Re: Re: The Building Boom Is Over!
@massamann wrote:
The boom may well be over but until we take some element of personal responsibility for our choices – instead of blaming everybody else – then we’re just going to end up making the same mistakes again the next time an upturn comes along. 🙁
Agreed the last upturn was like an 1880s Gold Rush and it became politically impossible to stop development based on local need; once you were local somewhere that was enough; once you could sound like a local in Quinns in Drumcoundra on thursday night.
What about planning in a sustainable way around accepted transport and municipal service provision efficiencies. Emotionally intelligent polititians such as Martin Cullen and Dick Roche trying to do Bush still folksy we’ll look after everyone type spin. When one looks back at one off housing, the now abadnoned decentralisation programme based on late late toy show principles. There are many lessons to be learned.
When you look at what the opportunity was Boston Scientific in Galway, Intel in Leixlip, Pfizer in Cork, Goldman Sachs in Dublin you couldn’t have done a better job in providing a sound economic provision to roll out world class infrastructure, sophisticated architecture and cultural projects gallore.
The Greenspan years delivered so much investment in positive technological advances, the internet moved from its Cern geekdom to the rest of the World, pharma never before or since delivered so many new blockbuster drugs and fund moved from a very small number of centres to new ones like Luxembourg, Panama and Dublin. It was a very exciting time which slumped for a two year period before banking and property lifted the malaise in mid 2003.
yep keep the fingers crossed thats a very rational response to the fact Lehman posted 4 billion dollar loss for the last quarter. lets let the CEO know , that we have our legs crossed as well, in fact lets all cross fingers and stop being pessimistic and looking at the bottom of the balance sheet and the CSO figures, thats a much more rational repsonse. What did you cross when Fannie and Freddie Mac were nationalised
18 hours after Fannie and Freddie were re-nationalised I sold all my banking stock bought the previous Thursday at a good profit; 12% on an opening bell is unsustainable; I bought them back today between 5 and 8% lower the 4% is sustainable. The effect of moving 8% of top 30 banks balance sheet assets from ailing mortgage lender junk bonds trading at 250 bps above t-bills has increased which is what the Fed has done by gauranteeing the assets of Fannie and Freddie; it has increased the value of these institutions massively at a time when their tier 1 capital positions were heading in the wrong direction. After another 40% fall this evening Lehman will be rightsized by KKR and another couple of private equity firms; my fingers remain crossed for all that work there it is tough environment to look for a job if you are in your late 30’s or older.
The low point was 14 July 2008 – it gets better from here for finance, in a year for retail and 2 years for property
