The present government mainly the senior party to it is mainly responsible for the fiasco that befalls our county. It all begun with our entry into the Euro that is going from relatively higher interest rates and relatively scarce finances to a plenty with extremely low interest rates. The Government failed to see what the consequences of this and more importantly failed to put in place a monetary policy to deal with it. It is the government duty to foresee this and to deal with it. If I remember the former, Taoiseach Bertie Ahern told such people that reminded him of the catastrophe that was around the corner to go slit their throats. The consequences were a property bubble which led to the banking collapse, an over dependence on property depend taxes and a consequence an unsustainable growth in public expenditure. Along with this Ireland became an uncompetitive place our prices frightens visitors and is frightening away the ever dependant multi nationals that we depend on for industrial sustainability. This “bubble “ syndrome is not new it has many parallels through history and the Irish one can be directly related to them in it has all the phases in the unreality of intrinsic values, a type of “mania” and gathering pace towards the end with a sudden doom. Such unrealism crept into this in that property namely building land was sold at its peak at what is now 5 to 10% of its sale value. This was not just an urban thing but it affected every village and small town in Ireland. Agricultural lands that was sold for €2 million now has a value in the region of €100,000 others ½ million now worth a few thousands and more than likely will be never build upon. In the larger urban areas, property was trading at hundreds of millions, which is now worth a fraction of this. Why the government was unable to see this happening, the question may be asked and the primary reason is FF closeness to the construction industry. Local authorities likewise had a linkage attached to planning permission in the payment of a large capital sum. This not only effected good planning decisions but also created an unsustainable filling of local government coffers. The country is littered with monstrosities as a consequence. In Cork, one has to look at the concrete jungle at Denny’s Cross and Victoria Cross. We may also look at where the original finances originated in these “bond holders” and make them share in the irresponsibility that took place. The last 6 to 7 yrs we have lived in a large “ponzi scheme” our wealth was spending directly these foreign borrowings. It’s now pay back time, the party is over, it’s now back to reality and unchartered territory for Ireland in it has lost its banking sector.
or to put it another way: Miriam Lord in the IT http://www.irishtimes.com/newspaper/ireland/2010/1120/1224283770140.html 'According to our source in Montrose: "The item was going along like normal when all of a sudden Pat Rabbitte literally took off. It was an electrifying moment. Panellists Karl Deeter and Jim Power were over the other side of the studio waiting to start their segment with Miriam O'Callaghan - they just sat there, transfixed." Labour Pat had been listening to the ever-so-reasonable Carey quietly going about his task of applying gloss to his Government's humiliating slide into the open alms of the IMF. Clearly losing patience, he took a gulp of water and slammed his glass down on the desk. But FF Pat flannelled softly on, gently putting out how his Government was in discussions with the Bailout Boys for "the safeguard of the Irish citizen and the Irish taxpayer". Better late than never, some may have thought, but not Rabbitte. Pat Carey is a great man to put out in sticky situations (like when the IMF arrives in town to say the game is up). Nobody does humble like Pat. He soothingly spins out lines like they were sweeties. He is the antithesis of bruisers like Dermot Ahern or Noel Dempsey. Attacking mild-mannered Pat Carey is like kicking a puppy - that soft face and those sad brown eyes looking up at you - sure how could anyone be mad with FF Pat? - even if, for all his undoubted decency and fair-mindedness, he continues to be one of the most doughty and unswerving defenders of/apologists for the Government and his party. On such a dark day for the country, Rabbitte became sick and tired of his political opponent's reasonable routine. He let fly at the startled Minister. "You ought to be ashamed of yourself," he roared, berating Carey for "comin' on here with your aul' palaver". FF Pat bowed his head, more in sorrow than in anger. That's what he does. But Labour Pat continued the tirade, despite attempts by presenter Richard Crowley to calm the situation.
Those banks are still the big problem it seems which is triggered the IMF arrival. Heard from a friend working in one of the government depts in Dublin that the IMF trip was arranged a week before they arrived which highlights the spin/lies that the various FF minister were spouting last weekend. There's an article about the banks in today's Sunday Mail - Banks in Ireland 'on brink of collapse' As well there's a rumour doing the rounds on some forums that there's a big announcement coming tomorrow about the banks so read into that what you will!
Brian Cowen's statement on Irish application for emergency funds will be streamed live on www.rte.ie/live starting at 8.27pm..... clashing with the X Factor results. This Government can't do anything right
Not an expert in politics and couldnt manage a credit card to save my life but speaking as someone who's clueless to money, this 70 billion bailout sounds like a kiddies barbie bandaid on a swiss army knife gash to the jugular! Immediate prospects are good but its down the road the consequences will slap us hard. I guess outbound flight sales with aerlingus are safe for the next decade anyway.
I assume Ryanairs latest madcap idea will be.... Onboard lessons in the language of the country you are emigrating to. I really dunno what to make of this farce now. I'm really angry at the mess we've been placed into by sheer idiocy and the incompetence of our Government.
I know! They'll leave a fine big mess, reap the immediate awards and tell us.. 'the country is back on the back of the tiger' when the headline should be.. 'Ireland Titanic's Europe'! Then they'll step down and leave the next government try clean up the mess. We were already in a bad state of affairs, now thats just grown exponentially with this IMF funding! Mortified to call myself Irish now in Europe.
BREAKING NEWS: Sir Bob Geldof has just confirmed that a fundraising concert for Ireland will be held in Ethiopia at Christmas !!! #ThereIsHope
My friend text me ranting and raving and I said 'Yeah I can't stand Cher Lloyd either'. He text me back to tell me he was on about the IMF. Oh dear
My mate has a great concept to sort all of this out: We borrow the money from them, and then in 5 years time when they come asking for iback we pull a Feidel Castro in the Simpsons, "give what back?"
Nah - the government is going to fund the payback by selling all of those who apply to go to college into indentured servitude for 4 years. The scheme will be 'sold' to the public as free on the job training - while no actual wages will be paid (they go to the payback fund) free food and board will be provided and a lovely ankle tag must-have accessory.
Well it looks like the time is up for Brian Cowen and this government. The Green Party has said it wants a general election in January.
Good riddens. I'll never forgive them for those shi**y energy saving lightbulbs - can't see a thing with them. I miss my 150w bulbs
Its end game for the Government and for FF it will be a close call for their total implosion. This whole post bubble period for the government has being also one of denial. Our national credibility is the laughing stock of the world, our finances and banking system is in ruin and yet the government sails on to respond to confrontation that it’s all international pressures outside of its control. My initial welcome for our Finance Minister Brian Lenihan has long ended. I now look on him as just all presentation and of little substance. He has failed dismally to get the bull by the horns. We created the problems ourselves in our very own naivety; we are now where we are as the result of it. No doubt if the international money market behaved as it now does, our difficulty would not be as great and the IMF would be remembered in Irish history for the close call of the 80ths. The last decade reminds me of the scene from the Great Gatsby in its total unreality. For the future, I just hope that our country is not going to be ghettoised because of these mistakes. Immigration is back like that of before. I have no doubt the EU with the German, French and British concerns about Ireland are self-serving in to protect their own banking system that very same banking system that bankrolled our current difficulty. I take great exception to the Brits having a laugh at us after all it was their own main banks and subsidiaries in Ireland that was a big part of the problem. The RBS entering the Irish market fanned the flames to no extend when it appeared that the heat was going out of the overheated economy. We need wisdom and strong leadership; just don’t know where it’s going to come from.
don't forget to check if you're on the election register before THIS THURSDAY!! That's the last day to register!! http://www.checktheregister.ie/ General Election in January 2011!! FINALLY!!!
I've checked myself, my family and a whole bunch of neighbours and none of the names I've put in show as registered! That can't be right! Edit: Showing up now, must have been a glitch!
