The most frightening thought of all is that he might possibly believe what he's saying. Given what's happening with NAMA, I have a horrible feeling that within every gombeen is a little voice saying: "don't worry, the building boom will be back soon".
It's not quite as scary as knowing that the alternative are not up to the job either as evidenced by their lack of ideas.They appear to think that their sole responsibility is to tell the public who is to blame but when asked for any ideas or plans they have they seem to go all quiet as Richard Bruton did a while back on Q & A.Originally Posted by PresidentLee
Basically none of the three main parties appear to have a clue how to best run the country.Perhaps in the face of this crisis some of them may just awaken from their slumber and activate their dormant brains long enough to do something positive.Otherwise it's over to the EU and direct rule which as things stand doesn't look too bad.
This leadership vacuum is getting hazardous. From the beeb...
Markets fall as growth hopes fade
Global markets have fallen on concerns over the length of the downturn after Federal Reserve minutes showed it lowered its forecast for US growth.
The Dow Jones was down 1.5% by early afternoon, while the UK's FTSE 100 fell 2.8%, France's Cac 40 lost 2.6% and Germany's Dax shed 2.7% by their close.
Asian shares had also ended lower with the Nikkei closed 1% down.
UK shares were also hit after ratings agency Standard & Poor's revised the UK's outlook to negative.
The agency cited rising public debt as a growing concern, which hit a record £8.46bn in April compared to £1.84bn in the same month last year.
Standard & Poor's said UK debt could be close to 100% of gross domestic product, and remain at that level in the medium term.
"There are concerns finally coming through about where the underlying growth is going to come from," said Justin Urquhart Stewart, investment director at Seven Investment Management.
"We need a growing level of demand. There's a certain amount of restocking happening, and unfortunately the market has been taking that as a sign of a recovery, which it is not," he said.
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Beware the estate agent economics
Would that be the Paschal fire of St. Brian. Sure didn't St. Patrick start his mission in Slane. Maybe Brian will get rid of the snakes in the Dail, and hopefully he will be the first snake to go.
"Be the change you wish to see in the world."
Mahatma Gandhi
I wouldn't characterisi him as a snake though I would be happy for him to throw the snakes out on the condition that the pig himself would fly out after them
no, he is a dope.Ireland will beat recession - Cowen
Has he not been following the sentiment from the USA? Is he smoking dope?
CNN - Fed's economic forecast worsens
CNN - Wall Street struggles as investors worry about the status of the global recovery
NO TO IMF/EU FEUDALISM
There is a thread on the Machine Nation site where examples of 'green shoots' are being constantly given. I put up that very quote today as a corrective. I'm loathe to allow even the slightest chance that this 'wear the green jersey' nonsense might sucker someone into believing they were on a solid floor and that it's all up from here. It's not even close to the floor.
Unfortunately our ever increasing borrowing committments and the committments to pay off the increasing national debt will by itself drive us deeper into recession.
A massive proportion of taxes from now on will go towards paying off the national debt. The government will increase taxes further, thus taking even more money out of the economy and sending it abroad to the bankers who lent to us.
This will make us even more impovrished as a country as we export cash abroad.
The economy is only going one way under Cowen and the idiots in Fianna Fail, into the gutter.
It won't be long before the the top rate of tax is at 60% and the bottom one at 35%.
so massive depression next year then
“Banking establishments are more dangerous than standing armies.” - Thomas Jefferson
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