So where will this new bank get it's money from?We don't need doom and gloom from Morgan Kelly - we need someone to start charting a course for us and implementing it.
The development principle that sustained us through the boom is the one to adopt now.
"Businesses come and businesses go".
We need more coming than going.
But what we really need is a new bank, run by intelligent people, not the croney pseudo-capitalists we were saddeld with before.
A new bank is needed to restart our indigenous economy.
A new bank is needed to generate profits by engaging in inter-bank trading.
A new bank is needed to show the world that Ireland can be trusted and can do business in financial terms.
Our two sad old banks cannot do this for us.
The current incumbents are STILL dysfunctional and still possess much of the discredited top echelons that got them into the mess we are all in.
Not other international banks will touch these banks, which si why we need a new one, a credible one, a solvent one - one that could make a profit.
As for the two zombie banks - let them struggle on, tainted by their key, culpable personnel and their so-called intelligentsia with half a brain between them.
We need a new bank.
And we all, the world over, need to start taxing banks and stock exchanges on EVERY transaction, a Tobin tax for as long as we need it to get us out of this mess.
ONQ
The sooner we cut our public wage bill the better but let's not be too hasty.
ONQ
I listened to professor Honohan on the News at One yesterday. He (as usual) came across as highly credible and his critique of Kelly's article gave an almost completely different picture.
Two professors totally at odd's with each other, one of them, the one in the driving seat, is prepared to discuss it and submit to intense questioning, whilst the other shoots off a bombshell article, laced with personal attacks on Honohan and runs for cover in the hallowed halls of UCD.
Honohan claims Kelly's assessment is deeply flawed, Kelly needs to answer these criticisms. Kelly's suggestion of an immediate balanced budget is overly simplistic and impossible. He probably know this. He has credibilty because he called it right in the past. This doesn't guarantee he's right now. He really needs to grow up. If he can't or won't defend his opinions he should keep them to himself. It's churlish and petulant to act as he does.
I don't belive Honohan, he is too closely linked to the ECB to be impartial, Morgan Kelly is de facto the voice of the Irish financial dissident and to date he has called everything correctly..you can buy into Honohan's eloquent rhetoric if you wish in the same way that people bought into lenihan's rubbish "we have turned the corner" etc...It is simple we are seeing the slow unwinding of the financial ideology of Neo-Liberalism, a model we whole heartly endorsed " we are closer to Boston than Berlin" etc.....
I don't belive Honohan, he is too closely linked to the ECB to be impartial, Morgan Kelly is de facto the voice of the Irish financial dissident and to date he has called everything correctly..you can buy into Honohan's eloquent rhetoric if you wish in the same way that people bought into lenihan's rubbish "we have turned the corner" etc...It is simple we are seeing the slow unwinding of the financial ideology of Neo-Liberalism, a model we whole heartly endorsed " we are closer to Boston than Berlin" etc.....
Why?He owes us this at the minimum..
Then let Kelly defend his position. Let him respect the public enough to go head to head with Honohan. He may be right. Let him be tested as anyone who posts on AAM may have their positons tested/questioned. In short, let him put up or shut up. If Honohan is engaging in "elequent rethoric" then let Kelly demonstrate it. At least Honohan is willing to face the public and not hurl from the ditches.
PS: I wonder does Kelly think:
1. His arguments are so obviously true, that they require no justification.
2. His reputation, integrity & wisdom alone allows him to stand above any mere criticism or deign to reply to commentary.
3. Or, some other reason exists as to why he feels he has a right to express such damning criticism yet answer no questions himself.
At the very least, Kelly should give reasons for his Grand Silence . He is deeply dis-respectful of a worried people. He adds to the worry and anxiety and runs. The IT should refuse to publish anything else from him unless he agrees to public scrutiny. He owes us this at the minimum..
Honohan claims Kelly's assessment is deeply flawed, Kelly needs to answer these criticisms. Kelly's suggestion of an immediate balanced budget is overly simplistic and impossible. He probably know this. He has credibilty because he called it right in the past. This doesn't guarantee he's right now. He really needs to grow up. If he can't or won't defend his opinions he should keep them to himself. It's churlish and petulant to act as he does.
I don't think we can dismiss Kelly's views just because he won't argue them in public. We can discuss those views here without mentioning Kelly or Honahan. The essence of the article is that we should give the ECB the two fingers and balance our budget tomorrow, but this won't happen so in 2 years we are going to be defaulting\bankrupt and screwed. He also points out that there is no political party there to take over once FG and Labour are wiped out after this happens.
It is a pessimistic view alright, but probably quite accurate. If it is accurate, then we need to go about sorting the problem out in so far as we can. I guess we'll see the governments hand as it comes closer to the budget.
I listened to professor Honohan on the News at One yesterday. He (as usual) came across as highly credible and his critique of Kelly's article gave an almost completely different picture.
Two professors totally at odd's with each other, one of them, the one in the driving seat, is prepared to discuss it and submit to intense questioning, whilst the other shoots off a bombshell article, laced with personal attacks on Honohan and runs for cover in the hallowed halls of UCD.
Honohan claims Kelly's assessment is deeply flawed, Kelly needs to answer these criticisms. Kelly's suggestion of an immediate balanced budget is overly simplistic and impossible. He probably know this. He has credibilty because he called it right in the past. This doesn't guarantee he's right now. He really needs to grow up. If he can't or won't defend his opinions he should keep them to himself. It's churlish and petulant to act as he does.