Any Bank Inquiry would inevitably find Cowen culpable!

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With a bit of luck we'll have the hilarious spectacle of Bertie, typically hanging out another female to dry, this time blaming the whole thing on Celia Larkin by finally admitting that he never was an accountant, that he never attended UCD or LSE and that it was all Celia's idea to pretend that he could add 2 and 2 and that he understood the difference between Cash In and Cash Out.
 


Fir Bolg

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How the Queens are still propping up this government is beyond belief.
 

goosebump

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Seeing that you are asking questions, perhaps you'd care to list the budgets between 2002-2007 that FG voted for?
Well they certainly didn't vote for any of the ones where they claimed Cowen wasn't spending enough.
 

paulp

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Bruton, Dec 2004 about Budget 2005
There is a worrying complacency in Government about the enterprise sector. Few people realise that in the past four years, employment in the exposed sector of our economy has been in sharp decline. The rate of job losses has been more than double that of the mid-90s.
We are facing a tough time in export markets. Since May 2002, export prices have fallen by 15%. Companies trading and competing have had to tighten their costs by 15% but the utilities, stealth taxes, rates and all the other burdens the State puts on those companies have increased by 27%. There is no tightening of belts when it comes to those delivering those services but the companies which have to compete in export markets are feeling the squeeze. Companies are leaving these shores to go to cheaper environments.
Bruton, Dec 2006 about budget 2007
The Government is increasing spending at a rate 50% faster than the growth of national income. Taxes are rising as a result. This year, the Government is continuing the trend by budgeting to increase spending by 11.5%. To put this in perspective, an ordinary worker will be lucky to obtain an increase of4%. The surplus has been cut back at a time when the economy is experiencing pressure on the prices front and when SSIAs are coming on stream. Spending is increasing far faster than national income and tax revenues and this is posing a threat. Many commentators warned the Government about inflation before the budget was put together and I believe they will now be of the opinion that we are on dangerous ground.
The Government has doubled its dependence on the construction sector to support its revenue. A total of 25% of every tax euro spent by the Government comes from the construction sector. We are not in a strong position; we are, in fact, in a vulnerable position.
The real question is whether the Government has done enough to build the capability of the economy to withstand the real pressures under which it is about to come. Those pressures do not merely revolve around the possible slowdown in the housing market; they relate to the relentless march of competition that is coming our way. Our competitiveness has declined in each of the past five years. In the same period, our share of export markets and the level of manufacturing employment have fallen. Some 50% of the jobs that existed in IDA Ireland and Enterprise Ireland industries five years ago have disappeared.
 

paulp

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Back on topic,

How can we have a scenario where finance minister is not declared somewhat culpable for a financial disaster hitting a country?
 

goosebump

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Bruton, Dec 2004 about Budget 2005


Bruton, Dec 2006 about budget 2007
So Bruton only twigged that we were overly-dependent on the construction sector at the end of 2006?
 

Digout

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Back on topic,

How can we have a scenario where finance minister is not declared somewhat culpable for a financial disaster hitting a country?
Yes, if he is exempt from questioning. Or maybe he is like Dempsey, "sure what goes on is not my fault".
 

staunch ff

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I was just reading some of the edbate (classy as it always is on P.ie) when something struck me. It would be virtually impossible for there to be a bank inquiry and for Cowen not to be to blame.

While others would also be cited, the very best thing which could be said about Brian Cowen when he was minister for finance is that he was grossly incompetent. Nobody anywhere could argue that Cowen was a good minister for finance at any level and this includes his handling of the banks. Now while the banks were to blame, while regulation was poor, developer greed rampant and many buyers were ignorant of basic economics, none of those people are the democratically elected leader of the country.

If there is a public inquiry, Cowen's job will be untenable.
Back in 1984 and 1985 I bought two businesses with 100% loans not too long after buying the family house. I was up to my eyeballs in debt as a result but like a true FF'er I worked hard and eventually succeeded to pay my way. Where the eff was the Mr Perfect Blueshirts when I was allowed to borrow so much ? You are first class hypocrites with not a hope in hell of pinning the bank stupidity on Cowen ? The more I come across clowns like you the more staunch FF I become !!
 

FakeViking

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Back in 1984 and 1985 I bought two businesses with 100% loans not too long after buying the family house. I was up to my eyeballs in debt as a result but like a true FF'er I worked hard and eventually succeeded to pay my way. Where the eff was the Mr Perfect Blueshirts when I was allowed to borrow so much ? You are first class hypocrites with not a hope in hell of pinning the bank stupidity on Cowen ? The more I come across clowns like you the more staunch FF I become !!

Did you look for a digout?
 

paulp

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Yeah, I am the chief executioner.

sorry about that, didn't mean to step on toes,
anway, pete was in to defend you straight away

keep me in mind if you plan retirement at any stage, I have a long list ready
 

MPB

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Back in 1984 and 1985 I bought two businesses with 100% loans not too long after buying the family house. I was up to my eyeballs in debt as a result but like a true FF'er I worked hard and eventually succeeded to pay my way. Where the eff was the Mr Perfect Blueshirts when I was allowed to borrow so much ? You are first class hypocrites with not a hope in hell of pinning the bank stupidity on Cowen ? The more I come across clowns like you the more staunch FF I become !!
Jesus, FF were at it even then. 100% loans when most of the country had to have at least a 30% deposit before a Bank would even consider them for a mortgage.

Who was the go to man back then? Des Traynor?
 

staunch ff

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Jesus, FF were at it even then. 100% loans when most of the country had to have at least a 30% deposit before a Bank would even consider them for a mortgage.

Who was the go to man back then? Des Traynor?
Starting a business, running a business and succeeding in a business takes blood, sweat and tears. This is why Blueshirts go fo safe jobs in the public service and the Red to Pink follow them or spend their lives begging from the State. When you try to piss on a FF'er remember you are more likely dealing with a person full of guts and enterprise
 

paulp

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Back in 1984 and 1985 I bought two businesses with 100% loans not too long after buying the family house. I was up to my eyeballs in debt as a result but like a true FF'er I worked hard and eventually succeeded to pay my way. Where the eff was the Mr Perfect Blueshirts when I was allowed to borrow so much ? You are first class hypocrites with not a hope in hell of pinning the bank stupidity on Cowen ? The more I come across clowns like you the more staunch FF I become !!
so you are complaining that while FG was in government, you were able to borrow so much while they are also saying banks should take care before loaning out so much?

but also, let's face it,
if FF members starting dancing in the streets naked and howled at the full moon,
if they started wearing pink frilly skirts in the dail while saying " I'm a lady don't you know",
if they passed a bill stating electricity was a force for evil and must be stopped,
if they proposed to build a giant propellor and stick it onto Cork to push the country north a bit to counter global warming,

you and many like you would still be staunch FF
 

paulp

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So Bruton only twigged that we were overly-dependent on the construction sector at the end of 2006?
It's a pitty the government didn't twig it - maybe they wouldn't have increased spending by so much in budget 2007

heh, I thought ye said it was the Lehman brothers that caused all the problems, not an over dependence on the construction sector
 

Digout

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sorry about that, didn't mean to step on toes,
anway, pete was in to defend you straight away

keep me in mind if you plan retirement at any stage, I have a long list ready
Dont worry, there is more then enough work to go around.
 

staunch ff

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so you are complaining that while FG was in government, you were able to borrow so much while they are also saying banks should take care before loaning out so much?

but also, let's face it,
if FF members starting dancing in the streets naked and howled at the full moon,
if they started wearing pink frilly skirts in the dail while saying " I'm a lady don't you know",
if they passed a bill stating electricity was a force for evil and must be stopped,
if they proposed to build a giant propellor and stick it onto Cork to push the country north a bit to counter global warming,

you and many like you would still be staunch FF
That has to be the most accurate statement by an Anti FF Party member. At this stage the more you clowns open your mouths the more your head vanishes !!
 


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