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End Of Irish Boom Days

CBS News correspondent Elizabeth Palmer writes on the downturn in Ireland's once prosperous economy.

In the economic boom time of the 1990's, property developers moved in, jobs were plentiful, and Ireland became known as the Celtic Tiger.

Recession knocked that tiger off its paws with stunning speed, leaving thousands of Irish emigrants who returned home in the good days lamenting their move.

Unemployment doubled in the last year alone. It's now over 10 percent - with 1,000 new people registering for welfare payments every day.

"The reality of it is that we partied very hard," says Marina Giblin, a financial adviser who left her life in San Francisco to raise her daughter closer to family in Ireland. "We forgot there would be a hangover."

Now, hearts heavy with feelings of resentment and disappointment historically familiar to the Irish, some are facing the possibility of emigration, all over again.

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