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Thread: Don't Expect a Celtic Comeback - Eddie Hobbs in the Wall Street Journal

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    Default Don't Expect a Celtic Comeback - Eddie Hobbs in the Wall Street Journal

    The myth of Irish pluck continues today, even amid the financial crisis. Prime Minister Enda Kenny recently graced the cover of Time magazine. But according to data from the International Monetary Fund, Ireland has displaced Japan as the world's most indebted economy. Government, household and nonfinancial company debt add up to 524% of Irish GDP. (The Central Bank of Ireland uses a different basis for calculating the debt of nonfinancial firms; its estimate for total debt would be lower than the IMF's.) Funding this gargantuan load at an average cost of 4.5% would swallow nearly 24% of GDP—in other words, Ireland's entire industrial output.

    So while Time magazine and others eulogize the plucky leader of the Irish people, the truth is that Enda Kenny leads a Vichy government—captive externally to creditors that still insist on loading bank debt onto the sovereign, and internally to a tribe of insiders led by union godfathers in a deal that protects the government's own excessive pay and pensions while bankers lean over its shoulders to rewrite insolvency laws.

    This isn't just crony capitalism. It's crony democracy.

    I'm no Eddie Hobbs fan.
    However I think he makes valid points and I find it hard to disagree with what he says.

    We are fubar'd and it is not getting any better. Worse, nobody it trying to make it better, the mi féin-ers of Irish political life are wholly preoccupied with protecting their own little fiefdom and cannot see beyond the next election.

    People seem to think we are making progress, we are not, it is getting worse!!!

    Every person on this island should read this article.

    Eddie Hobbs: Don't Expect a Celtic Comeback - WSJ.com



    I am surprised this has not made a blip on the p.ie radar

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    Politics.ie Member Eoin Coir's Avatar
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    It would only for the fool of an author - Eddie Hobbs, proponent of the ill fated voyager - the Brendan scheme.

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    Politics.ie Member Honecker's Avatar
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    He should forget about going off on a rant about "union godfathers". Unfortunately there are some paranoid right wing lunatics out there who think Begg and O'Connor dictate government policy.

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    Politics.ie Member wombat's Avatar
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    Quote Originally Posted by Mr. Magpie View Post
    I'm no Eddie Hobbs fan.
    On that we agree. Reading the summary, I'm surprised they published it, its more like the Daily Mail style than an article directed towards a numerate audience.
    Beer is proof that God loves us - Benjamin Franklin

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    Politics.ie Member Disillusioned democrat's Avatar
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    Great OP. Scary, on the nose but great find. We both need and deserve a better government.
    The more things change....

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    Politics.ie Member Analyzer's Avatar
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    Quote Originally Posted by Honecker View Post
    He should forget about going off on a rant about "union godfathers". Unfortunately there are some paranoid right wing lunatics out there who think Begg and O'Connor dictate government policy.
    I recommend that you go digging into Eddie's past - to see how he made his career before he became a consumer busybody.....

    You don't have to be in your category to see the damage done by Begg and O'Connor.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    Politics.ie Member Crazy horse 6's Avatar
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    When you read this it is actually fairly scary stuff. A lot of Irish people should be made sit down and read because genuinely i don't belive they have any idea how bad things are about to get.

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    Quote Originally Posted by Mr. Magpie View Post
    I'm no Eddie Hobbs fan.
    However I think he makes valid points and I find it hard to disagree with what he says.

    We are fubar'd and it is not getting any better. Worse, nobody it trying to make it better, the mi féin-ers of Irish political life are wholly preoccupied with protecting their own little fiefdom and cannot see beyond the next election.

    People seem to think we are making progress, we are not, it is getting worse!!!

    Every person on this island should read this article.

    Eddie Hobbs: Don't Expect a Celtic Comeback - WSJ.com



    I am surprised this has not made a blip on the p.ie radar
    Not a fan of his myself, but can't really disagree with anything he says in that article. I think it's going to all end in tears.

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    Quote Originally Posted by Honecker View Post
    He should forget about going off on a rant about "union godfathers". Unfortunately there are some paranoid right wing lunatics out there who think Begg and O'Connor dictate government policy.
    They don't dictate policy, but they do give guidance, nudges, hints, winks and nods to a lot of people both elected and unelected.

    Quote Originally Posted by wombat
    On that we agree. Reading the summary, I'm surprised they published it, its more like the Daily Mail style than an article directed towards a numerate audience.
    Ignoring the rhetoric and the hand that penned it - what about the message?

    Agree or Disagree?

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    Politics.ie Member RobertW's Avatar
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    Pay for hospital consultants, teachers and nurses is singled out as especially high by the IMF.
    I don't recall the IMF reporting this. Perhaps someone can link this on behalf of Eddie.

    He writes a reasonable article but then ends it attacking nurses and teachers.

    The man has no qualifications to write for anyone

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