The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

[PadraicHenryPearse]

I bought Irish bank share last week - on friday i was down .50 a share, currently up .41 a share.

As i am in Australia i got my father to get them for me as he was buying himself, If he had followed my instructions i would be up .75 a share but he has bought more shares then i gave him money for so i cannot complain. On the extra amount he bought he gets 25% of profit if there is any and his initial invesment back and i take all the losses if we sell when the share pricve is down (not going to happen as i won't sell if they are down). 2 or 3 good days and i will probably sell.

[Hardy]

First thing I'd do, come the revolution, is lock up all the economists, financial advisers and other hangers on. In fact, why wait for the revolution? Lock them up now, as part of the price of the bail-out.

It never fails to boggle my mind that people accept advice from these chancers in the mad belief that they can predict the future. What's even more amazing is that there's no comeback on these people for getting it wrong and costing people millions in aggregate. This despite the fact that they're licensed by the state. You might as well give a license to a palm reader or a witch doctor to predict share prices by looking at chickens' entrails. And then say "ah that's grand, sure", when they get it completely wrong.

I had a call in April from our little company's pension fund manager. We had a meeting and he "strongly advised" us to transfer the whole lot into a fund based on international financial stocks. "The credit crunch is over", he says. "The recovery has started. The losses have all been priced in. Financial stocks are set to soar. The markets typically anticipate these recoveries by about one to two quarters. Get in now or you'll miss the biggest opportunity since the thirties".

Now we're no financial wizards and this bozo gets paid to advise us, but thankfully we did the opposite of taking this advice. What his advice did was put us into the mode of thinking seriously about the pension fund for a day or two, whereupon we decided to put it into cash where it has remained since, missing out on about 20% losses in the original fund where it resided and unmeasurable losses if we had taken the advice.

This lad is still in a no-risk job and the pension people are still charging us a fee for "management".

[lynchbhoy]

First thing I'd do, come the revolution, is lock up all the economists, financial advisers and other hangers on. In fact, why wait for the revolution? Lock them up now, as part of the price of the bail-out.

It never fails to boggle my mind that people accept advice from these chancers in the mad belief that they can predict the future. What's even more amazing is that there's no comeback on these people for getting it wrong and costing people millions in aggregate. This despite the fact that they're licensed by the state. You might as well give a license to a palm reader or a witch doctor to predict share prices by looking at chickens' entrails. And then say "ah that's grand, sure", when they get it completely wrong. I had a call in April from our little company's pension fund manager. We had a meeting and he "strongly advised" us to transfer the whole lot into a fund based on international financial stocks. "The credit crunch is over", he says. "The recovery has started. The losses have all been priced in. Financial stocks are set to soar. The markets typically anticipate these recoveries by about one to two quarters. Get in now or you'll miss the biggest opportunity since the thirties".

Now we're no financial wizards and this bozo gets paid to advise us, but thankfully we did the opposite of taking this advice. What his advice did was put us into the mode of thinking seriously about the pension fund for a day or two, whereupon we decided to put it into cash where it has remained since, missing out on about 20% losses in the original fund where it resided and unmeasurable losses if we had taken the advice.

This lad is still in a no-risk job and the pension people are still charging us a fee for "management".

I hate it when I agree withyou, but that is spot on

[nifan]

Agreed hardy.

When I sold the house in Feb a few financial advisors i know tried to convince me Id be mad, much better to keep the house and rent it out.
Id lose a fortune and never get back on the property ladder etc.

Thank f**k i ignored them.

[magpie seanie]

Hardy, what ye want to do is get yer man and his superiors into the room (rumour about further investments etc) and when they are there ask them what they have to say about the bogus advice that clown gave ye. And ask why ye shouldn't go to the media about it. That would be fun.

[lynchbhoy]

Hardy, what ye want to do is get yer man and his superiors into the room (rumour about further investments etc) and when they are there ask them what they have to say about the bogus advice that clown gave ye. And ask why ye shouldn't go to the media about it. That would be fun.

...tell him you want 10 grand or you go to the press to inform everyone that he's a fraud/fcking rubbish !

[Hardy]

That's a good idea lads. These boys are always "thinking outside the box". I'll tell him I'm thinking of giving him a box. He can call it a paradigm shift, going forward. I'll call it a dig in the snot.

[Billys Boots]

Excellent plan - our pension 'manager' is due in next week, I'll think with a box too, before I turn the rabble on him.

[Donagh]

I bought Irish bank share last week - on friday i was down .50 a share, currently up .41 a share.

As i am in Australia i got my father to get them for me as he was buying himself, If he had followed my instructions i would be up .75 a share but he has bought more shares then i gave him money for so i cannot complain. On the extra amount he bought he gets 25% of profit if there is any and his initial invesment back and i take all the losses if we sell when the share pricve is down (not going to happen as i won't sell if they are down). 2 or 3 good days and i will probably sell.

Pearse why did you go for the Irish bank stocks? From what I can see (and I'm no expert) you'd need to mad to go anywhere near them as the Irish government guarantee is worthless because they've haven't the money to bail them out. Is there something I'm missing here?

[orangeman]

 GLOBAL FINANCIAL CRISIS
  News, explainers and analysis – see full coverage of the global turmoil

MARKET DATA - 15:06 UK
FTSE 100 4120.55up 188.49 4.79%
Dax 4927.36up 383.05 8.43%
Cac 40 3389.94up 213.45 6.72%
Dow Jones 8832.31up 381.12 4.51%
Nasdaq 1723.43up 73.92 4.48%
BBC Global 30 4552.61up 118.72 2.68%



All green figures today ! Keep her at it and we might ride the storm.

[passedit]

GLOBAL FINANCIAL CRISIS
  News, explainers and analysis – see full coverage of the global turmoil

MARKET DATA - 15:06 UK
FTSE 100 4120.55up 188.49 4.79%
Dax 4927.36up 383.05 8.43%
Cac 40 3389.94up 213.45 6.72%
Dow Jones 8832.31up 381.12 4.51%
Nasdaq 1723.43up 73.92 4.48%
BBC Global 30 4552.61up 118.72 2.68%



All green figures today ! Keep her at it and we might ride the storm.

More likely to be




dead cat bounce

[bcarrier]

Passedit will you ever buy the house and quit the George Doom .

[PadraicHenryPearse]

Donagh nothing special about the irish banks only that i have been following there share price closely since around xmas 07. i've seem IL & P and BOI go from 20 and 15 euro to 3 euro. I just felt with all the doom and gloom it couldn't get much worst especailly since the Govt. around the world started to work together and i didn't think the Irish banks would fold. At the moment i think i could be on a winner, last week i was worried i made a mistake. 3% gain yesterday is quite small compared to other markets yesterday and Japan and Australia have gone up 12% and 4% this morning. Hopefully that will follow through to Europe and i'll see another 2-5% increase. So in Summary just a gut feeling really.

PHP

[Bud Wiser]

Wait until you hear Mr. Cowan and Brian Lenihans Budget today before you stick your money in bank shares.  The first tranche of our money that has been used to bail out the banks is miniscule towards what is required in the long term, we are talking billions and expect some of the banks to go under.  If some are not nationalised you can bet every cent you have left over from buying shares in B.O.I. or A.I.B. that the government will disallow any dividends whatsoever from being paid to shareholders until the "bailout" money, or at least some of it is recouped.  Since that is unlikely to happen today or tomorrow the thought of flicking on the teletext on page 142 and expecting to see +42 in lovely blue colour on a weekly basis is far from the reality of what I think is likely to happen.  Still, God favours the brave but taxpayers who are pissed off with the government bailing out the banks would be fairly annoyed if,  instead of the banks providing payback to the government, they then started paying big dividends to fat cat shareholders, would be twice as annoyed then - not that the banks will have a choice.

[orangeman]

All indexes up 3/4% this morning - looks like things could be motoring again.

Any predictions for Lenihan's toughest cutbacks in 20 years ??