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Thread: Dan McLaughlin: is it appropriate Bank of Ireland employ him?

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    Politics.ie Member Eric Cartman's Avatar
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    Default Dan McLaughlin: is it appropriate Bank of Ireland employ him?

    The State owns Bank of Ireland, therefore the public have some interest in who this company employ.

    Unbelievably, Dan McLaughlin is still the Group Chief Economist:

    Economic Research Unit - About Us - Treasury - Corporate Banking

    The Economic Research Unit (ERU) provides analysis on market and economic events covering the Euro Area, Ireland, US and UK. In addition to daily commentaries, the ERU team provide weekly and monthly bulletins covering all aspects of the major economies. The ERU team also provides in-depth quarterly reports on the Irish economy.

    Dr Dan McLaughlin

    Chief Economist, Bank of Ireland Group

    Dan was appointed to the role of Chief Economist in March 2001. Dan leads Bank of Irelandís Economic Research Unit (ERU), in providing economic analysis on the main international economies of the UK, US the Euro area and aspects of Australasia. The ERU devote particular attention to the Irish economy, covering property trends, the labour market and the consumer outlook.

    Dan has written extensively on all aspects of the Irish economy and is a well known commentator on financial and economic trends.
    Readers may recall him on Questions and Answers several times and a (Prime Time?) special where he debated the property market with then economics editor, George Lee. McLaughlin was a staunch proponent of the "soft landing" theory of the property bubble and Lee, quite pessimistic. McLaughlin was also a supporter of a more liberal attitude to labor and migration, famously supporting the Irish Continental Group (Irish Ferries) which replaced almost 500 Irish sailors with Latvian scabs. In fairness, the broad left were rather supportive too.

    Here's an economics seminar from 2007 (audio and transcript), with McLaughlin jousting with David McWilliams, our Prophet (p.b.u.h.). The Kid makes eerie prophesies and McLaughlin speaks through his anus.

    Put your house where your mouth is | David McWilliams

    Guess what?

    • Ä280bn GDP by 2012?
    • Continual growth, about 5.5% p.a.
    • Rising property prices


    McWilliams challenges anyone to buy his Killiney home, on a buy-to-let basis and engages in banter (goes off point for a few minutes). Then he gets serious:

    It is table A2.2 from the Central Bank, where bizarrely, George and I got a job not that long ago. George Lee here and I nearly shared an office but he got out quickly. He said, Iím not sharing with him, heíll bring down the name of Economics, and youíre right too. Then, many years ago I worked on this particular table when the figures were reported. This table tells us how much money weíre borrowing.
    This is a great little figure. Basically, in there by the thirteenth of November of 2006, this great little country of ours had borrowed, essentially net borrowing, 315 billion Euros. Private sector credit. Thatís what we are borrowing. 315 billion. Our GDP, our income, is 176 billion. On the one hand we are borrowing 315 quid, and on the other hand, we have an income of 176 quid. Whereís all of this borrowing going? This is all private sector borrowing. 82 percent of that figure, and the growth of that figure, is going to the housing market. Thereís nothing else going on. When you pull back the curtain on the multi‚ÄĎnationals, and the Botox, I was actually down at the Viagra place in Ringaskiddy, which is another fantastic place, Iíll tell you, just so we have an equal opportunity employer here. Thatís well worth having a go as well, if you really want to see bizarre parts of Ireland, Ringaskiddy and Westport. The other thing we make: silicone implants and collagen implants. We have a vested interest, just as an aside, we have a vested interest in making American women really neurotic. So buy the Desperate Housewives DVD box set and take notes, and see how we can influence the world, because Teri Hatcher is going to determine our future. Just so you know all of this. Sound strange? There are tangential connections here.
    Back to what weíre talking about. 82 percent of every single Euro that is borrowed today in this country is going to go into property. What else is going on here? Can someone please tell me? If we take out our multinational sector, what else is going on in this country, that isnít property?
    The answer is very, very little. Therefore it is entirely justified to focus on the property market. The property market, we know, is not a sleight of hand, itís a great thing called EMU. EMU, Dan is absolutely right, in peacetime it is unprecedented. Rarely has a country, of scallies, managed to snaffle the pin card of the ATM machine of another country in one fell swoop. That other country is Germany, ladies and gentlemen.
    Why is Dan McLaughlin still employed by Bank of Ireland? Can we not find someone better?

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    Politics.ie Member drummed's Avatar
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    The state owns 15% of BOI. How is this ownership?
    Economists say what their employers want them to say.
    The unions/employers/farmers, etc, etc all have rent a crowd economists, why should the bank not have one?
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    Politics.ie Member Dublin 4's Avatar
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    We've a "General Rehashing" problem here in Ireland.

    Same old Economists who got it horribly wrong - Mark "Best is yet to come" Coleman, John Fitzgerald, Jim Power all slobbering in tandem with Nora "never of the TV or Radio" Casey & Mary O feckin Rourke.

    Same, same, same...

    No wonder we use this site instead of watching TV

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    Politics.ie Member Analyzer's Avatar
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    Is he still employed by the joke comic of record ?

    I remember for years his opinion was the keynote contribution in the IT BS (Business Supplement - of course).

    And this was every week for years.

    Does he still have that gig ?
    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.

  5. #5
    Johnny Boy
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    As has been pointed out the state does not have a majority shareholding in BofI (though I thought it was around 40%+).
    However McLaughlin and a lot of other bank economists got this horribly wrong, and it is a fair question to ask why banks employ them in the first place. Most of them are ass-licking bluffers, who will say whatever their employers want to believe.
    The documentary Inside Job exposes a handful of them in the USA for what they are - paid liars.
    Inside Job (2010) | Watch Documentary Free Online
    I lost all respect for the majority of economists years ago.
    I remember having a lunchtime conversation with a young honours graduate in Economics from highly ranked Manchester University, who started working for me, and I mentioned JM Keynes to her - she'd never heard of him.
    Clearly her degree course had a very narrow focus, but when someone who has never studied Economics has a broader general knowledge of the subject than someone with a good degree in it, something is wrong.
    Last edited by Johnny Boy; 24th March 2013 at 02:56 AM.

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    Politics.ie Member Analyzer's Avatar
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    Any individual can decide to opt out of supporting the opinionating of Dan McLaughlin by

    i) avoiding the Bank of Ireland,

    ii) avoiding THESH!TERIMES.
    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 Eric Cartman's Avatar
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    Quote Originally Posted by drummed View Post
    The state owns 15% of BOI. How is this ownership?
    Economists say what their employers want them to say.
    The unions/employers/farmers, etc, etc all have rent a crowd economists, why should the bank not have one?
    I think the chief economist of one of Ireland's largest banks, one who was the senior adviser during the property bubble years and a vocal critic of more intelligent economists that cautioned against the prevailing economic policy, I believe he is patently ill suited to the position. Make way for someone more intelligent and qualified. It's in Ireland's vital interests, as B.o.I. is supposedly one of Ireland's "pillar banks". It's not ok that the banking establishment has a paid flunky, the State i.e. the people are entitled to better.

    The State has a part ownership of the bank but make no mistake, when the second bailout occurs that share will increase. Regardless, 15% as you say is nevertheless a part ownership. This is different to the ICTU, IFA etc. etc. Clearly the State has a vested interest in its' stake, or do you understand that? We can't have some moron advising them.

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    Politics.ie Member drummed's Avatar
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    He is'nt advising anyone. He's PR for the bank.
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    Politics.ie Member Dublin 4's Avatar
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    He didn't do much PR for himself during the false boom...

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    Quote Originally Posted by Eric Cartman View Post
    The State owns Bank of Ireland, therefore the public have some interest in who this company employ.

    Unbelievably, Dan McLaughlin is still the Group Chief Economist:

    Economic Research Unit - About Us - Treasury - Corporate Banking



    Readers may recall him on Questions and Answers several times and a (Prime Time?) special where he debated the property market with then economics editor, George Lee. McLaughlin was a staunch proponent of the "soft landing" theory of the property bubble and Lee, quite pessimistic. McLaughlin was also a supporter of a more liberal attitude to labor and migration, famously supporting the Irish Continental Group (Irish Ferries) which replaced almost 500 Irish sailors with Latvian scabs. In fairness, the broad left were rather supportive too.

    Here's an economics seminar from 2007 (audio and transcript), with McLaughlin jousting with David McWilliams, our Prophet (p.b.u.h.). The Kid makes eerie prophesies and McLaughlin speaks through his anus.

    Put your house where your mouth is | David McWilliams

    Guess what?

    • Ä280bn GDP by 2012?
    • Continual growth, about 5.5% p.a.
    • Rising property prices


    McWilliams challenges anyone to buy his Killiney home, on a buy-to-let basis and engages in banter (goes off point for a few minutes). Then he gets serious:


    Why is Dan McLaughlin still employed by Bank of Ireland? Can we not find someone better?
    The first clause of your first sentence is indisputably incorrect. Given that that clause is the premise upon which your entire argument is built means that you have no argument. The level of inaccuracy in thread titles has increased dramatically over the last year or so. Even blatant lies are allowed in thread titles (I'm not suggesting the thread title above is a lie, after all it's a question). Nevertheless, if I was the bould Dan and I read this I'd be having a chat with my solicitor as the entire basis of whether he's suitable, or not, for the job, is based on one poster being totally and utterly wrong. Just sayin'...
    Racism = fear, low self-esteem and breath-taking ignorance.

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