Financial Times editorial

voodoochile

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FT.com / Comment / Editorial - Ireland attempts to settle its losses

Dublin has bought itself time on banking policy. It should be used to put in place a resolution regime that can distribute future bank losses faster and more fairly than happened in Anglo’s case.

Even this would be small consolation for all the pain that has been inflicted on Irish citizens. The economic loss is at last being accounted for. The political irresponsibility that made it possible has yet to face its reckoning.
The Govt is usually fast to seize upon favourable comment made by the international financial press.

Do you think they'll grab at this as quickly?
 


spidermom

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Somehow I doubt if this will feature on their campaign literature!!
 

firefighter

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Kicking to touch is not the kind of "decisive action" that Lenihan is always going on about.
 

Horses

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FT.com / Comment / Editorial - Ireland attempts to settle its losses



The Govt is usually fast to seize upon favourable comment made by the international financial press.

Do you think they'll grab at this as quickly?
You mean the English press. Why didn't the English have to pay out as much to their banks, the Irish property boom only lasted ten years the English property boom has been going nearly thirty years and still hasn't burst. They are still giving out 100% mortgages in England.
 

McDave

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FT.com / Comment / Editorial - Ireland attempts to settle its losses
The Govt is usually fast to seize upon favourable comment made by the international financial press.

Do you think they'll grab at this as quickly?
It's a very hard-hitting piece. Another extract:
Dublin’s plan aims to finalise the tab Irish taxpayers will pick up for the wild speculation and cronyism that passed for lending at Anglo.
and
Dublin defends the huge expense by saying that anything else would topple the banking system. If that fear is justified, it is partly of the government’s own doing.
I don't remember the Irish Times being quite so forthcoming over the years.
 

voodoochile

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You mean the English press. Why didn't the English have to pay out as much to their banks, the Irish property boom only lasted ten years the English property boom has been going nearly thirty years and still hasn't burst. They are still giving out 100% mortgages in England.
Last time I looked England was a different country (international) and I'll think you'll find that the FT is read quite a bit further afield than England.
 

firefighter

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I don't remember the Irish Times being quite so forthcoming over the years.
A pimple on Irish society. It needs a good squeez so it can form a scab and eventually fall off.

Judging by their bad investments, dwindling advertising and rising pensions liabilities, it won't be long now.
 

Boy M5

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Last time I looked England was a different country (international) and I'll think you'll find that the FT is read quite a bit further afield than England.
Spot on - its a World newspaper, generally pretty undoctrinaire with no particular bias.

Yes its pro market but sensibly so and normally pretty objective. The WSJ is more economically right wing (btw their Irish stringer is Quentin Fotrell) and the ft has none of the anti Irish bias I sadly have seen consistently in the English print media over many years).

That said, Private Eye pointed out a few weeks ago, that the FT's new chief leader writer is more right wing I think from the Telegraph.
 

Boy M5

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It's a very hard-hitting piece. Another extract:

and


I don't remember the Irish Times being quite so forthcoming over the years.

Aren't those quotes you highlighted pretty factual? Though in common with most bubbles everyone believed in the nonsense including the opposition politicians & most hacks (look at the value destoyed by Irish Times purchasing a property website, it wasn't DAFT but the decision was). Wasn't it systematic failure & delusion?
 

McDave

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Aren't those quotes you highlighted pretty factual? Though in common with most bubbles everyone believed in the nonsense including the opposition politicians & most hacks (look at the value destoyed by Irish Times purchasing a property website, it wasn't DAFT but the decision was). Wasn't it systematic failure & delusion?
I'd see them as facts alright - elephants in the room actually. Which makes it all the more astonishing that Irish Times editorials over the course of the C****c T***r were broadly deferential to those FF-led governments. The opposition parties resisted to some extent, although they effectively caved in at the last election. With some honourable individual exceptions, the media played along with FF and the whole bubble, one of the classic expressions of this being the hubris of the IT property section and the whole 'myhome' debacle which irrevocably bound the interests of the IT to that bubble.

Even up to relatively recently in the Friday Business section the IT couldn't make up their minds editorially which way the wind was blowing giving 'both' sides of the story through the Croesus and Charlie Fell columns. It was only when the full extent of the economic collapse became clear that they quietly sidelined the more, eh, upbeat Croesus. What lesson can we learn from this? That rather than take a courageous leadership role, the IT preferred to sit on the fence and hedge its bets.

To call the whole C****c T***r charade a systematic failure though is extreme. It's a bit strong to describe the passive, laissez faire, anarchic nature of our state as systematic in the first place!!!!
 


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