Yesterday marked the 15th anniversary of the 2009 emergency budget – the video of Minister Lenihan’s address from the day is a fascinating time capsule of the chaos the country was going through.
by 7O8K
Yesterday marked the 15th anniversary of the 2009 emergency budget – the video of Minister Lenihan’s address from the day is a fascinating time capsule of the chaos the country was going through.
by 7O8K
31 comments
Felt wrong giving things I vividly remember a ‘History’ flair.
In fairness though, we all partied up until that point.
Grim times.
I can remember the entire town shutting up shop, unemployed fathers collecting their children at the school gate, mass emigration, the sudden disappearance of 110% mortgages, job losses in the media, the council only cutting the local parks twice in the summer months, even a few suicides….honestly the government in early noughties have a lot to answer for.
Glad we’re in a much better position now, mostly…
The recession was crazy. In 2009 I rented a 2 bedroom apartment with my boyfriend in Cork city centre for €850 a month. So many people had emigrated that at rent review time I got a discount every year til 2013.
Self inflicted chaos. And then they tried to pin it on the global economic downturn six months later. And people still vote for these fuckers, and the Greens 🤷
Still living the consequences of FF incompetence. And they are still entrusted with the future of the country. Mind boggling
I remember Lenihan going on Newsnight at a really bad time for the country shortly after he’d been given weeks to live with cancer and doing a fantastic job. He’d have been Taoiseach someday, and probably a fine one.
In saying that, FF led us into a financial disaster, but in many ways they were just implementing the policies that the Irish people wanted them to implement – we are gullible fools at times, and you can see the same now with SF being the largest party despite hollow populist promises.
The next crisis will be very different. Less sudden and severe but far more structural.
Was this the same day the temporary USC was introduced? Not sure if anyone remembers it, it was only temporary. Oh wait…..
The emergency budget was passed, and we all lived happily ever after…but seriously what a gripping watch, those budgets and the general era were absolute box office in the worst possible way.
The camera pans at approx 42.20 to Bertie looking suitably glum, penny for his thoughts then.
Why we still paying USC while government pay want back 
I got a new job in early 2009 and I still work there. Thankfully the recession barely affected me but it could have been very different if I didn’t get that job. Counted my blessings everyday. Still do.
I hope he’s burning in hell for the misery he caused to the Irish people.
Slight side note but the sound of the mobile phone interference at the 1:00 mark brought back a forgotten memory. You always knew your Nokia was about to blow up before it started ringing 🔮
It was fucking grim. If you were of working age at the time, you’ll never forget just not knowing where the bottom was.
Many of our problems today, most notably the housing crisis, are the hangover of the Celtic tiger crash. But I’ve never felt so afraid of what the next day or week or month would bring as during the crash.
The crisis in 08 was like a car crash. Quick and unexpected. We are now like the titanic taking on water. The rich think all is fine, the poor are already wading in water.
Ireland has been terrible in foreseeing economic issues, yet they are at the forefront of growth in the main sectors, big tax incentives for the big companies are all well and good but it’s at a cost, remember they said we didn’t want apples money that the EU said we were owed.
We as well as the rest of the world are sleep walking into a major financial crash, Ireland during COVID was paying people not even in the country 300 or so a week without any checks. Selling off houses and land to hedge funds in a rent and housing crisis for a quick buck not paying attention to big US banks stating that renting is the newest form of easy almost guaranteed income. Governments need to get their heads out of their arses and see the wider concequesces. The US stock market is teetering China’s has all but collapsed and us lowly peasants will be left bailing out the banks yet again
I lost my job and professional career in 2008.
It was sickening to have watched the lying gaslighting Fianna Fail bastards wreck the economy with their pumped up construction sector and tax breaks, zero regulation of banking and capitulation to the IMF and taking on the entire banking debt.
Ahern had jumped ship not too long previously and we had drunk Cowen giving interviews.
It took the intervention of Holohan of the central bank to stop the lies of Lenihan and Cowen about the imminent takeover by the IMF.
https://www.theguardian.com/business/ireland-business-blog-with-lisa-ocarroll/2010/nov/18/ireland-central-bank-governor-transcript
I was 18 at the time and definitely hadn’t fully grasped what was happening or the consequences till I nearly finished college. I’m 32 now and like a lot of my friends unfortunately haven’t worked a day post college in the Republic.
Looking back I think the govt and most govts around the world were caught out. I just think ours was caught out more due to the country not used to being wealthy. I can confidently say as a whole we lost the run of ourselves back then.
Ireland has matured a lot since then. Granted there are still big issues, but the issues are not unique to Ireland.
Planning on moving back in the next few years and am very excited! Still and always is a great country to live in and be from!
There’s going to be lots of sneaky narratives about how it wasn’t really FF’s fault…blah…blah…blah.
All you need to know is that under FF construction as a non exporting part of the economy got blown out to 20% of our entire GDP. It’s with good reason we were one of the hardest hit in the entire EU.
Seeing Brian Cowen’s face again makes me angry. What did we vote him, the third or fourth worst Taioseach?
Bet it didn’t really affect anyone in that room at the end of the day. Non of them lost their jobs, had to emigrat, lost their houses, suddenly couldn’t afford basic stuff, were driven to suicide by debt collectors or lost everything and had to start again. And don’t get me started about the people that actually caused it all, the bankers. They just walked away saying, a well, we fucked up trying to Rob the country. But the tax payer will look after it. But what’s even more annoying is, nothing has changed. The rich stay rich and get richer and the poor get hit with more taxes. And until people stand up and say enough is enough. It will never change.
Like it or not but Brian’s plans got us out of the recession.
I remember that day and year well. Father had just passed away the December before and I was made redundant at the beginning of March. Queues to sign on for the dole where up to 2 hours long at the peak. Too much time to think and worry. Partner and a two year old son to provide for. The feeling of doom and hopelessness. Somthing changed in me that year that I never really got back.
“Structural weakness of the Irish taxation system is that too many do not pay tax at all”…
Same could be said today.
And we are still being subjected to USC charge
We rented a 2 bed apartment in dublin4 for 850€. We bought a house in Eastwall for 110,000€. We sold it after a few years. Think the house is close to 310,000 now.
Some anniversary this, still living with the consequences. On the 29th of April 2024 there is a very real possibility I could lose my home. Family of 5.
Lost my job during that period fell into arrears, mortgage got sold to a vulture fund, and now 15yrs later still going through hell.
At least the bankers/bondholders and all he politicians that failed us were looked after
We need a version of the 2nd Ammendment, it stops this nonsense
Truly believe the stress gave the guy cancer.
When comes to debt is national but when country doing well there’s not such national wealth. We still paying temporary USC. Feckin wankers