I have to buy a new telly today…I “damaged” our telly last night while watching that muppet Neary on the programme! Now I understand why we are well and truly fucked. I want to see a serious amount of heads rolling because of this banking fiasco. I remember the ICI debacle…and as far a I know we are still paying for it.
Its time we had a revolution…and then some kangeroo courts for these guys…“you have been found guilty by the peoples courts…death by firing squad…take him away…next”
Lots of wimpering bankers,developers etc being dragged into court in chains!
What a dream…but in effect the modern Ireland will probably give them nice fat bonuses and tell them to be more careful next time!!
I just shouted till the first mate closed the cabin door so she could watch the film on the other telly in peace. If you look in the central bank thread though there is a good piece that someone posted from The Phoenix. It made me feel better this morning.
I was reduced to shouting at me telly too. There was the man charged with regulating Irish banks blithely mouthing platitudes, in a week when the Irish financial system was brought to its knees and the nation was placed in harms way by the sheer incompetence of this idiot.
I found that it is essential to have access to the 'pin on my laptop while watching these fools. It makes venting spleen more satisfying as someone actually agrees with you instead of closing the door. Mind you, Mrs. YM. (not easily interested in these things) was shocked by the fact that this was the chap in charge of regulating the financial system.
OK, for a start, the Central Bank and Financial Services Authority of Ireland has a remit they must operation within (see here)
The salient point to the performance of the Mssrs. Hurley and Neary of late is this one
In short, as a situation develops, such as property bubble beginning, while all the financial institutions are still healthy, it the incumbent on the CBFSAI to highlight the risks to all involved. Such as this from 2003;
As the situation develops, even as the perilous position of the individual institutions and whole financial system becomes clear, it then becomes incumbent on the CBFSAI to publicly say all is well, as to do otherwise would be to undermine the stability of the financial system in Ireland.
So, they are stuck between looking foolish and unpopular and being unpopular and foolish. In this, they appear to have suceeded spectacularly.
However, there is another key point in their remit that directly conflicts with all earlier items.
In that item alone, be it due to lack of powers, lack of autonomy from Government or ineptitude, IMHO, they have failed utterly.
I was thinking yesterday, all that crap that we used to listen to:
Buckaroo Bank is a * as defined by the regulator
this is a * subject to T+C blah Down as well as up etc
Half the ad used to be some crap associated with homage to the regulator. Great example of how lip service and platitudes are far worse than nothing.
if the emergency powers that these fools have assumed fail, then effectively this country will become insolvent, the republic and its constitution and all its treaties with europe with be in effect dissolved. in the brief window of time before our creditors arrive (if they haven’t written us off) there will be kangeroo courts for these fools. personally i would love to stuff €100 down their necks but i have a feeling that long queue of unemployed carpenters and brickies will take them first.
on that note, the shinners have been very quiet throughout this whole thing, any guesses as to what central command are doing right now?
the day may come when there will be people crossing the border north in droves and not for the shopping.
I was prepared to suspend judgment on the bailout until I saw this muppet deny that the banks had any real problems.
the government and the regulator are still looking to solve this crisis by helping the banks weather the storm until proprty prices magically go back up and the banks “assets” ie developer loans magically become what they say they are worth.
This regulator is worse than inept. He is delusional. at a time when the whole global banking sector is re-evaluating their asset base he is in denial.
Those Bankers believe that we are insulated here in Ireland because we are surrounded by water. We the people will have to bail them out. They will have to begin their Mergers and Aquisitions straight away. They are delusional to believe that this problem will go away if they stay silent. There is no way that the Weaker Banks like Anglo I.B. and INB ILP and all the other weak ones will survive this onslought. They must do a Ryainair and get Michael O’Leary in to Sort them Out. They even lOOK SILLY!!
Ryanair would have gone bust wee it not for the decision of the then minister of transport to give Ryanair a monopoly on the Dublin Stansted route taking away traffic rights from Aerlingus. Mind you, Aerlingus, a state owned company, were engaged in predatory pricing at the time as evidenced by the fact that they nearly went bust themselves. This has to do with the survival of Ryanair in its early days, not to do with the success it has become, so repeated references to this are a bit moot at this point.