Went to a very interesting talk in The Landmark Hotel, Carrick-on-Shannon today by economist David McWilliams in which he “explained” the recession and outlined some possible solutions for getting out of it. Here are some of the main points I remember.
- Stop blaming everyone else including government etc and start forgiving and getting on with fixing the problem.
- We must all blame ourselves as well for over spending.
- Clear out the existing bank owners and execs and start afresh with “Clean” banking.
- The Irish must use their “Tribe” or diaspora more effectively instead of breaking links with and ridiculing ex-pats.
- The economic future will be knowledge and network based, venture capital will be very important.
- People must show initiative to drag ourselves back out of the recession.
- The housing market will continue to devalue.
- Bank bailouts are not the way forward as banks may use the money to pay off debt instead of loaning it to businesses, house buyers, etc..
- Ireland should focus on “Green Tech” and creating multiple “Silicon valleys” here, making us the place to come and setup.
- Its time for change and fresh thinking, old ways are dead.
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