What's going on with these business' going bust because the economy contracts abit

Re: What's going on with these business' going bust because the economy contracts abi

MOB said:

I had cause to be in the Liffey Valley Shopping Centre on a weekend two weeks ago; It was jammed; I had cause to be in a shopping centre in Galway the weekend just gone: also jammed. So some people are still happily spending money and are willing to go and wedge themselves into these places at the weekend (I had to-ordinarily I would rather poke a spoon repeatedly into my eye)

That said, huge sectors of the economy have indeed shrunk dramatically and some have just completely stopped. It is going to get scary.......

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Shopping Centres are a sad reflection of the regression of the human specie in the 21st century, instead of reading, playing sport / music /drama or other forms of social interaction people walk around shopping centres and sometimes don't necessarly buy anything

Re: What's going on with these business' going bust because the economy contracts abi

MOB said:

I had cause to be in the Liffey Valley Shopping Centre on a weekend two weeks ago; It was jammed; I had cause to be in a shopping centre in Galway the weekend just gone: also jammed. So some people are still happily spending money and are willing to go and wedge themselves into these places at the weekend (I had to-ordinarily I would rather poke a spoon repeatedly into my eye)

That said, huge sectors of the economy have indeed shrunk dramatically and some have just completely stopped. It is going to get scary.......

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But are people actually buying? I went to a shopping centre which was open exceptionally last Sunday but we just went to get some exercise for the kids and ourselves in a warm environment as the weather was atrocious.

Re: What's going on with these business' going bust because the economy contracts abi

Bronte said:

But are people actually buying? I went to a shopping centre which was open exceptionally last Sunday but we just went to get some exercise for the kids and ourselves in a warm environment as the weather was atrocious.

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Good point. People are not buying in the 26 counties. The govt is partly to blame, with their stupid SSIA scheme, high vat rate, high minimum wage / cost of living, etc etc

Re: What's going on with these business' going bust because the economy contracts abi

Bronte said:

I went to a shopping centre which was open exceptionally last Sunday but we just went to get some exercise for the kids and ourselves in a warm environment .

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Shopping centre = exercise? Perhaps that might explain all the tracksuits, but I can't see how anyone gets exercise in a shopping centre, except possibly the staff.

Re: What's going on with these business' going bust because the economy contracts abi

linmar1 said:

No one in government is even talking about when Obama comes in that he is placing a foreign tax scheme to US business in other countries - - that will hit Dell IBM, and others very hard over here.

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On the contrary, this has been discussed to death in the aftermath of Obama's win. Many commentators don't see it as much of an issue. I agree with them.

Re: What's going on with these business' going bust because the economy contracts abi

Complainer said:

Shopping centre = exercise? Perhaps that might explain all the tracksuits, but I can't see how anyone gets exercise in a shopping centre, except possibly the staff.

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My point is that some people go to shopping centres other than to shop. I hate shopping but the weather was so bad we didn't feel like going to the park with young children in the rain/ice and snow and I couldn't face one of those kids zone places as everyone seems to go there too when the weather is nasty. I have a sibling in a small retail business and things are really tough out there and the sales have begun before xmas and still no shoppers. She had to leave someone go and I don't know if the business will survive. Next January will probably bring a lot of closures. The economy hasn't contracted a little bit, it's deploded (exploded negatively)

Re: What's going on with these business' going bust because the economy contracts abi

rabbit said:

Good point. People are not buying in the 26 counties. The govt is partly to blame, with their stupid SSIA scheme, high vat rate, high minimum wage / cost of living, etc etc

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I agree with all this except the word 'partly'.

Re: What's going on with these business' going bust because the economy contracts abi

Whilst the OP may be a bit naive and maybe a bit harsh towards some very hardworking businesses (s)he does have a point. The level of risks taken by businesses were enormous. Why did they borrow so much? No plan was ever entered into as regards keeping a reserve. No effort was made to look at personal expenditure. Whilst this might not be yachts and other such luxuries we all know that a lot of the owners of the businesses (espec. construction ones) blew money stupidly, new jeeps each year, new car for the wife/husband, huge houses, the decking, private schools, golf club memberships, etc etc.. Did you not read David McWilliam's book. It was obvious to any half intelligent individual that it was going to blow up - credit crunch or no credit crunch. Why is everyone so shocked now? I know there are genuine victims but some were asking for it and conveniently ignored the risks and the warnings given. This includes some of my own clients.

Re: What's going on with these business' going bust because the economy contracts abi

linmar1 said:

Funny commentors should speak to American business owners here in Ireland - - cause they percieve it as a huge issue. I know of two in the airline industry that are most definetly moving back to the us next year because the incentives that brought them here --- are futile in the current economic climate and the cost of living here they cant maintain the appropriate staff. Job loss of over 200 by just two men that I know alone.

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Indeed, but this has nothing to do with Obama's victory, nor his promised/threatened policies once he assumes power.

Re: What's going on with these business' going bust because the economy contracts abi

linmar1 said:

Funny commentors should speak to American business owners here in Ireland - - cause they percieve it as a huge issue. I know of two in the airline industry that are most definetly moving back to the us next year because the incentives that brought them here --- are futile in the current economic climate and the cost of living here they cant maintain the appropriate staff. Job loss of over 200 by just two men that I know alone.

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And yet the reason they are going back is the general economy and not anything to do with tax incentives as far as I can tell from your post. They may be getting paid in USD, their company may be folding back in the US, their business cannot compete with Ryanair, could be a whole myriad of reasons.

Re: What's going on with these business' going bust because the economy contracts abi

simplyjoe said:

Whilst the OP may be a bit naive and maybe a bit harsh towards some very hardworking businesses (s)he does have a point. The level of risks taken by businesses were enormous. .

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That is why we have entrepreneurs, brave people who risk going into business to make a living. It's always risky, the amount of businesses that start each year and fail is larger than those that succeed. It's called capitalism and they are the back bone of successful economies. We need people like that. We could try communism I suppose but I think you'll find that that has failed too.

Re: What's going on with these business' going bust because the economy contracts abi

Bronte said:

That is why we have entrepreneurs, brave people who risk going into business to make a living. It's always risky, the amount of businesses that start each year and fail is larger than those that succeed. It's called capitalism and they are the back bone of successful economies. We need people like that.

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While I don't doubt the value of entrepreneurs and businesses to society, it's not really a great year to claim that 'capitalism' is the backbone of successful economies.

Re: What's going on with these business' going bust because the economy contracts abi

Real entrepreneurs have been hard to find.

The vast majourity of money BORROWED for investment in the Celtic Tiger years was for people to buy and sell property to each other. Not alot entrepreneurial in that to be honest.

I think people will now have to be more "entreprenerial" which can only be a good thing.

Re: What's going on with these business' going bust because the economy contracts abi

Bronte said:

That is why we have entrepreneurs, brave people who risk going into business to make a living. It's always risky, the amount of businesses that start each year and fail is larger than those that succeed. It's called capitalism and they are the back bone of successful economies. We need people like that. We could try communism I suppose but I think you'll find that that has failed too.

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Agreed that risk takers are needed but the risks taken by Irish business people were crazy. As a foreign investor the only ones that the German and English laughed at were the Irish and the Icelandics. See where they are now. We got reckless. This was expressed in the business models we, Irish business people, set up and in our brash, arrogant behaviour in our private lives and expenditure. I do not totally blame just the individuals involved - banks, government (local and national), civil service and professions are also to blame. But we have to look also at individual behaviour.