Mar 03, 2009
Don't be too harsh, Robby!
I feel sorry for John O'Dolan's family. Ireland has produced some really aggressive, gambling , go-ahead ,entrepreneurs over the last 20 years. But I'm afraid that John O'Dolan won't be the last one to be in trouble. Too many have been carried along by this tidal wave of prosperity, especially in the construction industry!! Now the wave they were surfing on ,has turned out to be a tsunami and a lot of them will be swept away!! There has been too much risky speculation and highly inflated property prices .
Ireland's whole economy is in trouble. The country can't keep up with the likes of Germany , with whom they share the Euro value. They say Germany will have to help out the PIIGS ......Portugal, Italy, Ireland , Greece ans Spain.....who all have Euro problems. Will Germany also demand a firm grip on their economies?
Individuals like O'Dolan were real gamblers, I reckon. How can you pay 38 MILLION DOLLARS for a sand island in the Persian/Arabian Gulf?
The cost of developing it will be a FORTUNE. It all costs more to do by boat , than on land . Besides, for the scheme to be RIGHT.......ALL THE OTHER ISLANDS NEED COMPLETING AS WELL . Otherwise, the scheme will be an unfinished marine building site for YEARS.
The maintenance cost of a sand island ALONE is huge. Sand is constantly going to get washed away. Then you need a boat to get there .That restricts trade.
I reckon it was TERRIBLE JUDGMENT to buy one of the World islands for such big money. It is fraught with future problems . Buyers have been sucked in from all over the world. I saw the Irish buyers speaking on TV a year or so ago. This man must have been one of them. Many of them start with very little money. They achieve some success in building properties ....maybe for 20 years ........THEN THEY GET DRUNK ON IT AND GREED AND AMBITION TAKE OVER!!
They think it will ALL go ON FOREVER!!
But now the banks themselves are in trouble because they have LENT TO PROPERTY SPECULATORS ON A GRAND SCALE!!
But , when push comes to shove..........YOU HAVE NO FRIENDS AMONGST BANKERS.....they will look after THEIR OWN SKINS!!
I'm afraid that many more investors in the World Islands will go bust , and there will be many more who have over-reached , like O'Dolan , all over the REAL world, as well..