The Irish Government set and did set the prices of rates.
They gave out and made available all the loans to builders and developers, the developers now cannot pay back these loans etc and the banks are left in the gutter.
So, Its not down to the government, what do they do.
well ill tell you what they done.They brought out the budget early and put everything they could up,making it harder for us to live and buy goods. whereas the North of Ireland lowered their prices so that people would spend more money .
Now people from the republic are going upto the north spending money on essential goods that they need, and guess what, this is taking money out of our economy as they are in the north(english) regions.

The Irish Government turned their backs on the people. who would want to put up with this. Small businesses are suffering now because of it.

Personally it discusses me to think that they would make such a stupid and unwise decision.
I personally am going to immigrate after school. but then again, i do want to go to college and get a good education , but clearly Ireland is no longer somewhere where you can do that.

American banks played a huge part in the global recession. This recession is also linked to the closing down of extra-curricular activities in our school. As Darragh said “builders always win”. But it is the bank that provides the money. So it all starts off from the banks.

its clearly not the American banks fault, its a global recession.
Yes the US played a part in it but not the full macoy

If a person takes a mortgage of a 200 thousand the bank can chase this person for their mounthly repayments as they are not in fear.

but if a builder takes out 10 million in order to build a housing estate the builder is in control because if he has a success with the estate he will make a couple of million. And if all goes wrong in the selling of the houses and the builder cant pay back the banks monthly repayments, what will happen is the builder will give the bank the housing estate that they have paid for with the loan. these houses cant be sold so therefore the bank loses out.

what i mean is the builders will always take the loan if possible as its win/win for them (they wont lose their own money)
Therefore the banks should be sure they will get there money back when giving out large scale loans.

If you ask me, the financial regulator has a big part to play in this, but also I think people brought this on themselves. I read an article a few weeks back in the Sunday Business Post about a woman getting a mortgage. The bank gave her a 90% loan of nearly €350,000. She was a substitute teacher and had to take on two part-time jobs as well as taking all the hours she could at school and was still contributing nearly around 60% of her income on her mortgage. I mean, I know the banks shouldn’t have given her this mortgage but in all honesty, how do these people tink they can continue these levels of repayment. You have to agree that a certain amount of responsibility lies with the people taking out the loans as well as the banks.

What do ye think?