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Don't Expect a Celtic Comeback - Eddie Hobbs in the Wall Street Journal


Mr. Magpie

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The myth of Irish pluck continues today, even amid the financial crisis. Prime Minister Enda Kenny recently graced the cover of Time magazine. But according to data from the International Monetary Fund, Ireland has displaced Japan as the world's most indebted economy. Government, household and nonfinancial company debt add up to 524% of Irish GDP. (The Central Bank of Ireland uses a different basis for calculating the debt of nonfinancial firms; its estimate for total debt would be lower than the IMF's.) Funding this gargantuan load at an average cost of 4.5% would swallow nearly 24% of GDP—in other words, Ireland's entire industrial output.

So while Time magazine and others eulogize the plucky leader of the Irish people, the truth is that Enda Kenny leads a Vichy government—captive externally to creditors that still insist on loading bank debt onto the sovereign, and internally to a tribe of insiders led by union godfathers in a deal that protects the government's own excessive pay and pensions while bankers lean over its shoulders to rewrite insolvency laws.

This isn't just crony capitalism. It's crony democracy.

I'm no Eddie Hobbs fan.
However I think he makes valid points and I find it hard to disagree with what he says.

We are fubar'd and it is not getting any better. Worse, nobody it trying to make it better, the mi féin-ers of Irish political life are wholly preoccupied with protecting their own little fiefdom and cannot see beyond the next election.

People seem to think we are making progress, we are not, it is getting worse!!!

Every person on this island should read this article.

Eddie Hobbs: Don't Expect a Celtic Comeback - WSJ.com



I am surprised this has not made a blip on the p.ie radar
 

Eoin Coir

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It would only for the fool of an author - Eddie Hobbs, proponent of the ill fated voyager - the Brendan scheme.
 

Honecker

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He should forget about going off on a rant about "union godfathers". Unfortunately there are some paranoid right wing lunatics out there who think Begg and O'Connor dictate government policy.
 

wombat

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I'm no Eddie Hobbs fan.
On that we agree. Reading the summary, I'm surprised they published it, its more like the Daily Mail style than an article directed towards a numerate audience.
 

Disillusioned democrat

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Great OP. Scary, on the nose but great find. We both need and deserve a better government.
 

Analyzer

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He should forget about going off on a rant about "union godfathers". Unfortunately there are some paranoid right wing lunatics out there who think Begg and O'Connor dictate government policy.
I recommend that you go digging into Eddie's past - to see how he made his career before he became a consumer busybody.....

You don't have to be in your category to see the damage done by Begg and O'Connor.
 

Crazy horse 6

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When you read this it is actually fairly scary stuff. A lot of Irish people should be made sit down and read because genuinely i don't belive they have any idea how bad things are about to get.
 

toratoratora

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I'm no Eddie Hobbs fan.
However I think he makes valid points and I find it hard to disagree with what he says.

We are fubar'd and it is not getting any better. Worse, nobody it trying to make it better, the mi féin-ers of Irish political life are wholly preoccupied with protecting their own little fiefdom and cannot see beyond the next election.

People seem to think we are making progress, we are not, it is getting worse!!!

Every person on this island should read this article.

Eddie Hobbs: Don't Expect a Celtic Comeback - WSJ.com



I am surprised this has not made a blip on the p.ie radar
Not a fan of his myself, but can't really disagree with anything he says in that article. I think it's going to all end in tears.
 

Mr. Magpie

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He should forget about going off on a rant about "union godfathers". Unfortunately there are some paranoid right wing lunatics out there who think Begg and O'Connor dictate government policy.
They don't dictate policy, but they do give guidance, nudges, hints, winks and nods to a lot of people both elected and unelected.

wombat said:
On that we agree. Reading the summary, I'm surprised they published it, its more like the Daily Mail style than an article directed towards a numerate audience.
Ignoring the rhetoric and the hand that penned it - what about the message?

Agree or Disagree?
 

RobertW

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Feb 11, 2011
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Pay for hospital consultants, teachers and nurses is singled out as especially high by the IMF.
I don't recall the IMF reporting this. Perhaps someone can link this on behalf of Eddie.

He writes a reasonable article but then ends it attacking nurses and teachers.

The man has no qualifications to write for anyone
 

toratoratora

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Great OP. Scary, on the nose but great find. We both need and deserve a better government.
We certainly need a better government, but with the voting history of the electorate, and the latest news that Fianna Fail are climbing in the polls again, I'm not so sure if we deserve a better government.
 

tokkie

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Jan 15, 2011
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I'm no Eddie Hobbs fan.
However I think he makes valid points and I find it hard to disagree with what he says.

We are fubar'd and it is not getting any better. Worse, nobody it trying to make it better, the mi féin-ers of Irish political life are wholly preoccupied with protecting their own little fiefdom and cannot see beyond the next election.

People seem to think we are making progress, we are not, it is getting worse!!!

Every person on this island should read this article.

Eddie Hobbs: Don't Expect a Celtic Comeback - WSJ.com



I am surprised this has not made a blip on the p.ie radar
Eddie Hobbs is an incredible hypocrite. He is an insider himself but ideologically opposed to those he labels as insiders. He is smart, clever, articulate and utterly ruthless to boot. Eddie has no-one's interest at heart save his own. Don't be fooled by this little snake oil salesman.
 

an innocent abroad

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I said this several posts ago.. " Being led by a Vichy Government".... Even Noonan this evening telling bare faced lies to the people of this country... Do they give a sxxt?.. hell no! They won't run in the next election.. But will do exactly what F.F did and ride off into the sunset with more money than what they ever earned... No wonder Germany playing hardball, our politicans make them sick, and are wondering why they should do a deal for Ireland, when Irelands politicans are screwing their own citizens.... Traitors!
 

Upper Chamber

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If we had only listened to Eddie and all gone out and bought apartments in Cape Verde we wouldn't be in this mess
 

Mr. Magpie

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Eddie Hobbs is an incredible hypocrite. He is an insider himself but ideologically opposed to those he labels as insiders. He is smart, clever, articulate and utterly ruthless to boot. Eddie has no-one's interest at heart save his own. Don't be fooled by this little snake oil salesman.
Again I have no love for the guy, however I agree with the sentiment in his article.
 

tokkie

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Eddie Hobbs was a cheerleader for the boom.......He is now a cheerleader for the doom

If this was a war he would have changed sides five or six times by now.
 

Radix

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It would only for the fool of an author - Eddie Hobbs, proponent of the ill fated voyager - the Brendan scheme.
Rather harsh Coir.

Do you have anything more useful than just a soundbyte to contribute here?

Listening to Newstalk this evening Shane Coleman found it difficult to disagree with anything that was said in the article.
 

gatsbygirl20

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On that we agree. Reading the summary, I'm surprised they published it, its more like the Daily Mail style than an article directed towards a numerate audience.
The Hobbit brings his PS bashing, fulminating about a "cartel", and sneering at teachers, to a wider audience..."brings the intellectual fire-power of three secondary teachers to bear on the crisis"...
New Yorkers will be interested to note that the Irish regard "secondary teacher" as a synonym for stupidity or incompetence...

An audience unfamiliar with the CPA would presume from the slight spin he puts on it that it was a deal awarding higher pay to PS workers, and not an agreement to extract more work from them, while agreeing not to cut their pay further. Not that the Hobbit mentions that they had their pay cut....

Let me stay my keyboard hand. I am incapable of maintaining my own standards of politeness on P.ie when the Whining One is at issue...
 

statsman

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Rather harsh Coir.

Do you have anything more useful than just a soundbyte to contribute here?

Listening to Newstalk this evening Shane Coleman found it difficult to disagree with anything that was said in the article.
Shane Coleman? Did he get an adult to read it to him?
 

tokkie

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Rather harsh Coir.

Do you have anything more useful than just a soundbyte to contribute here?

Listening to Newstalk this evening Shane Coleman found it difficult to disagree with anything that was said in the article.
So if Shane Coleman cannot disagree then it must be 100% accurate?? Is that right?
 
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