Kitchen cabinet of Celtic Tiger hotshots failed Cowen - IT


Guys with direct links to Anglo advise Cowen to bailout Anglo.

Cowen is either corrupt or a grade-A moron.


Give the guy some credit. He could be both.

This is a perfect illustration of the Dunning-Kreuger effect in action. … ger_effect

In particular, it is not just that the Irish ‘elite’ “tend to overestimate their own level of skill”, it is more importantly that they “fail to recognize genuine skill in others”.

Even where they are aware of deficiencies, they “fail to recognize the extremity of their inadequacy”. Reading the executive summary of a PWC banking report, or not reading the full Lisbon text, that’s grossly incompetent, not just a little bit.

I believe it, in part, results from

The FF gene pool is so small that they have on average become very stupid. With the gap between “crushingly stupid” and “not stupid at all” narrowing and the weight of numbers of the “crushingly stupid” diluting the “not stupid at all” to homeopathic levels of non-existence, is it any wonder that “average stupidity” feels superior to those around them and therefore feels that it is competent.

Instead of competent, we have “a couple of spanners short of a full bag” dumbness. It is all very sad, but it does make for good diatribe. You’ll excuse me while I go and make myself another cup of it.

What were the main reasons behind the DOF being treated with contempt?


If he surrounded himself with he wrong people, that was not bad luck, but a bad decision…

I was wondering if Gray was in the kitchen cabinet, but according to the statement issued on his behalf:

Mr Gray met Mr Fitzpatrick for the first time on [the day of the golf] 28th July 2008 … =155839160

So perhaps he was not a full-time kitchen cabineteer…

It might explain why Brian Cowen was seen as an intellectual powerhouse in the party…

That whole theory that you have mentioned here , seems to tie in with views i have heard recently, where suggestions were made about how those in charge of the banks, government, dof etc were suffering from “groupthink”.

It’s a little bit more than groupthink, to be honest. It’s group incompetence. Rather bizarrely (given the bashing they’ve been given) the Department of Finance comes out reasonably well out of recent revelations. They appear to have understood and warned about the dangers of a blanket guarantee,

Unfortunately, the towering intellects on public banking (share-jobbers, horse-traders, crony-placemen, FX gamblers, Paddy the Plasterer types, and a coffee-table economist (albeit one who is excellent at spotting bad things)) were listened to rather than those with responsibility or those brought in to advise.

You might as well have gone to Roly’s and asked a few of the chaps over port what should be done… ah… :blush:

I think you’re perhaps a little too generous here. Saying that the DoF would have lowered the lifeboats on the titanic a bit more effectively is missing their role standing by as the ship to hit the iceberg in the first place.

Let’s not forget their echo chamber in the media. Eh, Irish Times?

Cowen exits Greencore as bankers keep their stakes - Nick Webb -> … 06221.html