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“Blind and Pathetic” Lenihan is found out by the Bond Markets.


cozzy121

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May 26, 2009
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4,996
While corrupt bertie is whoring himself out for a ghost written article in a tabloid rag, the man he wishes dead explains how lenihan has doomed us all.

No hope for blind optimism | The Post

The Cowen/Lenihan government - which has been wrong about everything on the economy - is putting its faith in blind optimism.
This is blind and pathetic optimism, because it is based on the same three-card trick, the same bluff and gamble that got us here in the first place. In short, they have learnt nothing at all.
Look where the ‘we are turning the corner’ self help optimism of this government has got us.
My money says we will be in the European Stabilisation Fund by St Patrick’s Day and that Mr Commissioner will be running the show. This is where this touchy-feely optimism will get us.
 

HarshBuzz

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I'd take issue with DMCW on this quote:

The banks will be zombies and the economy will continue to contract.
What the hell does he mean, 'will be zombies'?

They're the very definition of zombies already. There is no way on earth that any of these institutions will start to look like a normal bank within the next ten years - the whole premise of NAMA and the recaps is utterly without foundation.

Lenihan is a drowning man wearing a lifejacket made of concrete - that in itself is fine but the rest of us are attached to this lunatic who is too proud\stupid to even countenance the mere possibility that he might be wrong.

DMCW's point about reversing strategy on Anglo is very valid. It's 'too big to save' (©Morgan Kelly), the markets know that.
 

Cassandra Syndrome

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When Bertie became Taoiseach in 1997 our total debt was less than €200 Billion. After joining the Euro the tsunami of credit flooded the nation sending debt levels to the best part of a trillion Euro by 2007.

And bertie studied at the London School of Economics. Was he out having a leak when they were doing the Monetary policy and interest rates lecture?
 

SideysGhost

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And bertie studied at the London School of Economics.
Well no, he didn't actually. Neither did he study at UCD. Infacta the man had absolutely no qualifications in any branch of anything remotely resembling finance, accountancy, bookkeeping - or indeed anything else.

He used to count the cars in the carpark of the Mater before he became a TD. That's it. That's all he was.
 

Mossy Heneberry

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Well no, he didn't actually. Neither did he study at UCD. Infacta the man had absolutely no qualifications in any branch of anything remotely resembling finance, accountancy, bookkeeping - or indeed anything else.

He used to count the cars in the carpark of the Mater before he became a TD. That's it. That's all he was.
To be fair, having a good education doesn't seem to matter when you look at our current mess. Many people working in and for the government were well educated and experts in their chosen fields. Yet they still didn't see this coming nor have they a clue about what to do with our current situation.
 

eoinod

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To be fair, having a good education doesn't seem to matter when you look at our current mess. Many people working in and for the government were well educated and experts in their chosen fields. Yet they still didn't see this coming nor have they a clue about what to do with our current situation.
I don't actually agree with you here but in any case, whatever you think, pretending you were educated somewhere you were not most certainly is not the mark of a statesman.
 

dalywise

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Well no, he didn't actually. Neither did he study at UCD. Infacta the man had absolutely no qualifications in any branch of anything remotely resembling finance, accountancy, bookkeeping - or indeed anything else.

He used to count the cars in the carpark of the Mater before he became a TD. That's it. That's all he was.
In fairness I think he was in UCD. There used to be discos in the bar there in the 1970s. As for LSE, he passed by it once when he was in London for a soccer match.
 

Sean-Bhean bhoct

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My money says we will be in the European Stabilisation Fund by St Patrick’s Day and that Mr Commissioner will be running the show.
Is this the same David McWilliams who predicted 7 of the past 5 economic crices? The same man who advocated leaving the Euro? I have a massive issue with populist celebrity economists.

I'm going to remember the above quote as the latest in a raft of inaccurate prophecies. And what will happen come March and Ireland won't be drawing from the ECB fund? Absolutely nothing. Because thats the essence of it.

The man can say and do as he likes because there will be ansolutely no consequences of his actions. He's never had to make a serious decision in his life. I'd dread to think where we'd be had we followed his irrational logic.

Its also deeply hypocritical of McWilliams to criticise Lenihan on his 'we're turnin a corner' statement when McWilliams has made far more hollow predictions.

As I said, I'll be waiting with bated breath on 17th March.
 

johnfás

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To be fair, having a good education doesn't seem to matter when you look at our current mess. Many people working in and for the government were well educated and experts in their chosen fields. Yet they still didn't see this coming nor have they a clue about what to do with our current situation.
Correct - but pretending that one has such an education when they are already inhabiting the highest office in the land tells you something about the person.
 

jimmyfour

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195
To be fair, having a good education doesn't seem to matter when you look at our current mess. Many people working in and for the government were well educated and experts in their chosen fields. Yet they still didn't see this coming nor have they a clue about what to do with our current situation.
No they aren't at all educated or experts in their chosen fields. By comparison, almost every equivalent of our ministers in Germany have PhDs, whereas our ministers have at best a law degree (lenihan, and I think 1 other minister). Most of our government are underqualified and represent the "common man" which unfortunately meant that people with PhDs or high level qualifications are excluded from mainstream political life.

Irish people show they don't like edumacation or dam dayr folks wid de fancy dagrease. The German cabinet is composed of almost entirely PhDs. They saw this crisis coming and had far greater restrictions on credit. Our government is unqualified and unrepresentative, and unfortunately, the people with advanced qualifications who would be qualified to run Ireland are not here because Ireland embraces the stupid assbackwards idiots just so they can feel comfortable havign a pint with someone and don't offend anyone.

This entire crisis is like watching My Super Sweet Sixteen played out in politics, because too many idiots in the country spend too much time trying to be like idiot Americans.
 
Last edited:

Libero

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Sean-Bhean bhoct said:
I'm going to remember the above quote as the latest in a raft of inaccurate prophecies.
What are his other inaccurate prophecies?

And who are the economists you prefer, and what's the their track record with predictions and forecasts?

Let me guess: you're more of a Morgan Kelly man, right?
 

Wakeupcall

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No they aren't at all educated or experts in their chosen fields. By comparison, almost every equivalent of our ministers in Germany have PhDs, whereas our ministers have at best a law degree (lenihan, and I think 1 other minister). Most of our government are underqualified and represent the "common man" which unfortunately meant that people with PhDs or high level qualifications are excluded from mainstream political life.

Irish people show they don't like edumacation or dam dayr folks wid de fancy dagrease. The German cabinet is composed of almost entirely PhDs. They saw this crisis coming and had far greater restrictions on credit. Our government is unqualified and unrepresentative, and unfortunately, the people with advanced qualifications who would be qualified to run Ireland are not here because Ireland embraces the stupid assbackwards idiots just so they can feel comfortable havign a pint with someone and don't offend anyone.

This entire crisis is like watching My Super Sweet Sixteen played out in politics, because too many idiots in the country spend too much time trying to be like idiot Americans.
is dat dem same phds dat lended us de monies?
 

cozzy121

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May 26, 2009
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Is this the same David McWilliams who predicted 7 of the past 5 economic crices? The same man who advocated leaving the Euro? I have a massive issue with populist celebrity economists.

I'm going to remember the above quote as the latest in a raft of inaccurate prophecies. And what will happen come March and Ireland won't be drawing from the ECB fund? Absolutely nothing. Because thats the essence of it.

The man can say and do as he likes because there will be ansolutely no consequences of his actions. He's never had to make a serious decision in his life. I'd dread to think where we'd be had we followed his irrational logic.

Its also deeply hypocritical of McWilliams to criticise Lenihan on his 'we're turnin a corner' statement when McWilliams has made far more hollow predictions.

As I said, I'll be waiting with bated breath on 17th March.
Yes, he never predicts anything right. :rolleyes:

October 1, 2006
A warning from deserted ghost estates | David McWilliams
 

kerdasi amaq

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Aug 24, 2009
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The taxpayer didn’t cause this and has no business paying for any of it.
This is where Fianna Fáil failed their mandate, and why they must never be allowed anywhere near the levers of office again.

The only good thing here, is that, they were not responsible for running a nuclear power station.
 

Toland

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www.aggressive-secularist.com
Is this the same David McWilliams who predicted 7 of the past 5 economic crices? The same man who advocated leaving the Euro? I have a massive issue with populist celebrity economists.

I'm going to remember the above quote as the latest in a raft of inaccurate prophecies. And what will happen come March and Ireland won't be drawing from the ECB fund? Absolutely nothing. Because thats the essence of it.

The man can say and do as he likes because there will be ansolutely no consequences of his actions. He's never had to make a serious decision in his life. I'd dread to think where we'd be had we followed his irrational logic.

Its also deeply hypocritical of McWilliams to criticise Lenihan on his 'we're turnin a corner' statement when McWilliams has made far more hollow predictions.

As I said, I'll be waiting with bated breath on 17th March.
That old rubbish about McWilliams being a stopped clock being wheeled out one more time.

It is staring you in the face that substantially everything McWilliams predicted has come to pass.

None are so blind, etc.
 

Sean-Bhean bhoct

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What are his other inaccurate prophecies?

And who are the economists you prefer, and what's the their track record with predictions and forecasts?
He has been wrong on a number of occasions since around 2000 when he consistently predicted that house prices would collapse. I distinctly remember listening to him on the LLS in early 2001 claiming that house prices had peaked. In fact, they tripled in the years that followed up until 2007.

At that stage he was comparing Ireland to Massachusetts and predicting a similar property crash for Ireland as had happened there. When has he last mentioned that argument? he also used to use the comparison with Japan and boom-bust cycles. He has recently backed off that one too.

I personally think his proposal to drop the euro is beyond crazy because I think the EU is the one thing that has thusfar kept the wolves from the door.

You didn't tackle my main point - that it doesn't matter what he says because he'll never have to make a decision and will thus never be called on it. We'll never know the consequences of much of the economics he espouses, for better or worse.

As regards economists, I think many of them are overrated, and its difficult to separate the ego's from the predictions. However, I would be a fan of McCarthy. At least he doesn't seem to crave publicity in the same way as McWilliams.

I'll always be distrustful of someone who has vested interests in earning a living from the demise of others.


Yes, he never predicts anything right. :rolleyes:

October 1, 2006
A warning from deserted ghost estates | David McWilliams
I never siad, 'he never predicts anything right'. Stop putting words in my mouth.
 

Sean-Bhean bhoct

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That old rubbish about McWilliams being a stopped clock being wheeled out one more time.

It is staring you in the face that substantially everything McWilliams predicted has come to pass.

None are so blind, etc.
Ok. I'll put this to you.

Brian Lenihan has stated on a number of occasions that we have 'turned a corner'.

If Ireland does achieve economic growth, and sufficient econiomic growth, within, lets say, the next 7 years, are you going to start claiming that Lenihan was right and that everything he 'has predicted has come to pass'?

Based on your logic, you'll have to.
 

Toland

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Ok. I'll put this to you.

Brian Lenihan has stated on a number of occasions that we have 'turned a corner'.

If Ireland does achieve economic growth, and sufficient econiomic growth, within, lets say, the next 7 years, are you going to start claiming that Lenihan was right and that everything he 'has predicted has come to pass'?

Based on your logic, you'll have to.
Check out the tense that Lenihan has used (present perfect) and the one that McWilliams used (future).

Geddit?
 

HarshBuzz

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Sean-Bhean, what do you think of Morgan Kelly's track record?

I put it to you that he has been consistently correct in his analysis. Agree\disagree?
 
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