Ireland's Miracle Recovery? That is how many have classified the post-crisis, bailed out Irish economy. The tabloid site, "Business Insider," owned by Henry Blodgett who in 2003 was charged with civil securities fraud for lying to his customers regarding valuation of dot com stocks, fined $2 million and banned for life from working in the securities industry, published this on the miracle recovery of Ireland.Evidently you can't teach an old dog new tricks as Mr. Blodgett continues to excel in deception.
"Regardless of reservations raised about the sustainability of this growth — particularly if the global economy continues to go down the tube — Ireland's recovery so far has been little short of extraordinary."
http://www.businessinsider.com/why-ireland-is-the-miracle-of-europe-2011-9?op=1
Now for the facts:
Unemployment rate does not appear to be in recovery:
Ireland Unemployment Rate at 15% and Holding at Post-Crisis Levels
And this:
"[B]ut this overlooks a few uncomfortable details. Ireland's homeowners are the European and perhaps the world champions in not repaying mortgages. The country's national debt has increased fourfold in about as many years. Its banking system is being kept afloat by borrowing from Europe. And while a change in the law may soon force the banks to start cleaning up their balance sheets, nobody is quite sure how bad a mess they will find there when they do.
Welcome to Ireland, where the hangover is in fact just beginning.
http://www.theatlantic.com/business/archive/2013/04/welcome-to-ireland-where-mortgage-payments-are-optional-and-the-banks-are-a-mess/274566/
Moral of the story: Don't believe a word spewed by the MSM and tabloid sites owned by those charged with securities fraud by ripping off their customers by selling them at high valuation worthless dot com stocks.
And this:
"[B]ut this overlooks a few uncomfortable details. Ireland's homeowners are the European and perhaps the world champions in not repaying mortgages. The country's national debt has increased fourfold in about as many years. Its banking system is being kept afloat by borrowing from Europe. And while a change in the law may soon force the banks to start cleaning up their balance sheets, nobody is quite sure how bad a mess they will find there when they do.
Welcome to Ireland, where the hangover is in fact just beginning.
http://www.theatlantic.com/business/archive/2013/04/welcome-to-ireland-where-mortgage-payments-are-optional-and-the-banks-are-a-mess/274566/
Moral of the story: Don't believe a word spewed by the MSM and tabloid sites owned by those charged with securities fraud by ripping off their customers by selling them at high valuation worthless dot com stocks.