Eddie Hobbs goes all Morgan Kelly

[Magpie]

The myth of Irish pluck continues today, even amid the financial crisis. Prime Minister Enda Kenny recently graced the cover of Time magazine. But according to data from the International Monetary Fund, Ireland has displaced Japan as the world’s most indebted economy. Government, household and nonfinancial company debt add up to 524% of Irish GDP. (The Central Bank of Ireland uses a different basis for calculating the debt of nonfinancial firms; its estimate for total debt would be lower than the IMF’s.) Funding this gargantuan load at an average cost of 4.5% would swallow nearly 24% of GDP—in other words, Ireland’s entire industrial output.

So while Time magazine and others eulogize the plucky leader of the Irish people, the truth is that Enda Kenny leads a Vichy government—captive externally to creditors that still insist on loading bank debt onto the sovereign, and internally to a tribe of insiders led by union godfathers in a deal that protects the government’s own excessive pay and pensions while bankers lean over its shoulders to rewrite insolvency laws.

This isn’t just crony capitalism. It’s crony democracy.

Don’t Expect a Celtic Comeback

Now, before anyone gets started, I’m no Eddie Hobbs fan.

However the above paragraph is bang on the money and it was printed in the Wall Street Journal and there is a lot more in there too.

[FreeFallin]

He’ll be thrown in the tower for this and charged with treason!

[mr_anderson]

No prizes for guessing where Eddie is …

https://img504.imageshack.us/img504/618/bubblegraphuu0.gif

[FirstBass]

It’s a timely article. There’s still too many sunshiners around who think that this is all going to end well and that we are through the worst of it. 5 years on and things are still only getting worse.

by the time we get a banking deal, IF we get a banking deal, it will be insignificant in context of the wider debt problem

[Magpie]

He is on NewsTalk now, he sounds like a pinster

Sticking the boot into RTE, saying he can’t get anything in the article onto the adgenda RTE

Newtalk boys making a balls if this, attacking him for going to the WSJ and not doing this at home

[Daniel_Plainview]

Is he not blabbing on about inflation then? Last month he was a hyperinflationist, going on about oil being $200 a barrel by the end of next year etc etc … Anybody can show that oil futures options currently price that probability at about 1%, knock yourself out Eddie. No, do.

[lord_vader]

i think Eddie just lifted from constantins blog. still he might wake some people up…

[Open_Window]

Eddie gave a genuine link to this website as a pale to check out in one of the early editions of his financial glossy. I am not sure if it sells still.

So I’m sure he reads here too. Who knows he could be any one of you pinheads

[RigidDigits]

I am Eddie Hobbs.

[mr_anderson]

@RigidDigits

I am Eddie Hobbs.

My condolences.

[Neverbeenaworsetimet]

@RigidDigits

I am Eddie Hobbs.

Odd.
I used to think fingers was Eddie Hobbs.

Cant be bad news though if such a champion of the average Joe spells out something closer to the truth than previously.

[Puck_may_be_Famous]

I’m Eddie Hobbs and so’s my wife.

[Magpie]

@RigidDigits

I am Eddie Hobbs.

No, I’m Tiger Woods, I mean Eddie Hobbs

[watch_wait]

Who Remembers this:

Eddie Hobbs & housing investments, 2006

[pollydolly]

I’m Eddie Hobbs!

I'm Spartacus (Ext. Length)

[woger]

@Puck may be Famous

I’m Eddie Hobbs and so’s my wife.

He should adopt the name of one of his creations from his god awful SSIA show, Fintan the Flute.

[wii4miinow]

@pollydolly

I’m Eddie Hobbs!

I'm Spartacus (Ext. Length) - YouTube

That’s like the second time this week that that video has been used here on the pin and not the second only time either!!!

[FAUGH45568]

One person the average Joe listens to…

You be surprised how much damage he could do.

[What_Goes_Up]

@wii4miinow

@pollydolly

I’m Eddie Hobbs!

https://www.youtube.com/watch?v=-8h_v_our_Q

That’s like the second time this week that that video has been used here on the pin and not the second only time either!!!

I wonder who uploaded it to YouTube originally?

Why… look at some of their other vids…

Fill Yer Shoes

NAMA - My Downfall

I’M SPARTACUS!

[yoganmahew]

economic-incentives.blogspot.ie/ … dness.html

If the numbers used here were true then the Irish economy would be completely swamped by debt and would not even be treading water. There is no way that an economy with a GDP of €161.7 billion in 2012 would be able to carry a debt of €847 billion and an imputed annual interest bill of €39 billion. As will be shown below the actual figures are around €500 billion and around €16 billion and these figures are determined from data hinted at in the article but then rather inexplicably ignored.
…
There is no need for this exaggeration. A €500 billion debt burden and a €16 billion interest bill are awful enough.