De bank enquiry...

rte.ie/news/2014/1217/667346 … g-inquiry/

I never got an invite

rte.ie/news/2014/1218/667600 … g-inquiry/

An uncomfortable-for-some reminder of the key role social partnership played in blowing up the economy.

are there no economics degrees by evening courses across the way in Trinity that they could have sent more of the staff to?
It is 6 years since the crash so you’d almost have post grad economist in that time.
I know civil servants who wanted to improve themselves who would go on paid evening I.T. courses all paid for and accomodated to the Nth degree by their departments.

I think it’s gas the way they started the inquiry with the guy who ran the last one. I’m glad I voted against the enhanced Oireachtas inquiry powers which would have just added to the number of clowns at this circus. I wish I could vote to shut it down altogether and get my money back. The Petrobras corruption scandal broke in September and there are already dozens indicted. Here the handful of perps that were ever even questioned have already been let off, while the gubmint makes political capital out of feigning interest in “the truth”. Fuck the lot of them. I could write the final report right now: “So long suckers – keep sending the cash”.

Michael Somers letter in the IT; for a few days a lot of the Official spiel was “the DoF had no economists 'cos they were all poached by the NTMA, so they were” - seems that’s horseshit too

Excellent letter. As has been pointed out on here many times (at the time - look at the early threads), contrary advice was ignored, belittled, denigrated or buried. The happy idiots running everything were convinced of their own genius in their part in the pyramid scheme…

Michael Somers

Am I alone in being shocked at the head of the NTMA saying something like that!

No, I’m slightly shocked too. Although I hope that what he actually meant was at least a little different to what he actually said…

There is a good point, if you don’t apply common sense there is no point in employing expensive experts

Hardly. “Give me a one-handed economist! All my economists say, On the one hand on the other.” Harry S Truman.
Remember there were lots of economists (PR really) all talking their employers book during the boom, the only reason most managers bring an economist or consultant in is to tell them what they want to hear and give them leverage over other managers.
As Yoganmahew has pointed out anyone who held a contrary opinion to the consensus was shouted down so it’s not surprising they kept their heads down lest they have to defend their position. Besides how many economists actually know about business cycles? they were long and wrong on Irish property and banks and lost their clients money and those stockbroking firms are no longer in business and have lost their clients substantially amounts of money.

Besides there were a lot of others who thought we had entered a new paradigm.

The Corruption Epidemic: Why Good People Defend Bad Systems - → web.archive.org/web/20120114105 … hives/2002

Banks ordered to reveal bonus links to loans - Fiachra Ó Cionnaith → irishexaminer.com/ireland/ba … 03651.html

Honohan says that Anglo should have been wound down allowed fail.
independent.ie/business/iris … 09836.html

Barn door. Horse bolted…

There is a FF guy there called McSharry questioning who seems to be trying to discredit/undermine Honahan.
The rest appear to be doing their best to look knowledgable.

McSharry, son of MCSharry! A humble Senator who only got in because FG screwed up a vote in teh Seanad and ended up with 2 extra bods on the Enquiry Committee as a result. Not the brightest chap by all accounts

Does he mean allowed to fail and the deposit guarantee invoked? What was it at the time, 90% up to 20K, or had it gone to 100K? Did it apply to consumer deposits only?

How many businesses would have gone bust had this happened? How much would have been lost by consumer depositors?

Wow, Brian Lennihan wanted to nationalise Anglo and was over ruled.

Would that have been better or worse ?