Today’s Irish Times has an article by Orna Mulcahy where she bemoans the fact that the points for college courses will be higher this autumn due to the increase in applications from mature students who have recently found themselves unemployed/between jobs/time advantaged (pick your own term).
After more than a decade of falling points and expanding career options, all signs were that getting into a reasonably fulfilling college course would be just a matter of filling in the forms. But the great recession has put paid to that. Certain courses are no longer attractive at all, such as those leading towards a career in property or construction. The inevitable swing towards the sciences or any course that might feed into Brian Cowen’s beloved “smart economy†will increase competition for places. This year more people will sit the Leaving Cert than ever before. And now there’s talk of a wave of the newly unemployed going back to college.
Oh. To put that another way:
Over reliance on the benign nature of an economic model in which effectively turning up and having a pulse assured you of a foot on the entry level (at least) rungs of an asset acquisition ladder has resulted in a shock adjustment when the dynamics of that economic model change due to external factors and internal market forces.
To me, this sounds a lot like what happened in the property bubble and crash in Ireland, when lots of people chased moderate amounts of property with apparently bottomless pots of mortgage money available from banks, resulting in prices rocketing. A lot of people over stretched themselves financially to buy a property and then found themselves in a state of shock when the arse dropped out of prices and they were left paying a gallon sized mortgage on a half-pint asset value. Which is interesting, given that she is the Property Editor of the Irish Times. (more…)