Massive damage caused to country by [insert latest nominee] - claims Lenihan

He3

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Huge damage has been done to the country by people talking about whether the country can escape defaulting on the massive loans the government has signed us up to repay, according to the Minister for Finance.

The targets of that claim would include most of the eminent international and national economists who have analysed the numbers. Barry Eichengreen, Nouriel Roubini, Willem Buiter, Paul Krugman, Kevin O'Rourke, Constantin Gurdgiev. They should all shut up apparently, and we would all be better off.

Previously, the government has identified the banks and regulatory authority as having caused 'huge damage' to the country.

One group has escaped censure by government in all this time.

Look in the mirror lads.

Minister for Finance Brian Lenihan has called for an end to discussions about Ireland defaulting on its debt, saying the debate has done "huge damage" to the country.

Speaking on The Pat Kenny Show on RTÉ radio this morning, where he defended yesterday's Budget, Mr Lenihan said the idea that a bank default would assist Ireland was "entirely wrong".

"People should not be surprised that there's a huge erosion of trust in the Irish banking system when we've an endless debate on whether we should be defaulting on the payment of our obligations," he said.

"A small country like Ireland cannot default without the support of a central bank because you have to have the bank loaded with cash while you're engaged in such a default and it's not feasible for us to do this."

"We really need to face up to this because we've allowed public discussion to become dominated by it and it has done huge damage to the country," he added.
But wait, what do we have here - another possible source of 'huge damage'?

Mr Lenihan said plans to force senior bondholders [sic] to renege on senior bondholders had been rejected at a European level.
End default debate, says Lenihan - The Irish Times - Wed, Dec 08, 2010

For another view:

... I’m also a believer in the larger European project. But given this abject failure of European and German leadership, I am going to have to rethink my position.

The Irish “program” solves exactly nothing – it simply kicks the can down the road. A public debt that will now top out at around 130 per cent of GDP has not been reduced by a single cent. The interest payments that the Irish sovereign will have to make have not been reduced by a single cent, given the rate of 5.8% on the international loan. After a couple of years, not just interest but also principal is supposed to begin to be repaid. Ireland will be transferring nearly 10 per cent of its national income as reparations to the bondholders, year after painful year.

This is not politically sustainable, as anyone who remembers Germany’s own experience with World War I reparations should know. A populist backlash is inevitable.


http://www.irisheconomy.ie/index.php...out/#more-8831

http://www.politics.ie/economy/144704-no-opportunity-missed-make-things-worse-eichengreen-bailout.html
 
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Disillusioned democrat

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Basically Lenihan want's us to simply forget it happened and get on with it....all that raking up the past and coming up with 10 reasons why he's the absolute worst MfF ever must be getting boring for the poor guy.
 

He3

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Basically Lenihan want's us to simply forget it happened and get on with it....all that raking up the past and coming up with 10 reasons why he's the absolute worst MfF ever must be getting boring for the poor guy.
Never explain, never apologise, blame someone else.

It has taken him a long way.
 

SideysGhost

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Hmmmm.....now you all know I'm far from a fan of St Lendahand, but....

You look back over a few decades of crooked politicians pursuing an anti-Irish agenda without serious opposition, especially political opposition. But.

Then you look at the media that covered up their crimes and refused to tackle them on their lunatic policies and gleefully urged the populace to row behind these geniuses or else go kill themselves....and the useless Gardaí who were also complicit in turning a blind eye, keeping "de little peeple" bet down, and point-blank refusing to tackle the crimes of their masters...

And then you look at the "don't rock the boat, keep the head down and say nuttin, if you play the game you might get a cut, respect your betters" peasant gombeen culture which a large chunk of the populace espouse, and which the rest of us have failed to tackle with anywhere near enough force...

So there's systemic failure, all the way down the line...
 

He3

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Kevin O'Rourke and others respond on irisheconomy.ie

Various commentators, both domestic and foreign, have been arguing that Ireland’s adjustment process is difficult enough as it is, without needlessly saddling ordinary citizens with other peoples’ debts.

He quotes Brian Lenihan's advice to shut up and passes it on, with a twist:

I hope the FT and the rest of them are listening. You may think you are speaking up on behalf of Irish (and EU) taxpayer interests, but you’re actually doing great damage. (Exactly why deposits started to leave the Irish banking system months before this debate began is unclear to me, especially since no-one has suggested burning the depositors, but that is another issue.)

Careful now.


Down with this sort of thing.
 
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foreignfield80

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Christ, Noonan's comparison to the Bourbons is gaining more traction in my head now, what's this "our obligations" bull, I'm sick of private bank debts being described as the obligations of the taxpayer.
 

Mitsui2

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And then you look at the "don't rock the boat, keep the head down and say nuttin, if you play the game you might get a cut, respect your betters" peasant gombeen culture which a large chunk of the populace espouse, and which the rest of us have failed to tackle with anywhere near enough force...
All very true, Sidey, but it seems to me that what Lenihan is really suggesting is a continuation of the "don't rock the boat, keep the head down and say nuttin, if you play the game you might get a cut, respect your betters" peasant gombeen culture ... but in a tie, of course, and in a soothing acent.
 

im axeled

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he is just helping the ft prove their point that he is the dunce of the eu.
 

the real athair_siochain

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Hmmmm.....now you all know I'm far from a fan of St Lendahand, but....

You look back over a few decades of crooked politicians pursuing an anti-Irish agenda without serious opposition, especially political opposition. But.

Then you look at the media that covered up their crimes and refused to tackle them on their lunatic policies and gleefully urged the populace to row behind these geniuses or else go kill themselves....and the useless Gardaí who were also complicit in turning a blind eye, keeping "de little peeple" bet down, and point-blank refusing to tackle the crimes of their masters...

And then you look at the "don't rock the boat, keep the head down and say nuttin, if you play the game you might get a cut, respect your betters" peasant gombeen culture which a large chunk of the populace espouse, and which the rest of us have failed to tackle with anywhere near enough force...

So there's systemic failure, all the way down the line...
Who owns the media, who controlled the damage to our financial system, do a Google "who owns the media" then you will understand and know who the real culprit is,
 

captainwillard

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Who owns the media, who controlled the damage to our financial system, do a Google "who owns the media" then you will understand and know who the real culprit is,
Seems to me that there are culprits in every town in Ireland. They bought land at inflated prices, sold property at inflated prices and bought property at inflated prices. They spent and did not save and thought the good times would never end.
 

He3

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Today Lenihan's Leading Ligger is Social Partnership.

What will it be tomorrow?
 

Soldier of Density

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Today Lenihan's Leading Ligger is Social Partnership.

What will it be tomorrow?
Personally I hope it's 'Crystal Swing'....


(wouldn't surprise me.....he's probably just googling ' unpopular in Ireland' and after himself, Cowen and SP it seems next on the list)
 

nonpartyboy

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Reality Tv surely.....
 

lying eyes

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The Cabinet they were at the wheel, all of them should be charged with criminal neglect.
 

Dasayev

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Anyone remember the British comedy film Whoops Apocalypse? Peter Cook played an insane Prime Minister who said stuff like this;

Many say that unemployment is the result of government mismanaging and underspending. Nothing can be further from the truth. We all know the real cause of unemployment, don't we gentlemen? Unemployment, in this country, is caused by pixies.
Remind you of anyone?
 

He3

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Pixies!! Of course. Who'll tell the Minister?
 

Dasayev

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future Prime Time?

Miriam
With respect Minister, isn't it true that your government has ruined the economy and put hundreds of thousands of people out of work?
Lenihan
I don't accept that...

Unemployment in this country is caused by pixies. I don't mean the nice, ordinary ones who sit on toadstools playing a whistle. I'm talking about the nasty, evil, malevolent pixies, the tiny green ones with the black pointy beards who go around our factories - and we've all seen them - who go around our factories casting their wicked spells and bringing about mass redundancies on a scale not witnessed since the Great Depression.
 

hammer

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The whole crisis is down to one individual according to BIFFO.

Mr Patrick Neary - how was he punished :)

Special payment €630,000 on retirement :)
 

He3

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Liars, poker and vanity.

The latest nomination in for the Brian Lenihan Massive Damage Award is none other than Brian Lenihan himself, nominated by the best selling author of Liar's Poker and Contributing Editor to Vanity Fair - Michael Lewis.

Liars, poker and vanity - Michael Lewis knew all about the essentials when picking his nominee. No wonder he was immune when Brian Lenihan turned the Ministerial Spoofomatic in his direction.

Link here

FT Alphaville » When Irish eyes are crying
 

He3

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future Prime Time?
Miriam

With respect Minister, isn't it true that your government has ruined the economy and put hundreds of thousands of people out of work?
Lenihan

I don't accept that...

Unemployment in this country is caused by pixies. I don't mean the nice, ordinary ones who sit on toadstools playing a whistle. I'm talking about the nasty, evil, malevolent pixies, the tiny green ones with the black pointy beards who go around our factories - and we've all seen them - who go around our factories casting their wicked spells and bringing about mass redundancies on a scale not witnessed since the Great Depression.

Maybe this week?
 


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