• It has come to our attention that some users may have been "banned" when they tried to change their passwords after the site was hacked due to a glitch in the old vBulletin software. This would have occurred around the end of February and does not apply after the site was converted to Xenforo. If you believe you were affected by this, please contact a staff member or use the Contact us link at the bottom of any forum page.

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


Eric Cartman

Well-known member
Joined
Dec 16, 2010
Messages
1,741
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 Ireland’s 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?

  • €280bn 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, I’m not sharing with him, he’ll bring down the name of Economics, and you’re right too. Then, many years ago I worked on this particular table when the figures were reported. This table tells us how much money we’re 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. That’s 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. Where’s 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. There’s nothing else going on. When you pull back the curtain on the multi‑nationals, and the Botox, I was actually down at the Viagra place in Ringaskiddy, which is another fantastic place, I’ll tell you, just so we have an equal opportunity employer here. That’s 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 we’re 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 isn’t 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, it’s 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?
 

drummed

Well-known member
Joined
Oct 22, 2010
Messages
37,438
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?
 

Dublin 4

Well-known member
Joined
Feb 6, 2011
Messages
12,993
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 :?
 

Analyzer

Well-known member
Joined
Feb 14, 2011
Messages
46,201
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 ?
 
J

Johnny Boy

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:

Analyzer

Well-known member
Joined
Feb 14, 2011
Messages
46,201
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.
 

Eric Cartman

Well-known member
Joined
Dec 16, 2010
Messages
1,741
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.
 

drummed

Well-known member
Joined
Oct 22, 2010
Messages
37,438
He is'nt advising anyone. He's PR for the bank.
 

Dublin 4

Well-known member
Joined
Feb 6, 2011
Messages
12,993
He didn't do much PR for himself during the false boom...
 

Kev408

Well-known member
Joined
Feb 26, 2006
Messages
5,124
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?

  • €280bn 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'...
 

Boy M5

Well-known member
Joined
May 20, 2010
Messages
21,731
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'...
No.
The question stands irrespective of the state's share in BoI.
For 4 reasons:
There is nothing libellous in the OP. you have a quare idea of libel. A minor inaccuracy over the state's shareholding has nothing to do with the main issues in the post. Also:
The shareholders in Bank of Ireland lost their shirts due to the mismanagement of that bank in the bubble.
Also there are depositors (those who rank ahead of the shareholders in the waterfall of claims) this is particularly true of a highly leveraged company, reliant on short term debt like a bank). Many of us including the state are depositors.

The state, through its guarantee bailed out the entire banking sector including BoI (we were forced into a bailout due to threat of withdrawal of liquidity by ECB) and importantly the state regulates it. It is entirely appropriate that it vets and makes suggestions over appropriateness senior personnel. If neccessary it should enforce these views.
 
Last edited:

Eoin Coir

Well-known member
Joined
Jun 16, 2012
Messages
16,632
I still have nightmares of him on RTE telling us that a semid in Dublin at about half a million was " damn good value" during those nightmare years.
 

Dublin 4

Well-known member
Joined
Feb 6, 2011
Messages
12,993
I'd be having a chat with my solicitor
You can't practice as a Solicitor if you have a Judgment Registered against you.

You should not be able to advise as an a Economist if you have mis-advised others, had a Judgment against you or if you are in Negative Equity.

I am not going to name names but there are Economists in the Media regularly who lack cred due to their past actions.
 

Sync

Well-known member
Joined
Aug 27, 2009
Messages
28,845
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'...
"But your honour they said the Concordia was OWNED by Crociere when I crashed it. In fact it was only leased. This of course invalidates the argument that I crashed the ship and am an idiot"
 

Eric Cartman

Well-known member
Joined
Dec 16, 2010
Messages
1,741
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'...
So GDP was €280bn last year? Moron
 

Analyzer

Well-known member
Joined
Feb 14, 2011
Messages
46,201
You can't practice as a Solicitor if you have a Judgment Registered against you.

You should not be able to advise as an a Economist if you have mis-advised others, had a Judgment against you or if you are in Negative Equity.

I am not going to name names but there are Economists in the Media regularly who lack cred due to their past actions.
The Irish media will forgive it's members who decieve.

As long as they don't discuss the truth about the powerful.
 

daveL

Well-known member
Joined
Oct 29, 2010
Messages
19,593
I still have nightmares of him on RTE telling us that a semid in Dublin at about half a million was " damn good value" during those nightmare years.
A dishonest disingenuous piece of sh!t
 

leftsoc

Well-known member
Joined
Mar 8, 2005
Messages
2,848
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?
We paid for a lot more than 15% of BOI. Can someone supply the figures? My memory is a blank on it. This swindle of th taxpayers may return as the subject of a tribunal in years to come, when sanity returns.

If architects , well paid by builders , urged the use of sub-standard materials which led to the collapse of loads of buildings, there would be calls for the criminal prosecution of those archtiects who had let their profession down.
This can't happen in economics because it is so political. Its ironic that the economists who make most pretence to mathematical scientificy are the very ones most protected from criticism by viewing economics as a branch of the humainities, now their science has been proved spurious by the facts.
 

jpc

Well-known member
Joined
Jun 14, 2007
Messages
4,339
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?

  • €280bn 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?
You could make the same argument at many levels in that organisation and many others.
How many years after the financial implosion is it now?
And these characters are still in position !
Nothing to see here any more move along.
 

Tommy12345

Well-known member
Joined
Sep 26, 2011
Messages
1,073
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.
The guy's an absolute ghoul. I'll never forget his chilling performance on Questions and Answers when that Irish Ferries issue was being discussed. He was like some laissez-faire gargoyle that had stepped straight out of a Dickens novel. And that egregious little right-wing spiv Eamon Delaney supported him to the hilt. Brendan Howlin, in fairness, lambasted them both.
 
Top