The smart, ballsy guys are sovereign defaulting right now

independent.ie/opinion/analy … 37993.html

What do you think O’Connor understands by the word ‘immoral?’

Emm … That Ireland is not a permanent mix of the hedonism of studio 54 , early 70 's Led Zeppelin tours and the last day’s of the Roman Empire ?

Well, with O’Connor on one side and the Shinners on the other, its clear now that default is the worst possible course of action.

I don’t buy this ‘we have no responsibility for the debt at all; it’s all the bankers fault’. It’s like a heroin junkie blaming the loanshark for having to borrow the money to feed their drug habit.
When people like BOC sit in their overpriced sofa in the sitting room of their overpriced house, looking out at their overpriced patio decking replete with overpriced BBQ and gas heater, with their overpriced car out in the driveway, watching the rugby on their overpriced 3m flat screen HD TV with surround sound, do not think how the debt arose and how they are at least partly responsible for it?

I disagree. I think it is the fault of the banks. Many Irish people may have been happy to borrow more money than they could pay back. But they’re mostly ill-informed eejits who believe “if the bank thinks I can pay it back then I must be able to. And Joe down the road borrowed nearly as much. So if he can pay it back then I can too”. But the banks should have been smart enough to know that they couldn’t pay it back. So BOC and people like BOC may bear some responsibility but the banks definitely bear more responsibility.

I’ll tell you who definitely doesn’t bear responsibility though: The Taxpayer. And when a private debt was made a public debt and we were made responsible for that debt without our consent that definitely wasn’t right. So BOC is correct (for once in a way).

Incompetent governance in FF, Financial regulator, the Central bank, the ECB.
There is no other way to see it than a financial cabal are behind it, and allowed to profit.
All enabled by FF, with still at least 15% of the vote. With people still voting for them, what’s the point of debating this any longer? Cops and judiciary are doing nothing, another bunch of enablers.

Looking at how real countries handle it:
bloomberg.com/news/2011-02-1 … d=msnmoney

Lets not forget these banks are private businesses, i dont remember getting a check in the post for dividends when they were making a profit, and now i dont see why i should take a cut in income now that their making a loss

Watched the start of the BOC show. His Conan style jokes were pathetic. Willy Casey, the Limerick boxer was the first guest. When O’Connor says he might go into the ring himself to make a few quid, Casey said he’d be better off behind his cushy desk, but would want to lay off the crap jokes at the start. The audience were in stitches. I know they all agreed to give up their Saturday night to put up with O’Connor but it was great to see them round on him all the same.

Agree ++

How do you make BOC cry?

Ignore him.

Casey actually said “lame jokes” which I think hurts even more :slight_smile:

I thought the interwiew with McGuire was facinating in terms of the man’s body language and frame of mind.

He looked like a stress grenade with the pin pulled. He is also determined to hold onto every bit of property he can in a falling market. You’d have to give him some marks for working hard to meet his obligations. Shame He’s pouring it all down a rathole.

Ballsy never pulled him on all the bad advice he gave via his TV show. He did ask him while he didn’t sell while he was still ahead in 2007. Mcguire said he thought that the crash was “temporary” at the time. Overall the impression was of a man on the edge who still dosen’t get it.

well worth a look on the RTE website.

I watched it last night… -absolutely compelling viewing. I couldn’t help but think that Ballsy and McGuire probably reinforced each others delusions during the bubble. I was expecting them to hug and just hold each other tight.

In a contract, there needs to be due consideration on both sides. Now look at small fry and behemoth alike. The lender is at fault for not giving due consideration to the debtors ability to pay. It’s like Tony Sopprano getting some poor schmuck on the hook and gutting him. There are anti racketeering laws, I can’t see why these aren’t being applied to the Banks (Local and Foreign). Default is totally moral!

indeed

Varadkar made a curious comment on VB last night…

While giving Varadkar grief about the banks, Browne read out this part of the Programme for Government, relating to the deferral of the banks’ recapitalisation:

“we will defer further recapitalisation of the banks until the solvency stress tests are complete and known to the new Government”.

Browne then set about Varadkar, haranguing him over making false promises. He pointed out that the 10 billion recap that Lenihan postponed was a contractual requirement under the IMF/EU deal and was therefore unavoidable, to which Leo agreed. Browne quickly moved his focus to the next tranche of bank recapitalisation -that which will be identified by the stress tests - and said that this too would be loaned by the ECB, to which Leo again agreed. And Browne said that this ECB money would also be paid by Ireland. Varadkar, without hesitation and with a characteristic smugness, said “that remains to be seen”. Unfortunately Gemma Hussey, who was sitting beside Varadkar chose this moment to swing her seat about, arms akimbo, and interrupt with some inane bullshit.