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About LinkBackswe were led to believe that david mcwilliams was advising the government on the banking crisis;
now the indo prints this:
Botched bank job is the economics of Noddyland - David McWilliams - Independent.ie
strange?
we were led to believe that david mcwilliams was advising the government on the banking crisis;
now the indo prints this:
Botched bank job is the economics of Noddyland - David McWilliams - Independent.ie
strange?
Not strange at all.Originally Posted by bagel
When they listened to his advice he praised them, now that they are going against his advice he is b.itch-slapping them.
What is strange about that?
On the other hand, Minister Eamon Ryan has been a little bit more robust than the FFailures in telling it like it is: Top bankers will be replaced in new year, says Minister
CHANGES IN personnel at the top of the Irish banks and the regulatory system are on the way in the new year, Minister for Communications Eamon Ryan forecast last night.
The Green Party Minister said a new culture of management in the regulatory system, the Central Bank and the commercial banks was now urgently required."
The status quo cannot be allowed to continue in terms of personnel. Clear lessons have to be learned and those responsible for the current state of Irish banking will have to allow a different system and different personnel to be put in place," said Mr Ryan.
.....
"It is appropriate that the Government has not rushed through necessary reforms, but the process is one that will have to deliver fundamental changes in terms of values, practices and personnel. The public will see this happen in the new year."
Mr Ryan added there may be a misconceived sense the Government had rescued the banks.
"That is not the Government's approach. The banks are not getting a soft, easy deal from the Government. There will not be a continuation of the current system, but root-and-branch reform which will be better for banking and better for the economy."
..
.
"Always do right. This will gratify some people and astonish the rest." Mark Twain
“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoléon Bonaparte
David has been predicting the collapse of the irish economy for the last ten years.
Also, the few times that he appeared as a contributor on Agenda debating economic issues with Frank Fitzgibbon he came off quite poorly.
So, not.
the article goes way beyond b!tch-slapping;
mcwilliams is tearing the minister and the government to shreds;
the same commentator appeared on tv a few weeks ago apparently accepting the credit for the hundreds of billions bank guarantee scheme;
why the turnaround now?
is mcwilliams article correct in what he writes?
if it is, then surely ff's coalition partners should be doing more than minister ryan predicting a clean-out of incompetent bankers;
judging by the content of the article, the bankers are very competent in that they appear to have extracted a sweetheart deal from the minister;
from where i'm sitting, its the government that are so obviously incompetent;
i suppose there's nothing strange about an incompetent government.
It is an excellent article and I fear his analysis is the correct one. I do suspect however that he might be a tad annoyed that he is not really being taken seriously by the present govt, probably a victim of his own populist sensationalism. In some respects he doesn't really help matters.
Sometimes the style of the messenger makes it hard for his message to be taken seriously.
FF and the Greens should make more time for Ray Kinsella and Colm McCarthy who are as accurate as McWilliams but without the sensationalism and motive of flogging their own publicity.
Because the Guarantee Scheme was a good idea. It enabled the Government to head-butt the Hedge Funds that were trying to take down the Banks at that time, and send them packing.
The Re-Capitalisation has been badly handled. McWilliams advocates moving the toxic waste onto the Balance Sheets of new "Bad Banks" where it can be quarantined and prevented from contaminating the day-to-day Banking System. This is better for the Country, and better for the Taxpayer. Clever Accounting tricks can then make the problem disappear over time.
Much better idea than the half-cocked nonsense that Lenihan has facilitated.
Think of the alternative:if it is, then surely ff's coalition partners should be doing more than minister ryan predicting a clean-out of incompetent bankers;
judging by the content of the article, the bankers are very competent in that they appear to have extracted a sweetheart deal from the minister;
from where i'm sitting, its the government that are so obviously incompetent;
i suppose there's nothing strange about an incompetent government.
FF/Lab would have done much the same (except nobody in Labour would have done what Eamon Ryan did).
FG/Lab would have done much the same (except nobody in Labour would have done what Eamon Ryan did).
FF and FG are both as buddy-buddy with the money men who fund their respective parties as each other. They will both swallow the same "Emperors' New Clothes" guff from their betters - in the "National Interest" of course, don't you know!
Labour are still trying to find the Chapter in Das Kapital which sets out the official Party policy in situations such as this - they'll be looking for a while
..
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"Always do right. This will gratify some people and astonish the rest." Mark Twain
“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoléon Bonaparte
just read the article, I hope he is not right but sadly he probably is, Fianna Fail couldnt be trusted with managing a junior c GAA team, never mind a country, the saps who walk like zombies into the booth to mark FF number one must be sick but then you would have to be mental to have voted for them in the first place.
At 'Leviathan' Micko O'Leary said the bankers should all be left in place as they are irreplaceable(!)
McWilliams cheered and clapped him at the end of the show.
Seems Dave has variable positions, depends how the wind is blowing.
Does your opinion of everything revolve around that Michael O'Leary says?
A poster of some consequence...
Ah, this old chestnut. How tediously predictable.
1. He was right about the bubbly housing market and the bubbly economy it created. End of.
2. He was only wrong about the timing of the end of these bubbles in direct proportion to the idiocy of those who were a part of them. That is to say, he was out by 5 years because people were 5 times more idiotic than he thought they'd be. This offers nothing but a pyrrhic victory to those looking to demean his predictions now with the benefit hindsight.
3. Back in the boomtimes, people didn't argue that McWilliam's timing was wrong (as they do now). No, they said that his argument was wrong, period. They didn't grant that his predictions would ultimately come true, but rather that he was a begrudging moaner who was wrong because Ireland is different and we are in a new paradigm.
I'm no McWilliams fani-boy. But this frigging revisionist bullcrap that seeks to dump on those who were right all along is the worst kind of ignorance. It is the kind of ignorance that leads idiotic nations not to learn from their (or others') mistakes because it is all about sneering and cynicism. It's the same gombeen ignorance that is leading Brains to take the short cut to failure rather than the long road to success like the craven charlatans and spoofers they are.
Please think a bit more carefully before you spread this ignorance around like the virus it is.
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