some of the feckin’ eejits in this country that borrowed on the strenght of nothing and now find themselves in deep doo-doo. Incidentally, some of these eejits are also blaming the government for getting them into this mess. I’m not exhonorating the bufoons in Dublin but there was a lot irresponsibility by joe-soap as well.

    I would hate to be some of the people I know right now with 2007 Audi A6’s in the drive and no job to pay for it. Let’s hope a lesson can be learned.

  10. Somehow I have to believe that irrespective of the conspicuous consumption this would be less of an issue if the financial services industry worldwide did not leverage loans 35 times in complex mortgage backed securities.
    Is it just me (and John Stewart a bit too!) ?
    And then add a touch of classic FF jobs fer the lads of the post modern persuasion and a gambling nature that all entrepeneurs have and you have this clusterfuck.

  11. Now you put your finger on it.

    What does “leverage” mean?

    It means making up money that doesn’t exist.

    What we’re seeing now is the evaporation of all that false wealth and the people with the real wealth waiting to buy up everything at almost no cost.

    It’s exactly the same thing that happened in 1929. A consolidation of wealth in the hands of a very small number of people who will become even wealthier out of this than they already are, while you become a lot poorer.

  12. for most people in this country all the last twelve years meant, was having a job and the fact their children didn’t have to leave.
    FF are fucked this time because they cant export the problem to Kilburn or Queens
    A lot of people who came here to work and paid their taxes are also staying, better off unemployed here than at home.

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