April 20, 2011

Group Think Strikes Again

Posted in News · 7 comments ·

Group Think Strikes Again – Mc Carthy Report.
My interview on News at One today:

Watch on the RTE Website here

  1. adamabyss


  2. Praetorian

    How can Edna Kenny stand up in the Dail and say there MAY will be other banking executives who will receive payouts, why the hell doesn’t the guy KNOW?!

    What in the name of God are these people being paid to do! And why the hell given the bailout to end all bailouts can such payouts not be stopped given ALL these banks are bust?

    If the government implements what McCarthy has outlined in his report and privatise the kitchen sink at the worst possible time for any State (privatisation normally leads to increase costs and decline in services) then you can kiss what little is left of this economy. This may well be the straw that breaks the camels back, if Labour give sanction to this they will surely meet their political Waterloo.

    Sinn Fein are forging ahead with very strong proposals whatever people may feel about their origins and background, they seem to be the only party fighting for the citizens of the Republic, along with Joe Higgins and a few independents.

  3. paddythepig

    Nyberg’s diagnosis seems to upsetting a few people. Those who like to cordon off responsibility to 30 elite developers, a few regulators and politicians, instead of shining the light on their neighbour, or who knows even themselves, don’t like to be told the truth.

    Good for Nyberg for calling a spade a spade.

    The conspiracy theorists are going into overdrive now on this site, but they can’t come to terms with the ultimate truth. It wasn’t the international financiers who bankrupted us ; we bankrupted ourselves. This country is full of mini-Berties and wannabe-Seanies.

    The financiers should take a hit as David is right, they took a punt, they should take some loss now. But the biggest hit should be taken by the Irish people, for being so collectively vain and stupid ; failure to do this will mean we’ll reproduce the stupidity in the future.

    • Jimmy R

      “The conspiracy theorists are going into overdrive now on this site, but they can’t come to terms with the ultimate truth. It wasn’t the international financiers who bankrupted us ; we bankrupted ourselves.”

      Any decent understanding of the situation shows that this is not the case. The fault for the current mess lies with our banks, our regulator, european regulators and the ideas of fractional reserve banking and leveraging.

      To blame the everyday citizen for this is wrong. People will only borrow what a bank allows them too. Banks and regulators that ignore potential risks and shocks to markets and how they will affect both peoples ability to pay back enormous loans and the capital requirements necessary to avoid going bust, are in effect printing money in the short term until whatever bubble they indirectly create collapses.

      Someone had to have the ability to look at the situation and see that with the hundreds of billions of loans in our society that we had nowhere near the capital to sustain ourselves in the event of a confidence shock. To me, that sounds like a job for the heads of the individual banks and the regulators.

      The banks and financial sector leveraged so much, and created such huge debt, that having it shifted to the irish citizens after significant deleveraging means that we, the public, will be paying this off for years upon years while the “elite” that profitted during the boom years are being protected by their friends in leinster house and in europe.

      Under the current plans, the next few years will see a massive transfer of wealth away from the everyday people to plug the gap for what the already substantially wealthy have done.

      If the Irish people understood this point, I highly doubt they would have chucked out the right-centre Fianna Fáil for the even more right-wing Fine Gael who were always going to protect those at the top because that is the nature of being right-wing. This point, and this point alone, is where the Irish people are responsible.

  4. Willie C

    Dont know if anyone has read Micheal Lewis’ 9 page piece in Vanity Fair from March 2011 – here it is;


    well worth a read, most telling quote;

    “The problem with the Irish people,” Ian says, as we drive away from the black hole that ruined Joe McNamara, “is that you can push them and push them and push them. But when they break they go wacko”……..

    We haven’t broken yet…. but its in the post.

  5. dquirke

    Hi there,

    Am I missing something. I looked at the section on the McCarthy report and David McWilliams never showed up.

    Where is he in the report?



You must log in to post a comment.
× Hide comments