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Thread: McWilliams and the Banks Guarantee

  1. #1

    Default McWilliams and the Banks Guarantee

    - I had posted this in the discussion on tonight's Q&A on RTE but I believe it's worth posting here -


    A longtime lurker and non-poster, I'll expect my comments to be taken with a grain of salt, but nevertheless I feel moved to set the record straight.

    I know for a fact that not only did McWilliams suggest the guarantee scheme in his article in the SBP, he explicitly advised John Gormley and Brian Lenihan on this course of action going back nearly two weeks. Furthermore, he was consulted by the Government in the days leading up to Monday night's decision including some marathon phone calls from a park-bench in Tianenmen Square, Beijing, where Maccer is flogging The Pope's Children to an even more bewildered nation.

    The officials in the Department of Finance are naturally quietly irate. They're briefing all around them because they've been bypassed and rendered redundant. They have been shown to be inflexible, doctrinaire and incapable of lateral or independent thought, opposing the scheme as they did until the 11th hour.

    Meanwhile, Lenihan has been praised for his manly resolve and an initiative which may prove his lasting political legacy. The dissenter's creed has finally been found to contain truth and the hierarchy's has finally been found out. No wonder they're running scared. I say set John McGuinness on the lot of them!

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    Politics.ie Newbie junketman's Avatar
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    Well it's about time the government consulted an economist.

    It's the only way out of the mess our country is in.

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    Quote Originally Posted by junketman View Post
    Well it's about time the government consulted an economist.

    It's the only way out of the mess our country is in.
    I'd go for consulting a soothsayer myself, but then again from watching the FF/PD attempts always floundering into deeper incompetence at the taxpayer's expense (if it works, it's our careful decision making, if it fails, we're a small open economy subject to global trends, which to me is like the old you can fool some of the people some of the time ...)

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    Default Would it not be as well to let him take the wheel

    rather than trying to drive from the back seat?

    Bring him into the Cabinet

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    Quote Originally Posted by gulliblepleb View Post
    Would it not be as well to let him take the wheel

    rather than trying to drive from the back seat?

    Bring him into the Cabinet
    possibly but a mistake frequently made is that the best adviser is the best leader which is a lot of the time not true and making them leader just means you're gaining a mediocre leader and losing a brilliant adviser.

    I am of course only speaking about in general, I have no idea at how good a minister he would make.

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    Quote Originally Posted by boomtownwrath View Post
    - I had posted this in the discussion on tonight's Q&A on RTE but I believe it's worth posting here -


    A longtime lurker and non-poster, I'll expect my comments to be taken with a grain of salt, but nevertheless I feel moved to set the record straight.

    I know for a fact that not only did McWilliams suggest the guarantee scheme in his article in the SBP, he explicitly advised John Gormley and Brian Lenihan on this course of action going back nearly two weeks. Furthermore, he was consulted by the Government in the days leading up to Monday night's decision including some marathon phone calls from a park-bench in Tianenmen Square, Beijing, where Maccer is flogging The Pope's Children to an even more bewildered nation.

    The officials in the Department of Finance are naturally quietly irate. They're briefing all around them because they've been bypassed and rendered redundant. They have been shown to be inflexible, doctrinaire and incapable of lateral or independent thought, opposing the scheme as they did until the 11th hour.

    Meanwhile, Lenihan has been praised for his manly resolve and an initiative which may prove his lasting political legacy. The dissenter's creed has finally been found to contain truth and the hierarchy's has finally been found out. No wonder they're running scared. I say set John McGuinness on the lot of them!
    So how are you sure that they aren't naturally quietly irrate because they also presented the Minister with such an option, the option was taken, and then McWilliam takes the credit for suggesting it even though it's as natural an option that even officials in the Dept of the Gaeltacht would have come up with it if they were doing Finance's job for the week that was in it?
    Ireland interests are best secured within a more dynamic EU. Vote YES to Lisbon.

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    Step 1: accomplished.

    Step 2: government to capitalise banks in return for share-holding and oversight of management decisions

    Step 3: write off bad debts, call in loans from building developers, restore clarity to balance sheets

    Step 4: pray

  8. #8

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    Quote Originally Posted by geraghd View Post
    So how are you sure that they aren't naturally quietly irrate because they also presented the Minister with such an option, the option was taken, and then McWilliam takes the credit for suggesting it even though it's as natural an option that even officials in the Dept of the Gaeltacht would have come up with it if they were doing Finance's job for the week that was in it?
    Because the officials, up to and including very senior level, were dead set against the plan until the 11th hour.

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    Quote Originally Posted by boomtownwrath View Post
    Because the officials, up to and including very senior level, were dead set against the plan until the 11th hour.

    Well *assuming* they were, it doesn't mean they didn't present the proposal as an option anyways.
    Ireland interests are best secured within a more dynamic EU. Vote YES to Lisbon.

  10. #10

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    Quote Originally Posted by geraghd View Post
    Well *assuming* they were, it doesn't mean they didn't present the proposal as an option anyways.
    Do I understand your point correctly as being that Department of Finance officials are justified in briefing against McWilliams because those same officials presented, among other options, a plan McWilliams proposed to John Gormley and Brian Lenihan up to ten days earlier, argued against it and lost the argument? It seems a curious and unlikely scenario. What is more likely - and in fact the case - is that cosseted Department advisers have been wrongfooted by a man they regarded as a dangerous maverick.

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