Independent - Lenihan lash at Joe Duffy banks panic
To go with the Sunday Times article - [*RTE show rapped for bank ‘run’ * (https://www.timesonline.co.uk/tol/news/world/ireland/article4795354.ece) - discussed [*here * (https://www.thepropertypin.com/viewtopic.php?f=19&t=13604) and the Sunday Business Post article - [*Government complains to RTE over ‘alarmist’ coverage * (https://www.sbpost.ie/post/pages/p/story.aspx-qqqt=NEWS-qqqs=news-qqqid=36128-qqqx=1.asp) - discussed [*here * (https://www.thepropertypin.com/viewtopic.php?f=4&t=13602).
At least these people have money to pull. How many have debt to pull?
I think that RTE are being disingenuous here; and I am not particularly sure that it is in their interests to protect Joe Duffy anyway. If you run a shockjock radio show which is effectively what the LiveLine has become (could you see Marian Finucane starting a bank run? I don’t think so) and you step over the mark, there are repercussions.
A bank run benefits few people if any; and it’s detrimental to the health of the nation as a whole. RTE are a state broadcaster and they have a responsibility to the nation as a whole.
I think there’s a kneejerk reaction and that RTE perhaps is not so different to the population at large; they seem to see two colours, black and white. That there’s a whole spectrum of shades of grey between the two seems to escape them.
Do I believe that the banking system in Ireland is fully healthy? Well my view is nuanced. I think that a whole lot of banks will have significant write downs to come; I think they will probably make losses for a few years while the dust settles. This does not necessarily mean I think any of them will go fully bankrupt any time soon. One or two of them may get swallowed up by healthier international institutions. If they have a reasonable asset base, they should be able to trade themselves out of trouble in the way that a lot of other companies do. Unfortunately current society has people with a lot of short attention spans and they can’t handle that.
Liveline sucks as a program format. Its time is long gone; it’s just I suspect in RTE no one has any real idea what to put into that slot now because the phone in show has been there for so so long now. If they got rid of Joe Duffy however, a personality transplant might save it.
but then disclaimer: I never thought Joe Duffy was worth air time anyway.
no smoke without fire, could you imagine a show done 10 years ago starting a bank run?
RTE have an obligation to show the truth. If that causes a bank run then all they failed in doing was not showing up the bad banking practices far earlier
The problem is that while people in this country like the truth to be black and white I doubt very much whether it is so simple to be black and white right now. In which case causing a bank run is completely irresponsible.
YOu know what it seems the callers to Joe Duffy where only discussing what has been discussed here and other forums.
If we musnt’ talk about things in an open manner without adding unsubstantiated rumours then whats to point ? This is the same line totted out about supposed doom-mongers a la talking down the economy FFS.
The Joe Duffy show highlighted a scandal and its was sorted out in double quick time. Its jsut a shame so many other scandals aren’t sorted out in that kind of turnaround. If it was the case that a single phone in show had that much power Joe Duffy would be God and this place Utopia!
The Government where caught swimming naked so to speak and they look foolish. Its that simple.
and Patrick Bartholemew stole their beach towel.
I’m afraid Joe will be going no where, it’s one of the top rated shows on radio, it had 368K listeners in the last survey up 20K.
I think only morning ireland can beat that.
Someone less annoying than Joe would be nice and a scrapping of the unfunny fridays, but there is no way RTE will endanger those ratings with a different format show.
I guess the top brass forgot to tell The Late Late about Brian’s concerns, I wonder what Brians reaction was when he heard about that.
Dear Brian Lenihan,
It’s called a bubble
when it bursts people panic.
You and cowan caused it.
So don’t be blaming Joe Duffy.
**By the way in case you haven’r copped our banks have lent more against their capital than many of those who have gone bust, we are likely to have a further decimation of values on properties and land the banks lent billions on, and it was all facilitated by brown envelopes to your colleagues. Suck it up. FF are responsible. you know it. Joe Duffy got nuttin to do with it. **
But RTE so neg - shares go down and oil goes down - glee man only only covers the bad bit. RTE full of union heads and most of them are more focused on the 6% in the pay talks than on real reporting. They all have their own side agts under which they make progs and sell them to RTE - massive waste of cash
Scapegoat - RTE once more, ah yes lets all shot the messenger, its Bertie-politics-101
Move along now folks, no room for the truth in Irish Society.
Indeed they were luck Bertie didn’t call in and tell everybody to go kill themselfs.
I don’t want to sound like chicken licken, but is it just me or is the country falling apart?
Nah, it’s the world mate. The sky really is falling in. Sadly, the boy cried wolf to the good shepherd who is fast asleep under the haystack with little miss muffet.
adjusts tin foil hat to stop if falling into tin of cold beans
A lot has happened in the past week, no two ways about it.
I for one am dreading the upcoming budget.
This credit crunch has cost me thousands already and would have done serious damage had I not taken decisive action early last year.
All hatches are firmly battened down at this stage but this hurricane will still do some damage.
Joe Duffy didn’t start the run on the banks. The run started way before that Liveline show.
It is an insult to the intelligence of hundreds or thousands of people to suggest that they would withdraw their entire savings from the bank on the basis of what was said on Liveline.
Poor chap is now being blamed for the financial meltdown!
Fair play to Joe Duffy on this occasion. He was just voicing the real concerns of the people. We need more advocates for the people, llike him, in these times.
Indeed, its a bit like blaming a panic on the guy who pointed out that the building is on fire, rather than the guy who set fire to the building.
Did you read what Joe said? It was pretty strong editorialising in fairness. I’m quoting out of the print version of the Sunday Times. JD said
that sounds pretty alarmist to me. All it takes to start a run on a bank (any bank) is a lack of confidence. And no bank can survive a run no matter how healthy its finances are (its the nature of the business). And something in the region of 360,000 listen to JD ever day and from what I’m told they thend believe every single thing they hear. So for Joe to say the things he said does seem alarmist. If it was just the callers and Joe was simply *facilitating *them I’d say that it was an over-reaction. But for Joe to editorialise the way he apparently did to his listeners (who tend to believe everything he says) was too strong. That is how runs begin. And a run will benefit nobody.
Brilliant post - Exactly what I was trying to say in previous posts - media exist to inform the public but I believe they have a duty of care on how this is presented and there are better ways to let people know we have problems. Deliberately trying to cause panic by inducing knee-jerk reactions among people who have no real clue what’s going on anyway is just irresponsible.