Comments on: Breaking the vicious circle

By: AndrewGMooney

AndrewGMooney — Wed, 15 Oct 2008 09:48:26 +0000

Martin and Brendan W

There’s a literary quote describing Ireland as either ’sicily without the sun’ or ’sicily with rain’ but I can’t remember who coined it, or find the originator by googling. Googling just brings up various links to mafiosa gangsters relating to The Troubles. Very good call re: banksters.

By: Furrylugs

Furrylugs — Wed, 15 Oct 2008 00:54:23 +0000

DMcW,
To quote the swansong of the architect who crafted the collusive shambles that has permeated our society these past 35 years, “you have rendered the State some service”.
What or where or will you do now?
Every sensible tenet has been discarded for the short term fix. We’re not 2B out of pocket. We’re treble that at least. Not one calculation on here has been out by more than 15%.
Your point is proved. They got it wrong.
You vocalised what no other economist would admit and that was to , effectively, nationalise the banks.
The World followed suit. Angela Merkel must have voodoo stabbing nightmares about you.
As an economist as opposed to the next Che Guevara, where to now?

With respect.

By: Furrylugs

Furrylugs — Wed, 15 Oct 2008 00:26:11 +0000

Brendan’
“I wonder will we protest now ?.”

Why are our 70 year olds responsible?

And should they be “patriotic”?

By: Brendan W.

Brendan W. — Tue, 14 Oct 2008 23:15:29 +0000

@ Martin very well observed I lived in Italy for two years and saw how their Mafia operated and I spoke their language our political system is today worse than Italy’s was a decade ago when I was there , we are been strangled here by the control our elected officials have on the state media along with their general control of our unions leaders, tomorrow morning I will again leave for my 70 km trip to work where I have a car park space provided through work and I will have my smokes on this journey . While Mr Lenhian sticks his had into my pocket yet again for the mis management of our economy . I wonder will we protest now ?.

By: martin

martin — Tue, 14 Oct 2008 22:11:41 +0000

@Brenden W., it’s funny you use the word Mafia to describe those running the country. Last year I was cycling through Cork City, Bertie was in a cavalcade, lots of big black cars and police on motor cycles. Anyway, I cycled right next to his car and looked in at him, even smiling at him and saying hello. He wasn’t looking out at the populace of the second city of the republic, he wasn’t waving, he showed no interest in his surroundings and he barely took notice of me. He was on his mobile phone, talking franticly and looking strained, and then this comparison with the Mafia came to me, it was a feeling, just a feeling but that’s what the whole thing seemed like, the Mafia on tour.

By: Brendan W.

Brendan W. — Tue, 14 Oct 2008 21:37:37 +0000

@ Deco …. those 20 jobs will of course be given to Friends of F.F. and they will be far from untouchable ,…they will be as much use as that old lying useless Neary who is ‘in charge ‘ now . If Brian Lenihan had a back bone he wouldn’t have to wait for Shane Ross to ask him to leave , he would have firing him….but can we expect anything else from our very own elected mafia

By: Deco

Deco — Tue, 14 Oct 2008 21:18:34 +0000

@Ire_in_Exile – your reflections on the experience of trying to explain the nonsense of the housing boom to Irish people, is hilarious in the Tommy Tiernan sense. Completely accurate also.
@BrendanW – that story about Ahern and Dublin Port is sickening. I bet that Bertie’s pal doesn’t know one end of a ship from the next. Nepotism is killing this country.
@David Mac- you might be interested in the commentary in of Nouriel Roubini. Here is a link.
http://www.rgemonitor.com/roubini-monitor/254036/bloomberg_october_14_2008_roubini_sees_worst_recession_in_40_years_rallys_end

Based on what he says banks need recapitalizing, and that some of them should be folded. Despite the calm manner, his details are precise and frightening. He does not comment on Ireland, just the US. I find this frightening-if his logic is correct. Thankfully the big two will not need this. But if a bank is unfixable, then it should not let disappear.

@Jose -thanks for the link on the apology from Icelanders.

Just seen the news this evening. Shane Ross asked the CEO of the Financial Regulator, Patrick Neary, to resign. He refused saying he is doing a job and is serving the country well. Somebody must have indicated collusion between him and the banks in covering up the truth-because I also heard him tell us that ‘I am a senior civil servant, and I am not serving the banks’. His face was leaning downward, his head was pink red, and his tone was unusual. Draw your own conclusions if you like, but I well drew mine. Apart from anything else there was an aspect of “Well he would say that also, wouldn’t he” to the whole event. He was blagging it out. Patrick Neary does not have to worry – this is Ireland – incompetence never gets anybody in auththority into trouble !! ever. Hopefully the newspapers will start a campaign to have him replaced. Oh yeah, good news on the jobs front. The Fin Reg will hire 20 people to find out exactly what is going on in the banks. Well there you have it. Shutting the door long after the horse has bolted. Because this is Ireland, chances are half them play golf with the bankers, or are related to somebody who works for one of the banks. Keeping it in the family sort to speak. Shane Ross is correct, the senior position holders are an incestuous bunch.

By: Fergus

Fergus — Tue, 14 Oct 2008 16:49:04 +0000

Well the developers are being bailed as many predicted on this thread. I’m not sure if the Opposition has realised though. Local authorities to be given an as yet unannounced increase in the amount they can lend to social and affordable housing applicants. so the state will finance the mortgages of these people to say, €300,000 and the developers will pay what they owe to the banks, who will then be solvent. All at the expense of the taxpayer, present and especially future.

Absolutely shocking stuff.

By: Philip

Philip — Tue, 14 Oct 2008 13:01:35 +0000

I wonder if this whole banking recap exercise is nothing more than replacing bank funny money with state funny money. State can trace it and can decide whats to be honoured or ignored. Maybe that’s what Browne is at. Now he can collect the evidence. I think the derivative days are over and you can expect your 1Million Euro house next door being used as social housing. You will still be coughing up 3K/month, but next door will be 200/Month. But fear not, they are probably a well educated young couple trying to get a start in the lives.

World has changed and life goes on.

By: blueangel

blueangel — Tue, 14 Oct 2008 01:33:39 +0000

Hmm.
You feel that the seriousness of the crisis is impossible to call at this stage. Obviously.
Yet people are ‘knowing’ about complex and ambiguous situations.
Precisely because of the children some of us are driven to try and synthesise lines of logical events.
I’d suggest not paying too much attention to corporate and sovereign leadership – these operate reactively and have conflicting agendas.
Thanks for the Naomi Klein reference.
A recurrent pattern: Life has this way of distaining my simplifying models and scathing me from time to time in my life. Mortality, relationships, risk and so on turn around and bite my complacent arse every few years and reconnect me with other people’s reality. Maybe that is the silver lining in this cloud that can somehow flower and:
1. deflate peoples detachment from each others lives
2. damp the ongoing climate change carcrash-in-slow-motion
3. remind us to appreciate our blessings relative to so many – our relatively pain-free state, scope for self-realisation, (relative) solvency, ability to profess impressive ethics without inviting loss of property or life
Whatever does not kill us makes us stronger.