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13
May

Mother Eire is Slumping

   Posted by: chris   in Fish Talk

So Allied Irish Banks stock price is off 90% from its previous high. Stock holders are egging the board, they are so mad at their losses on the stock.

Hasn’t anyone told them yet? The stock market is a casino. You might as well walk into Paddy Power (bookie in Ireland) as your friendly stockbroker.

The reality of the stock market is that if you need the money then don’t buy stock. No not even the blue chip. Don’t you think AIB was a blue chip?

And as for house prices another reality is that if a person salary cannot pay the mortgage on a house and put food on the table then the house is overpriced.

In keeping with the reality theme Ireland is so overpriced that it cannot afford to be itself. Cuts and new taxes equal emigration, and just when mother Eire was canvassing its wild geese to come home.

I remember one Christmas in the late 80’s walking through arrivals in Shannon and the walls were stacked with welcome home signs. The reality of those times was that a huge portion of Ireland’s sons and daughters were living and working in America, mostly illegally.

The welcome home signs were noted in the newspaper with the cynical follow up don’t stay too long.

 

Looks like those days might be on the way back.

 

 

 

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This entry was posted on Wednesday, May 13th, 2009 at 1:18 pm and is filed under Fish Talk. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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