Lenihan blames Merkel for bond rate rise



jpc

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Thus far the reason for our woes according to the government :

Lehman Brothers
Commentators “talking the economy down”
The opposition for not voicing adequate concern during the boom years
Ebbs and Flows
Bond Vigilantes

and now,

Zeee Germans

what next, the f*cking bogeyman?
I suppose you could get "global warming" in there somehow.
But seriously he's peeing on the wrong pair of shoes this time.
Must be nothing left to loose or gamble I guess.
 

jpc

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Getting the advice is one thing but blindly accepting it is another matter. Lenihan is a fool and the more he opens his gob the more ludicrous he sounds.
And what does that says for the anonymous individuals providing the "expert advice" in the DoF the past few years?
 

Grumpy Jack

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Yes, and they might actually listen to it and not jump off at the first tangent they think of.
....because they don't even listen to the electorate?
When Lenny and Cowen are out the door and Noonan or Gilmore or Burton takes over in Finance, I hope the first thing they do is publish all the advice given to Lenihan by Finance, Regulator, Central Bank, NTMA, his own advisors like Alan Ahearne and the man in the local pub in Castleknock prior to every major decision he made in the last two years that has driven us further and further into the mire.

If they do so, I think the Irish people will be in for quite a shock.
 

droghedasouth

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suprise suprise he didnt blame Enda yet , but it was not himself or his buddies thats at fault for sure
You might be closer to the truth than you think.

Notorious blueshirt DroghedaSouth met the deputy editor of the WSJ last August and it has been all downhill since then.

But then DS is hardly a buddy of Enda.
;)
 

asknoquestions

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I reckon Merkel knows what she's doing. She has a PhD and was a physics lecturer before going into politics so she knows the difference between relativity and evolution and she's nobody's fool.
Ireland's low corporation tax has been a thorn in the Germans' and francais hides for some time and forcing Ireland into an EU bailout would allow them to reset it.
Look at it this way - who are the bondholders anyway? Answer: German banks. So do you think Merkel really means it, that German banks should suffer because some far-flung Kleinkleckerland went kablooey with a property bubble?
 

Ignoreland

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Lenihan quotes the Basil Fawlty school of economics

Of course the Germans started it... they invaded Poland!
 

Mondo

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When Lenny and Cowen are out the door and Noonan or Gilmore or Burton takes over in Finance, I hope the first thing they do is publish all the advice given to Lenihan by Finance, Regulator, Central Bank, NTMA, his own advisors like Alan Ahearne and the man in the local pub in Castleknock prior to every major decision he made in the last two years that has driven us further and further into the mire.

If they do so, I think the Irish people will be in for quite a shock.
But surely if they dared try and offer Blameless Brian bad advice he would eye them warily with his big dead eyes and tell them in sombre tone:

"I don't accept that"
 

jpc

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I reckon Merkel knows what she's doing. She has a PhD and was a physics lecturer before going into politics so she knows the difference between relativity and evolution and she's nobody's fool.
Ireland's low corporation tax has been a thorn in the Germans' and francais hides for some time and forcing Ireland into an EU bailout would allow them to reset it.
Look at it this way - who are the bondholders anyway? Answer: German banks. So do you think Merkel really means it, that German banks should suffer because some far-flung Kleinkleckerland went kablooey with a property bubble?



One question I have never heard any answer for.
What happened to the professional investors and risk analysts who kept pumping money into the emerald property crock of gold/ rainbow/ bubble scam?

Where they bewitched by the twinkle in Seanies eye?

Or more likely they were assured by the Financial regulators assurances and reports.

And that comes to the question who appointed the financial regulator?
Anyone got any thoughts on the subject?
 
Last edited:

/etc

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Great, now he's biting the hand that feeds us.
Will someone put him out of his misery?
LOL.

In all fairness, Merkel's comment was the game changer. Lenny was merely stating the obvious.
 

Libero

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LDF said:
Not many people know this but Angela Merkel's maiden name is Lehman.
No it's not; it's Kasner.

Lenihan has a point about the comments making a bad situation worse.

Still, the comments were only made because the bad situation has come about and is deteriorating, and that's mostly down to Lenihan's decisions.

Anyone honestly expecting relative altruism from German politicians is a fool. At least Lenihan has struck the right tone: regretful rather than shocked and appalled.
 

Grumpy Jack

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But surely if they dared try and offer Blameless Brian bad advice he would eye them warily with his big dead eyes and tell them in sombre tone:

"I don't accept that"
So why do we pay all these very expensive civil servants and advisors again if ministers have all the answers to all the questions?
 

controller

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So why do we pay all these very expensive civil servants and advisors again if ministers have all the answers to all the questions?
........now there is a good question. Probably because FF thinks they always know best
 

Mitsui2

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suprise suprise he didnt blame Enda yet , but it was not himself or his buddies thats at fault for sure
Yer wrong there - see Ganyer's post above -

Ganyer said:
Thus far the reason for our woes according to the government :

Lehman Brothers
Commentators “talking the economy down”
The opposition for not voicing adequate concern during the boom years
Ebbs and Flows
Bond Vigilantes

and now,

Zeee Germans

what next, the f*cking bogeyman?
 

Mondo

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So why do we pay all these very expensive civil servants and advisors again if ministers have all the answers to all the questions?
... Yes a lot of expensive advice a lot from mates they have appointed, Invaluable though as it helps muddy the waters of ultimate responsibilty?

The buck stops with err, err, it's complex, a number of factors, ....no, there is no question of any resignations, we have important work to complete.

... You can't leave a corpse half buried!
 

jpc

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... Yes a lot of expensive advice a lot from mates they have appointed, Invaluable though as it helps muddy the waters of ultimate responsibilty?

The buck stops with err, err, it's complex, a number of factors, ....no, there is no question of any resignations, we have important work to complete.

... You can't leave a corpse half buried!
Confluence of events perhaps?
 

sport02

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Mr Lenihan keeps responding to statements as I don't accept that.
Isn't worrying our Minister for Finance that believes everything he says, cannot on behalf of the country mutter anything out of his mouth, to ease the bondmarkets.

Are all these guys on bloomberg and CNBC, that sleep,eat, and drink economics, are they all wrong, while our cambridge boy in law is right.

All this blaming outside factors is nonscence, why should the markets believe hin, he has got every figure wrong.
 

Binnman

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edited...

And if anyone listened to what Lenihan actually said today, he stated that the advice the NTMA was giving him was that the bondmarket moves on Irish debt was it reacting to the German (ie, Merkel's) suggestion that bondholders share some of the pain of sovereign debt restructuring.

Does anyone here actually realise that if Cowen and Lenihan vacate Merrion Street this evening, Kenny, Noonan, Gilmore and Burton will be getting the exact same advice the second they get their arses in their new office chairs?

While I can't wait to see Cowen, Lenihan and Fianna Fail booted out of office, I'm seriously concerned that the people who are advising them now and have been doing so since the sh1t hit the fan in the summer of 2008 - with every wrong and disastrous step the govt has taken - will be the same people advising FG and Labour ministers. Is no one else worried about this?
I am.

If the Minister is weak, the words he/she spouts will be from the script written by the same CS manderins. We really need to change the way the higher CS is staffed. There should be no more internal promotions based on service. For every department, there should be competition for the upper levels, open to one and all (Joe/Jane Public and internal).

It makes me sick to see ministers reading from prepared scripts.
 

jpc

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I am.

If the Minister is weak, the words he/she spouts will be from the script written by the same CS manderins. We really need to change the way the higher CS is staffed. There should be no more internal promotions based on service. For every department, there should be competition for the upper levels, open to one and all (Joe/Jane Public and internal).

It makes me sick to see ministers reading from prepared scripts.
+1 there. Its a very valid concern.
 


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