37 thoughts on “A Snapshot From The Bubble

  1. John O'D

    I remember it well. 21, a year since graduation, not a job to be had, signing on with rent taking more than half, living off bread and hummous and moosehead, contemplating emigration. Musha for the good old days.

  2. Mrs Stapleton

    Article written by Marc Coleman, no less. Whatever happened to him and his prophecy about the best being yet to come?

  3. Stevie Coppell

    Yeah, Marc was spot-on alright-has his own show on Newstalk now too. Replaced at the IT by Dan O’Brien (formerly a Thunderbird’s character- have a look next time he’s on TV, you’ll see what I mean) who was equally wrong as the Economist’s man in Ireland. Just go back and google a few of Dan’s ‘soft-landing’ predictions.
    Just goes to show: the private sector is a harsh unforgiving world, where unless you are at the top of your game you will be punished for getting it wrong.

  4. SR

    July 2006? That was the month I finalised the purchase of my new house. In Longford. Thank you Marc Coleman, and Bertie Ahern. Thank you.

    1. Dave

      How on earth is it their fault that you decided to pay something silly for a house in the middle of nowhere?

      1. Pedanto the... FIX IT, FFS!

        Maybe because they engineered a society where overpaying for a tin hut was the only alternative to living with the parents till the age of 38.

        1. Roberta C.

          Or renting? That’s what I was doing in those crazy boom time years working a retail job at just above minimum wage. A brief glance at any sort of property bubble will tell you what’s going to happen. The clue is in the title.

        2. Dave

          I rented because I did my research and new that the multiples of salary people were paying were ridiculous.

          There has to be some sort of personal responsibility. You can’t blame someone else for every crap decision you make.

          1. Donal

            I rented cos I was too lazy to go to the hassle of buying a house… that’s what I love about the recession, it rewards the feckless

    2. jojo

      A modest 3 bed house in an outer Dublin suburb will probably cost you 250K, the same rental would be 1000pm.

      I figure that someone at age 30 (which would be an age people would require a full house as opposed to living in house shares) would pay with a life expectancy of 70 years old would pay 480,000 to live in the same house.

      there’s no right or wrong, ones risky and possibly cheaper, while the other is consistent and most likely more expensive. If you gambled and lost well it’s the risk you took at the end.

      If you purchased the house to live in and not invest well, you always assumed you’d be paying the same mortgage so what’s changed for you really.

      1. Kyle

        The thing you’re forgetting in that 250K vs 480K comparison is that, as the property owner, you’re responsible for maintaining the structure of the property as well as any furnishings inside it, whereas as a tenant you’re not.

        Fridge explodes tomorrow? My landlord pays (or, hopefully for his sake, his landlord insurance pays). Ceiling falls in? Landlord pays. Get burgled by someone who literally smashes their way through the front door? Landlord pays.

        There are upsides as well as downsides to renting.

  5. judy, nyc

    well, at least you didn’t have bush the second suddenly announcing under a breaking news banner on the teevee a succinct summing up:
    this is a crisis., he yelped in a high pitched voice. we have no money.
    of course, he meant we, not him.

  6. Archvillain

    Wait a second. We (apparently) talked ourselves into this recession. The boomiest times ARE yet to come I hear…

  7. John

    Can you buy old copies online? Wouldn’t mind framing one of these in my rented room to keep me in touch with reality.

  8. Pedanto

    All good points, and of course people are responsible for their decisions. But it seems a little cruel to discount entirely the pressure of the times. And indeed the Times.

  9. Ttable Whey

    My home is worth around half what I paid for it…
    But I still don’t regret buying it.
    The quality of life and peace of mind of the past 3 years have been great.
    If I lose my job and hence lose my home, I will have to go back to renting (on rent allowance).
    If I had stayed renting then I wouldn’t have gained anything – I would have lost the years of happiness that my home gave me.

  10. Joe835

    I can do better than SR; 14 July 2006 is the day that we got the keys to our house. It was a gorgeous Friday and we paid around 3 times what it’s now worth.

    Mind you, we don’t plan selling it any time soon, we’re perfectly happy where we’re living and the mortgage payment is around the same as the rent would have been, soooooo………

  11. Marc Coleman

    And as for the book “The Best is Yet to Come” chapters 3, 4 and 5 of that book contained comprehensive warnings about the coming recession, as everyone (from TK Whitaker to the late Paul Tansey) who read it agreed. Its title refers to the country’s capacity to rebound by 2020. We’ve gone from national despair to new peaks of prosperity within a decade before: From 1957 to 1967 and again from 1987 to 1997). We can do it again and I don’t apologise for saying so. People should read stuff before they comment on it

    1. Mike

      Its too late. You have been found guilty of causing the recession. You caused the boomer that made me buy a house that is now worth far less than it was in 2006.

      On with the lynching!

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