Dead excuses list: Lehman Bros gone, now 'No one knew' bites the dust.

[He3]

Kenmare is a lovely place nestled at the head of the drowned river valley that bears its name.

It hosts an economic workshop every year, attended by the great and the good among Ireland's economists.

In 2006 this is what they were told by an ESRI staffer who had recently joined the Institute from the University of Bonn. Her name is Iulia Siedschlag

Economic policy advice on reducing the risks to macroeconomic and financial stability from the housing market, restoring competitiveness and preparing to adjust in a downturn was available to the Government prior to the financial crisis.

In a research paper which I presented in the plenary session of the Annual Economic Policy Conference in Kenmare on 13 October 2006 (attended by a good number of senior civil servants), after discussing the adjustment mechanisms available to Ireland as a member of the European Economic and Monetary Union, I pointed out four main challenges facing the Irish economy and suggested a combination of policy measures to respond to these challenges.

Ms Siedlschlag's prescription is reproduced here The Irish Economy Blog Archive Economic Policy Advice to the Government Prior to the Financial Crisis

She adds as a comment:

The views expressed by civil servants in Kenmare and during discussions later on centered on two points: 1) the Government could do nothing about decisions taken in Frankfurt and Washington; 2) our financial system was rock solid and banks were well capitalised.

[Half Nelson]

Along with my milkman and the dog in the street, that makes three.

It's not a matter of not knowing. Lies were told - big, shiny whoppers - of commission and omission. That's where our focus should be. Our economy and the lives of young people became playthings for a rotten few and their political henchmen.

And very little has changed

[Boggle]

"The opposition were as bad. They must share blame." - Absolute rubbish and amounts to cherrypicking words from speeches and ignoring the parts where they call for money better spent.

[Nipper]

The question is what are lies and what is misunderstanding.

I started a thread on Lehmans because I had no idea of any connection between Anglo and Lehmans - and coincidentaly it was a 7.5bn connection in one deal.

Now what I wondered was Coern told "we are in trouble because of Lehmans" and didn't understand that was because of a deal wit Fitzpatrick an O'callaghan. The fact O'Callaghan was at farmleigh would seem to make Cowen either complicit or stupid.

Again with the "no one told us" excuse. Is this a form of Mental reservation.ie The IMF didn't say it so it is not a lie!

InCompetence or inebriation are becoming less believable defences, but still the best Cowen has.

The alternative is suspicion of collusion in Fraud

Anglo made deal with RBS to help gloss books - The Irish Times - Fri, Jun 18, 2010

[DCon]

The fact O'Callaghan was at farmleigh would seem to make Cowen either complicit or stupid.

or both.

I say both

[He3]

What happens in Kenmare stays in Kenmare?

[He3]

Along with my milkman and the dog in the street, that makes three.

It's not a matter of not knowing. Lies were told - big, shiny whoppers - of commission and omission. That's where our focus should be. Our economy and the lives of young people became playthings for a rotten few and their political henchmen.

And very little has changed

Very little, as we see every day.

[He3]

As Iulia Siedschlag says on irisheconomy.ie, with great restraint -

in other countries evidence-based independent policy advice is taken more seriously

We should try it sometime.

[Hillmanhunter1]

Can I turn this question around if possible? Is there anyone on this board who didn't know by 2006/07 that we had a property bubble in Ireland? Did we all read the "take five" feature in the property supplement of the Irish Times and really believe that our four-bed semis in modest suburbs were worth as much as a pallazzo in Tuscany? If you did, then you'll now appreciate the verity of the old saying about a fool and his money.

[He3]

Can I turn this question around if possible? Is there anyone on this board who didn't know by 2006/07 that we had a property bubble in Ireland? Did we all read the "take five" feature in the property supplement of the Irish Times and really believe that our four-bed semis in modest suburbs were worth as much as a pallazzo in Tuscany? If you did, then you'll now appreciate the verity of the old saying about a fool and his money.

No rush to disagree with you HH.