AIB chief calls for end to talking down the economy

from the Independent

AIB chief calls for end to talking down the economy

For the record, here’s a list of naysayers from outside Ireland:

- Standard and Poors
- Moodys
- Merrill Lynch
- Lex in the FT
- Commerzbank
- Economist magazine

I’m sure I’ve missed plenty more. And I’m also sure all these institutions didn’t form their opinions by listening to George Lee or David McWilliams, or even by reading the pin.

Yea! Why could they not wait until his period as CE ended and he could have ridden off into the sunset after exercising those big fat options? He would not need to worry about what’s left behind, like his former CEs.

On the other hand, he could regard the present situation as a real challenge to try and arrange a soft a landing as possible after the mess that is left behind by former CEs has hit the fan! Bankers in the 21st Century never listened to calls for restraint in pouring money into the property market. Now, they have to deal with the resulting problem

Off course! it will be said that no one could have foreseeing the present turmoil in the markets. PropertyPin readers know that this is a load of nonsense.

The Governor of the CB said that Property Prices could fall “quite dramatically” in Dec 2000. We are now in 2007, and it is the same balloon that is there only blown larger because of Bankers and Government Blindness with making easy money.

**“What goes up, must come down” **you learn it in kindergarden!

You can add to that list almost every economist/banker/broker that appears on CNBC Europe. I have yet to hear anyone from outside this country, who works in the financial markets and conducts their own research (rather than just accept press releases, which many do) express a veiw that is not very bearish regarding the outlook for the Irish economy in the medium term. Most of the concern these individuals express centres around the impact of what they see as a likley property slow down.

Still, what would they know, they’re not from around here … this is a local economy for local people … and sure, haven’t they noticed, even if other countries experienced similar market run ups in the past, it’s different this time, this is Ireland we’re in a new paradigm!! :wink:

Besides, Mr Sheey is looking at a share price for AIB that has lost rougly 30% of it’s value over the last 6 months. I’m sure that will impact on his bonus. No wonder the usually “low-profile Mr Sheehy” is making public statements.

The markets are speaking Mr Sheehy, and it’s their opinion on the positoning of your organisation that’s negative, so you’d better listen …

Blue Horseshoe