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Thread: George Lee's Negativity

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    Default George Lee's Negativity

    On the RTÉ news this evening, economists from NCB insisting that the economy is still strong, but George Lee is not convinced.

    Despite the optimistic tone, he ends the report with a "well we'll see" approach - more of his willing on an economic collapse.

    What a nasty, negative little man.

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    Default Re: George Lee's Negativity

    Quote Originally Posted by dubsthcentralboy
    On the RTÉ news this evening, economists from NCB insisting that the economy is still strong, but George Lee is not convinced.

    Despite the optimistic tone, he ends the report with a "well we'll see" approach - more of his willing on an economic collapse.

    What a nasty, negative little man.
    Oh dear. Fianna Fáil is annoyed. They don't like when there are people in the media are off-message, or at least off the FF message.
    Nill illigitimi carborundum - don't let the b*stards get you down.

    Economic Left/Right: -4.13
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    Default Re: George Lee's Negativity

    Quote Originally Posted by dubsthcentralboy
    What a nasty, negative little man.
    Why don't you refute his analysis with sound economic argument? Insulting his charcater is too easy.

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    Default Re: George Lee's Negativity

    Quote Originally Posted by Johnny
    Quote Originally Posted by dubsthcentralboy
    What a nasty, negative little man.
    Why don't you refute his analysis with sound economic argument? Insulting his charcater is too easy.
    There was quite enough refutation of his bile by REAL economists on the news tonight. I'm not an expert, but, unlike Mr Lee, happy to submit to those who are...

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    Default Re: George Lee's Negativity

    Quote Originally Posted by The Analyser
    Quote Originally Posted by dubsthcentralboy
    On the RTÉ news this evening, economists from NCB insisting that the economy is still strong, but George Lee is not convinced.

    Despite the optimistic tone, he ends the report with a "well we'll see" approach - more of his willing on an economic collapse.

    What a nasty, negative little man.
    Oh dear. Fianna Fáil is annoyed. They don't like when there are people in the media are off-message, or at least off the FF message.
    Well put Mr. A! George Lee is the only journo in RTE who doesn't toe the party line much to the chagrin of the " oh come on"'s of Miriam O'C and Sean O'Rourke.
    Social Libertarian

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    Default Re: George Lee's Negativity

    Quote Originally Posted by MINISTER
    Quote Originally Posted by The Analyser
    Quote Originally Posted by dubsthcentralboy
    On the RTÉ news this evening, economists from NCB insisting that the economy is still strong, but George Lee is not convinced.

    Despite the optimistic tone, he ends the report with a "well we'll see" approach - more of his willing on an economic collapse.

    What a nasty, negative little man.
    Oh dear. Fianna Fáil is annoyed. They don't like when there are people in the media are off-message, or at least off the FF message.
    Well put Mr. A! George Lee is the only journo in RTE who doesn't toe the party line much to the chagrin of the " oh come on"'s of Miriam O'C and Sean O'Rourke.
    George Lee was the first person to see individualisation for the issue it would and also has been largely positive for FF budgets down the years but sure you prefer to forget all of that.
    Dan Sullivan. I was back but we still couldn't all have a vote. http://www.danielsullivan.ie/blog/

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    what DCB doesn't seem to understand, is that economists from NCB or Jim Power of Friends First, or Dan the Man from the BOI, have a very serious vested interest in talking up the economy.

    Their jobs, and their performance bonuses are the first to go, the minute the economy goes belly up.

    George Lee doesn't have to worry about this as much, as he will be paid his salary by RTE for commenting on the downside as well as the upside.

    It was also noteworthy to listen to Moore Mc Dowell talk with Tom Mc Guirk this morning on radio one. When Mc Guirk commented on the 5.1% inflation figures, he asked Mc Dowell was this a "blip" or a "slide".

    Without a seconds hesitation, Mc Dowell said it was a slide. And then went on to explain why. He also commented on the probability of politicians from FF beginning to use the Harmonised Index of Consumer Prices as the measure of inflation, because that only showed a 2.9% inflation figure as opposed to the 5.1% given out by the CSO, which is on the Irish Consumer Price Index (CPI).

    Lo and behold, by lunchtime, Biffo was on the News at One, insisting that we talk about the HICP rather than the CPI. Lies, damn lies and statistics.

    I see there is also a programme on RTE on Monday night discussing the possibility (probability) of an impending housing price crash. Are FF trying to frighten people into voting for them, or as someone commented to me while canvassing tonight, are they trying to actually lose this election?

    The way the dollar is sliding, and the way Sterling is expected to slide by the Autumn (currently Sterling is over-priced, due to the British Treasury pegging its value to an ever increasing Euro) is creating even more problems. This is currently crippling the Irish export market.

    Finally, because the Euro is rising in value, this is driving internal EU inflation, of which the only way of controlling the money supply, is another few hikes in interest rates. Expect to see, as other economic threads have predicted a 5% interest rate either late this year or early next year. And that is just the ECB base rate.

    By the time the Irish banks add on their margins (1% for trackers, 1-1.5% for variable rate mortgages), then many Irish householders are likely to be paying between 6-6.5% interest rates by the middle of next year. Or, close to double the rate that they would have been paying if they bought their houses in the past 5-10 years.

    No wonder George Lee is gloomy. The final thing Mc Dowell said on Mc Guirks show, was that the main parties, which spent the last month promising tax cuts at their Ard Fheiseanna and National conferences, were living in cloud cuckoo land if they thought that they could deliver these cuts over the next period of Government.

    The cuts were predicated on the economy growing year on year by 5% and he said this simply wasn't going to happen, so that whatever party does end up in Government, they have left themselves a hostage to fortune on the issue of tax cuts, which will no doubt be exploited at every single budget for the next five years.

    But then again, I'm a Shinner, what do I know about economics.

    Best take the DCB and FF attitude. We've never had it so good lads, spend , spend, spend
    1,197 people agree with me.. how many agree with you ?

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    George Lee is as anti-FF as they come, there was talk of him running for Fine Gael in Dún Laoghaire in 2002.

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    Quote Originally Posted by rockofcashel
    what DCB doesn't seem to understand, is that economists from NCB or Jim Power of Friends First, or Dan the Man from the BOI, have a very serious vested interest in talking up the economy.

    Their jobs, and their performance bonuses are the first to go, the minute the economy goes belly up.

    George Lee doesn't have to worry about this as much, as he will be paid his salary by RTE for commenting on the downside as well as the upside.

    It was also noteworthy to listen to Moore Mc Dowell talk with Tom Mc Guirk this morning on radio one. When Mc Guirk commented on the 5.1% inflation figures, he asked Mc Dowell was this a "blip" or a "slide".

    Without a seconds hesitation, Mc Dowell said it was a slide. And then went on to explain why. He also commented on the probability of politicians from FF beginning to use the Harmonised Index of Consumer Prices as the measure of inflation, because that only showed a 2.9% inflation figure as opposed to the 5.1% given out by the CSO, which is on the Irish Consumer Price Index (CPI).

    Lo and behold, by lunchtime, Biffo was on the News at One, insisting that we talk about the HICP rather than the CPI. Lies, damn lies and statistics.

    I see there is also a programme on RTE on Monday night discussing the possibility (probability) of an impending housing price crash. Are FF trying to frighten people into voting for them, or as someone commented to me while canvassing tonight, are they trying to actually lose this election?

    The way the dollar is sliding, and the way Sterling is expected to slide by the Autumn (currently Sterling is over-priced, due to the British Treasury pegging its value to an ever increasing Euro) is creating even more problems. This is currently crippling the Irish export market.

    Finally, because the Euro is rising in value, this is driving internal EU inflation, of which the only way of controlling the money supply, is another few hikes in interest rates. Expect to see, as other economic threads have predicted a 5% interest rate either late this year or early next year. And that is just the ECB base rate.

    By the time the Irish banks add on their margins (1% for trackers, 1-1.5% for variable rate mortgages), then many Irish householders are likely to be paying between 6-6.5% interest rates by the middle of next year. Or, close to double the rate that they would have been paying if they bought their houses in the past 5-10 years.

    No wonder George Lee is gloomy. The final thing Mc Dowell said on Mc Guirks show, was that the main parties, which spent the last month promising tax cuts at their Ard Fheiseanna and National conferences, were living in cloud cuckoo land if they thought that they could deliver these cuts over the next period of Government.

    The cuts were predicated on the economy growing year on year by 5% and he said this simply wasn't going to happen, so that whatever party does end up in Government, they have left themselves a hostage to fortune on the issue of tax cuts, which will no doubt be exploited at every single budget for the next five years.

    But then again, I'm a Shinner, what do I know about economics.

    Best take the DCB and FF attitude. We've never had it so good lads, spend , spend, spend
    yawn - for all the people hoping that the economy will collapse - get over it! We've had enough of your inferiority complex.

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    Quote Originally Posted by rockofcashel
    Finally, because the Euro is rising in value, this is driving internal EU inflation, of which the only way of controlling the money supply, is another few hikes in interest rates. Expect to see, as other economic threads have predicted a 5% interest rate either late this year or early next year. And that is just the ECB base rate.
    True, it doesn't look good and we have no easy way out of the coming downturn.

    Sinn Fein was the only major party to argue that we should retain control over Irish interest rates to give Ireland the necessary counter cyclical control over the macroeconomy. One way of implementing this would be an independent Irish central bank with an inflation target for Irish inflation (not EU inflation).

    Sadly the electorate did not listen to Sinn Fein's arguments on this; the only major party to have been proved right on all of this.

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