Hey! Spirit Warrior,what's going on in Ireland?

[ElfBane]

Go here... http://www.rr.com/news/topic/article...tional_bailout

What's the situation there?

[SpiritWarrior]

What it says really. I was just reading the same article this morning, although it has now changed to an article about Britain supporting Ireland decision.

For days they said they would not pursue an EU bailout, but amid pressure from the EU itself due to fears that a crash could create problems for countries like Portugal, inducing, I guess, a domino-effect, they seemed to have changed their minds and done a complete 180. The Irish economy suffered quite a bit in the last 2 years, and is not bouncing back as fast as America. In the US, I am starting to see "Help Wanted" or "Now Hiring" signs as I walk around town, whereis in Ireland they are still in that "Lucky to have a job right now" phase.

As I come and go to the US, and can see how both economies are coming along, I would surmise they are around a year behind the US in terms of recovery. While I see alot more people in Ireland with jobs now than I did 9 months ago, it is still taking time. The houses are all freakishly low rent as owners try to get anything they can toward their mortgages. It's a good time to rent or buy if you have the money. 4 bedroom houses for like 300 euro a month!

[Larry_OHF]

I guess the Leprechauns ran off with all the country's gold?

On a serious note, this news story shows that US companies are not helping the situation.

http://www.telegraph.co.uk/finance/f...-tax-move.html

[SpiritWarrior]

No, we sold the leprechauns a long time ago for bond shares.

As for your link, yes, many huge US companies like HP and Google have their headquarters not in the USA, but in green ole Ireland. In fact, I used to live around the corner from Google Inc! The reason is because the US has really high tax rates and red tape and it is basically cheaper to set up your HQ in Eire rather than the company's own home. Ironic kinda.

Ireland also gives major breaks and grants to companies investing in this way where many other countries do the opposite. I guess, the system encourages businesses to sprout up rather than punishing them. Some are now saying they have been too lenient with these big corporations like Intel. So yeah, naturally, there's some uproar about them wanting to hike up rates.

[ElfBane]

Will you be protesting today?
http://www.msnbc.msn.com/id/40391072...ld_news-europe

[SpiritWarrior]

Hell no, I'm above all that. And/or It's too cold.

[Timber Loftis]

Originally Posted by SpiritWarrior Ireland also gives major breaks and grants to companies investing in this way where many other countries do the opposite. I guess, the system encourages businesses to sprout up rather than punishing them. Some are now saying they have been too lenient with these big corporations like Intel. So yeah, naturally, there's some uproar about them wanting to hike up rates.

Some would view Ireland's nosedive toward zero taxes and regulations on many industry sectors as a kind of "dumping." In your typical dumping scenario, a commodity is sold at below market, or even cost, prices by an importer in effort to kill a local competitor. Then, once the competitor is out of business, they control the market. Ireland's slashing of corporate taxes and regs is, some could say, a type of bribe to get industries to move there. It worked, and Ireland got lots of companies to relocate, particularly many pharmacy companies. But, when you do that, you're riding on the bubble, and when the bubble bursts you find out that there's no money to keep financing such bribery.

[SpiritWarrior]

Originally Posted by Timber Loftis Some would view Ireland's nosedive toward zero taxes and regulations on many industry sectors as a kind of "dumping." In your typical dumping scenario, a commodity is sold at below market, or even cost, prices by an importer in effort to kill a local competitor. Then, once the competitor is out of business, they control the market. Ireland's slashing of corporate taxes and regs is, some could say, a type of bribe to get industries to move there. It worked, and Ireland got lots of companies to relocate, particularly many pharmacy companies. But, when you do that, you're riding on the bubble, and when the bubble bursts you find out that there's no money to keep financing such bribery.

I agree. It is a form of bribery in a sense. After all, It's an unlikely country for such big corporations to house their HQ. And it worked beautifully. But then yes, you ride the bubble when you do this. In the last decade, Ireland actually came out of a massive economy boom, something referred to as "The Celtic Tiger", so this slump has kinda hit it quite hard in comparison. But then, all of Europe is in the same boat, with the exception of one or two countries, and tend to be roughly one year behind the USA in terms of recovery.