"need to be careful not to talk ourselves into a recess

oh dear god. I heard this garbage twice yesterday (from the BoI CEO and the UB economist) and instantly reached for the sweet, sweet booze to ease the pain

it’s up there with ‘unique demographics’ on my all-time hatelist of idiotic doublespeak VI phrases.

sorry, not much of a first post but had to vent some frustration!

I think a dictionary of VI mumbo-jumbo (and their translations into English) would be a useful resource…

Welcome El Stuntman, I think you mumbo-jumbo dictionary is a great idea and warrents its own thread, why not kick it off.

I’m not too worried about talking oursleves into a recession as we can presumably just talk ourselves out when we get bored of it.

property economists all have the same line in bs , cue austin with this twaddle next .

Well - money is a measure of confidence and confidence ebbs and flows, so in a sense it is correct. Was it Elliot’s wave theory that described this? And of course, someone needs to be blamed if it all goes arseways.
Booze is a great way of improving confidence, BTW:-)

I love the euphemisms in the VI’s lexicon. I heard "easing back " several time this week instead of falls/falling.

I posted a small rant on this yesterday on the blog

In fairness, I think that the “danger of talking ourselves into a recession” line was I believe added by a journalist.

Are bank “economists” seriously going to blame Irish people for not continuing to pile into residential property, despite the fact that most of us can’t even feckin’ afford it? :open_mouth:

Do they seriously think that negative sentiment had a role in Pfizer, Dell or Motorola culling a load of workers here?

To paraphrase Homer Simpson, this is “groin-grabbing” stupidity.

Don’t be disappointed in the apparently blousy reaction to the ESRI report by the VI’s, just because they have abondoned the soft landing, (whatever that means) for their ‘slight adjustment’ ‘easing back’ stance. Are they just scrambling? Of course they are not & they’re not being deceitful in their manipulation of us plebs for a quick buck for their employers (In Dr. Dan’s case, retail business in Ireland pre-tax profit were up 27% at €698m).
Of course there is accountability for our celebrity Economist’s commentary. (economics is the new cookery, you know), sure stocks and shares can go up and down, but the 2 ESRI reports over the last 33 days may have been the first time the V.I.'s have learned that the same can apply to property.

Am I the only one who still believes that there can be a National Stadium in every village as predicted by Dr. Dan a couple of years back such was his enthusiasm for the Celtic Tiger & National Stadia. Was not Jim ‘Power’, (If that’s your real name) F&C/Friends First/DCU/RTE/Today FM’s friendly inoffensive gun for hire spot-on in his assessment in September 2002 when he noted the following:

A paper by Friends First economist Jim Power has claimed that the events of September 11 have profoundly changed the global economic, financial and geo-political environment.

Speaking ahead of the first anniversary of the attacks, Power said the events of September 11 had ensured that any recovery in business would be postponed indefinitely.

He also predicted further job losses in the Irish economy, especially in the IT area. ‘The market for FDI (foreign direct investment) has dried up and we continue to see an ongoing drip feed of job losses from US companies in this country,’ said Power.

He said this was due to consolidation by US firms, but warned that inadequate infrastructure, rising costs and question marks over Ireland’s future role in Europe were also undermining the country’s position as a location for FDI.

Power said there were ‘no impending signs of recovery’ in the Irish economy, adding that more cautious consumers were unlikely to give the economy a boost.

‘Consumer spending power is likely to be further eroded by the introduction of higher taxes either directly or by stealth in December,’ Power said, referring to the deterioration in the public finances.

O.K. he may have undercooked that one, (merchant of doom, anyone?) he looks like he may be overcooking it now, but who cares as there is no accountability for economists, it’s the best job in the world, spout as much crap as you like, who’s judging, apart from the CFO’s.

Apologies for getting carried away with the dismal scientists on my virgin post, I’ll post an intro later. :blush:

Good post mate, tis true Keynes is rolling in his grave with the abominations that walk the earth of Ireland and call themselves economists!!! :confused: :smiling_imp:

Good post. Wonder why he was so positive untill recently if he felt like that in 2002! Seems to have ignored fact the economy boomed after his 2002 comments due to cheap cheap credit and largely speculative construction boom

Good post. Wonder why he was so positive untill recently if he felt like that in 2002! Seems to have ignored fact the economy boomed after his 2002 comments due to cheap cheap credit and largely speculative construction boom

Jim worked for F&C an Investment Company who were taken over by Friends First’s parent Company Eureko in 2000. Although he was referred to as Friends First’s Chief Economist, F&C could have been an Investment Company for any financial institution as they were independent of Friends First. This role is effectively a marketing tool, (Why would Friends First need an Economist?) and the more visible/high profile he was the more successful this marketing tool was. All you need to be a high profile economist is an strong opinion, it doesn’t matter how ridiculous this opinion is, (e.g. Dan’s multiple National Stadia), as as we’re very forgiving/forgetful.
As F&C pulled their Irish Operation, (Jim knows all about foreign direct investment drying up), Jim was kept on as this Marketing tool by Friends First on a partime basis, not office based. His role is even more intrinsically linked to maintaining a high profile, expect a more polarised view from Jim. When you boil it down the poor mouthpieces are just underlings trying make a buck from their capitalistic masters. The bucks must be rolling in as he stated on the radio yesterday that he would pay 10 times the current toll charges to get to Galway quickly on a decent motorway.

and thats currently €2 to cross the westlink and €2.60 in kinnegad = €4.60


The oul bastard. :frowning:

Possibly a throw away remark but begs the quesiton of his genuine intellect. IF he expects people to pay that kind of money to get from Dublin to Galway then at that price he should be proposing a high speed train and that is the correct expectation, he is misleading the nations logic circuits to the nth degree. He’s a waste of air space now at this stage.

yeah, to comment on original post, was very disappointed to hear a the BOI CEO come out with the line about talk ourselves into a recession i mean are we not allowed think and talk for ourselves now, it was a bit much obviously sentiment does play a part but there is no talking or otherwise ourselves into interest rate rises, over supply, over lending by banks, people borrowed up their t*ts they are facts please brian we are a bit more sophisticated than that maybe he said it to deflect from BOI s massive profits???

Dan the man is back with a vengeance:

does Dan not see an aggregate level of private sector credit that is, at best , unwise.

does Dan not think that the Irish consumer , especially if aged between 20 and 40, has taken on a lifetimes worth of debt already ??

if Dan cannot see that and if Dan cannot arrive at a logical conclusion based on that then Dan is evidently working off a different economic model to every proper economist on the planet.

Dans model, as distinct from Dan himself …of course…is either a liar or a fool. He should get himself a new model .

Until he does acquire this new model the media should ignore him. Dans lax attitude towards the acquisition of debt should carry more health warnings than any fag packet currently does.

Debt Kills

The media should ignore him just like the government should ignore lobbyists.

They won’t, because it’s easier to be spoon-fed your information than be responsible for your own publications/policies. By simply quoting a prominent figure, the media are disclaiming all responsibility for what they print. They are effectively serving no purpose other than as a medium for vested interests.

Sadly the media is full of lazy thick and venal journalists who are only too glad to spew rentaquote from Dan/Austin/Jim/Pat instead of doing the research.

RTE , for one, has a public service remit …unlike say TV3 .

Its high time they were reminded of the wider implications of that public service remit and the consequences of allowing* pimp my debt* merchants too much unbalanced access to the publicly owned airwaves.

Every time a Dan shows up there should be a Morgan counterweighing him.

Cathal Goan is the director general and I believe that his email would be a name.surnameATrte.ie type address . No ranting peeps , just the facts !!!

The Irish media is unique in asking the likes of Ian O’Doherty & Brendan Fanning to comment on the property market & other issues that are well beyond their specialist field, (I’ll admit I’m not sure what their specialist fields are)

Why can’t Jill Kirby or David McWilliams be more conspicuous, book commitments or not, at this ‘risky juncture’.

There’s also no Whistleblowers culture in Ireland’s financial community. Employees sheepishly carry out their duties and invarible defend their Employer’s scams to effectively steal from customers. It’s like a form of Stockholm syndrome. This misplaced loyality and a lack of social justice/accountability is typical of Modern Ireland.

In Britain, Whistleblowers this week have revealed the tactics used by banks and building societies to fleece customers following interest-rate rises – a strategy that will cost savers £500m from last month’s increase alone.

Banks and building societies have “productâ€