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Thread: Boyd Barrett stumps Dan O'Brien

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    Politics.ie Member Destiny's Soldier's Avatar
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    Default Boyd Barrett stumps Dan O'Brien

    I enjoyed listening to Richard Boyd Barrett on Today with Pat Kenny just before 12pm.

    Richard made the point that the Government are borrowing money at 6.5% lending it to the Banks at 0% while the Banks in return hold on to the money and investing, not in small businesses, but in Government Bonds where they are guaranteed a profit by the taxpayer.

    Dan O'Brien was flummoxed and said he didn't understand the question when Pat put this point to him. ... he muttered in posh tones meaningless nothings.

    Then Richard went on to make the point that Ireland should have set up a State Bank to lend directly into productive activity not dead, failed, private institutions.

    Again Dan O'Brien muttered in posh tones and couldn't counter the points of Richard Boyd Barret.

    Richard, 3 cheers for you my Boy!
    Cowardice asks the question - is it safe? Expediency asks the question - is it politic?
    Vanity asks the question - is it popular? But Conscience asks the question - is it right?
    And there comes a time when one must take a position that is neither safe, nor politic, nor popular;but one must take it simply because it is right. -MLK

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    Politics.ie Member Thac0man's Avatar
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    Quote Originally Posted by Destiny's Soldier View Post
    Richard, 3 cheers for you my Boy!
    Yes, for it is he who was born with the unique and awsome power of hindsight.

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    Politics.ie Member TradCat's Avatar
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    When RBB grows up and joins the Labour Party he will be an asset for them

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    Politics.ie Member jpc's Avatar
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    Yep! it was an elegant showstopper all right.
    Its only a chat, we ain't the world council.

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    Quote Originally Posted by TradCat View Post
    When RBB grows up and joins the Labour Party he will be an asset for them
    lol

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    Politics.ie Member Destiny's Soldier's Avatar
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    Quote Originally Posted by Thac0man View Post
    Yes, for it is he who was born with the unique and awsome power of hindsight.
    I really don't understand your point.

    Boyd Barrett was talking about the present.

    What I don't understand is why isn't the ECB lending to Ireland at 0% for productive activity?
    Cowardice asks the question - is it safe? Expediency asks the question - is it politic?
    Vanity asks the question - is it popular? But Conscience asks the question - is it right?
    And there comes a time when one must take a position that is neither safe, nor politic, nor popular;but one must take it simply because it is right. -MLK

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    IMO, it is a great pity that RBB has such a poor image, he certainly asks the right questions and this case, the Kenny thing, is a good example. O'Brien has form, he worked for the Economist, a publication which is bred out of the 'markets' and their role(s). In another thread a while back, I commented that the banks and their subsidiaries in the IFSC are part of the problem, since the Reagan/Thatcher economics era and big bangs.

    RBB wants to go back to an era before that, fine, in theory. In practise the 'City' of London, the IFSC, a significant part of Wall St., hedge funds, Indian and Chinese dealers, and sundry others, control what happens in 'the markets' O'Brien, who is too intellectual in his commentary for his own good, reflects the reality. You cannot 'auction' bonds and then decide who shall have them. We have no control any more over our basic financial policy, we knew that when we went into the ., it was widely discussed at the time, but we were bamboozled by Bertie et al.... nuff said.

  8. #8
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    Quote Originally Posted by Thac0man View Post
    Yes, for it is he who was born with the unique and awsome power of hindsight.
    I know the point you are making and I agree.

    However, there were posters on here, myself included, who at the first mention of NAMA said the exact same thing (that if you want to guarantee credit to busines then you should do it directly, not indirectly). We didn't need hindsight to understand the obvious so why have more people not publicly questioned the scam?

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    Quote Originally Posted by Destiny's Soldier View Post
    What I don't understand is why isn't the ECB lending to Ireland at 0% for productive activity?
    'Cos if they did it would be seen as subsidy.... the ECB is a BANK, acts like a bank, has shareholders like a bank (germany principally), etc. The main difference is that it is a wholly owned subsidiary of politicians, and we know, to our cost, what they know.....

    I seem to recall the RTE economics guy saying that the ECB is the largest bond holder in Anglo Irish, FFS.

    Bye, Barry

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    Quote Originally Posted by Destiny's Soldier View Post
    Richard made the point that the Government are borrowing money at 6.5% lending it to the Banks at 0% while the Banks in return hold on to the money and investing, not in small businesses, but in Government Bonds where they are guaranteed a profit by the taxpayer.

    Dan O'Brien was flummoxed and said he didn't understand the question when Pat put this point to him. ... he muttered in posh tones meaningless nothings.
    O'Brien was probably flummoxed because the question made no sense. Lending what at 0%? Borrowing what at 6.5%? No and no.

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