How to Survive the Recession and the Recovery

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What is a recession?

Login Newsletters. Business Company Profiles. Amazon's founder Jeff Bezos believed the internet could meet consumers' needs in a unique way, and began shipping books to customers worldwide in The company's secret? Focus on the long term: Amazon looks to innovate with products like its new Kindle 3, and strives to expand market share , forever anticipating the next change.

Plagued by recalls, safety issues and lagging sales, Ford was looking like it was on its way out - until CEO Alan Mulally took over. The company expects to end with less debt than cash - quite a turnaround in just a few years. A complete overhaul, eliminating models from its line, cutting costs and revamping its image got Ford back into the game at a time when recovery is toughest.

How to Survive a Recession and Thrive Afterward

Sparked by a consumer survey with video clips on TV , the pizza overhauled its recipe, proving that change is good for business. The secret to Domino's turnaround was novelty: changing the self-proclaimed cardboard crust and ketchup sauce to a new, improved pizza brought people in the door. Are Ministers serious when they say they want to move the economy into steady and sustainable growth? And can they accelerate progress in dealing with the remaining scars of the crisis, notably homelessness?

Over the past 20 years annual economic growth here has been within what might be called a normal, sustainable range of 2 to 4 per cent on only three occasions. The year ahead will be a defining one. We have reached our EU borrowing benchmark. But the right thing to do may well be not to spend it all and to squirrel some away for when the downturn hits. Politics is all about choices. During the bust the Government seemed to be backed into a corner.

But, as Leo Varadkar and Paschal Donohoe will learn, being spoilt for choice has its problems too. In January it was all about the United States economy. Storm clouds were gathering, emerging from complex financial instruments that were , in effect, a kind of badly constructed Ponzi scheme based on lending to less well-off US homeowners in what was called the subprime housing market. The US central bank — the Federal Reserve — cut interest rates twice that month, slashing its base rate from 4.

One thing you can say for the Americans is that when this all hit they did not hang around. In hindsight we can see that the US economy was then just entering recession, brought on by the spreading impact of a failure in its financial system, and that the slide was about to accelerate. Looking back at The Irish Times a decade ago, there is a clear sense that trouble is on the way but few hints of how dramatic it will be. The pieces of the puzzle were all starting to fall into place, but nobody could see the full picture.

Internationally, signs of strain were emerging. Many people date the key moment to August 9th, , when BNP Paribas froze three investment funds because, it said, it had no way of valuing the complex financial structures involved, based on US subprime loans. In September Northern Rock building society had been bailed out by the British taxpayer. But here, we were told, it was different. Irish banks had little exposure to these complex financial instruments, it was said.

The problem was that they were exposed to the ticking time bomb of the Irish property market. By January housebuilding had started to slow and house prices were off their peak. Unemployment was on the rise, fuelled largely by construction lay-offs. But the most pessimistic forecast I could find in reports that month was from a stockbroker who predicted the economy was to grow by 2. In the event GNP fell by more than 2 per cent in and collapsed by more than 6 per cent in The following September he had cautioned about the risks banks faced from property lending.


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But the Government and the Central Bank continued to insist that, although we might face some challenges, all was well. After January an eerie calm prevailed, but only for a couple of months. In September Lehman Brothers went bust and the financial world had a heart attack.

A few weeks later came the bank guarantee. We often forget how slowly the story then unfolded. That was the moment we disappeared off the top of the roller coaster and headed for the inevitable bailout. As the reality was laid bare over the following couple of years — the banks were guaranteed and Ireland collapsed into a bailout — there was to be a fracturing of trust between politicians, the administration and the people, one whose consequences will be felt for many years to come.

We exited the bailout at the end of , with the economy then growing faster than most had anticipated. A decade after the crash there is no doubt that the Irish economy bounced off the floor more quickly than anyone expected. The 10 years since can be divided in half: five years of bust followed by five of recovery. The key indicator has been employment, up from just over 1. Economic growth, even allowing for the distorting impact of multinational activity, has been robust.

And the exchequer is close to balancing its books. Given income and job growth in , we will by now have exceeded the peak. In September Northern Rock building society had been bailed out by the British taxpayer. But here, we were told, it was different. Irish banks had little exposure to these complex financial instruments, it was said. The problem was that they were exposed to the ticking time bomb of the Irish property market. By January housebuilding had started to slow and house prices were off their peak. Unemployment was on the rise, fuelled largely by construction lay-offs.


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  • But the most pessimistic forecast I could find in reports that month was from a stockbroker who predicted the economy was to grow by 2. In the event GNP fell by more than 2 per cent in and collapsed by more than 6 per cent in The following September he had cautioned about the risks banks faced from property lending. But the Government and the Central Bank continued to insist that, although we might face some challenges, all was well.

    After January an eerie calm prevailed, but only for a couple of months. In September Lehman Brothers went bust and the financial world had a heart attack. A few weeks later came the bank guarantee. We often forget how slowly the story then unfolded. That was the moment we disappeared off the top of the roller coaster and headed for the inevitable bailout.

    How to Survive the Next Recession - DailyVee 521

    As the reality was laid bare over the following couple of years — the banks were guaranteed and Ireland collapsed into a bailout — there was to be a fracturing of trust between politicians, the administration and the people, one whose consequences will be felt for many years to come. We exited the bailout at the end of , with the economy then growing faster than most had anticipated.

    A decade after the crash there is no doubt that the Irish economy bounced off the floor more quickly than anyone expected. The 10 years since can be divided in half: five years of bust followed by five of recovery. The key indicator has been employment, up from just over 1.

    The suddenness of the decline in markets has truly shaken the confidence of many investors.

    Economic growth, even allowing for the distorting impact of multinational activity, has been robust. And the exchequer is close to balancing its books. Given income and job growth in , we will by now have exceeded the peak. The averages hide a multitude, of course.

    6 Companies Thriving In The Recession

    A distinct group is now living under the cosh of record rents, for example, which cuts their discretionary spending. The worst of our problems, the housing crisis, dates back directly to the financial crisis. Work started on more than 75, new homes each year from to , but by that figure had collapsed to between 4, and 5, a year. The construction industry was decimated: builders went bust or into Nama, banks had no cash to lend and were under pressure to shrink their loan books, and State investment in housing was slashed.

    The lack of housing supply is at the root of much of the homelessness crisis, of soaring rents and of rising prices that have pushed homes out of the reach of many young buyers. Dangerous feedback loops have led to high rents pushing some into homelessness and ensuring that others cannot afford to save to buy somewhere to live. Housing starts are at about 15,, but there is much still to do. It is not the credit-driven bubble of the mids but a drastic, damaging housing squeeze. Although the headlines reflect the social crisis it has caused, housing is also now a constraint on our economic growth.

    Certainly in Dublin it is part of a story of infrastructure investment, which was slashed during the recession.

    How to Survive a Recession: 14 Steps (with Pictures) - wikiHow

    Not only in housing but also in crucial commuting infrastructure and an orbital ring road — the M50 — already operating beyond its limits, Dublin is bursting at the seams. In terms of attracting companies to invest here, this is now a crunch issue. Modern companies rely on talent, and talent needs somewhere to live affordably, a way to get to work and a chance of a decent lifestyle. Dublin is struggling to provide these. The Government faces the twin challenges of dealing with the legacy of the bust and the challenges of the recovery.

    The threat of Brexit, which could yet deliver a hard shock in were the UK to crash out without a deal, remains. The big lesson from the crisis is that it is too late to act when the bubble is inflated.



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