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Irish racing crisis?
Why, the whole island is in a serious economic and social crisis!
The only positive thing about the whole sorry affair, that involved the short-lived Celtic Tiger, which was really a mare of a plastic cash-cow, milked by criminal cowboys, who made goats of the lot of us, until the music stopped, is
that the Gael has historically turned his rage into constructive change.Re-construction will begin when the fools, who have caused such a mess, are taken out, entirely, and never allowed to repeat the same old mistakes.
Now is the time to kick on, imo.
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People are losing their jobs, Zoz, and that is indeed worrying, but the picture is not as bleak as many would have us believe. Economies go through cycles, much like climates, and whilst we are offered little hope of recovery within the next twelve months money still exists. Businesses which have been run sensibly and don’t rely heavily upon timely financial aid will weather the storm in the same way countless others have in the past.
News of the collapse of firms like Woolworths and MFI shouldn’t have come as much of a surprise as they were, in any case, disasters waiting to happen. The slowdown in the housing market came as a result of the basic supply and demand model, and whilst problems have been exacerbated by the actions of US institutions effectively insuring themselves against loss with other people’s money, they’re by no means inextricably linked (that is to say problems would have been encountered anyway). And as for Waterford Wedgewood, their difficulties were born of a drastic restructuring plan the controlling company started to implement over three years ago.
Cuts will continue to be made in financial organisations (though city bosses have still been rewarded with bonuses in excess of £1m in the last eight weeks) as current demand doesn’t warrant the existing level of employment, but there are businesses even within this sector which will prosper. Carefully run building societies for instance won’t be over-burdened, as their lending and investment policies minimised risk from the outset. Even construction, which has suffered greatly due to the decline in the housing market, has hope with a number of regional councils investing heavily in new projects.
I think there are at present around 700,000 available jobs in this country, so work is not in short supply, but when do we ever hear of people losing one job and finding another?
Racing will suffer as an industry just as any other will, but whilst we’re being scared into saving every penny we have (whilst at the same time being confused by the disadvantageous saving conditions) nothing is likely to improve. The financial implications of every move we make are under heavy scrutiny, but that doesn’t mean everything has to stop to recover. In fact what we do need is tighter global regulation of investment markets (the US lenders who realised they were in trouble bundled their debts and sold them off, but were careful not to use the word ‘insurance’ in any contract they subsequently entered into – as such, the transactions were free of regulation under recently passed US laws), but that’s a whole other debate.
Believe me mate this are crap. A lawyer friend of mine is seeing estate agents and other firms of conyeancing solicitors going too the wall, people who would nornally have the cash too be buying horses…
Look at Duncan Davidson, the guy had a large string of horses, he sent a load too the sales too save cash..
Doncaster st leger sales was a massarce.
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