Category: Government

Politicians will be forced to face brutal reality of mortgage crisis

For months before the publication of the Keane Report into the mortgage crisis we heard Minister for Finance and other politicians dodge questions by saying:

We have to wait until the Keane Report is published; then we will take immediate action.

Predictably, these promises were just the usual political lies.

Minister for Social Protection, Joan Burton, has just launched the next phase of delay and waffle.

The adoption of many of the proposed reforms will have to wait until legislative changes to the personal insolvency laws come into force next year.

In normal circumstances such dishonest behaviour by politicians can be stretched out to years, even decades.

Time, however, is almost up for such dishonesty because the mortgage crisis is coming to a head and politicians are going to be forced, whether they like it or not, to deal with brutal reality – it will not be a pretty sight.

The banks are not (really) owned by the state

We’ve heard a lot of tough talk recently from the so called Financial Regulator, Matthew Elderfield, and various ministers warning banks not to increase mortgage rates and to reduce rates in line with the ECB reductions.

Well, we can see from the two fingered response of NIB and other banks to the latest ECB rate reduction that all the government tough talk is nothing but hot air.

The Government can do nothing to force the banks to comply with their wishes, the banks can and will continue to screw their customers with complete impunity.

Many people are puzzled that while most of the banks belong to the state (the people) the government seems powerless to tell them what to do.

In reality, of course, the banks are not owned by the state.

They are in ‘pretend’ ownership until all the billions recklessly gambled, robbed and wasted by the banks is either paid immediately by current taxpayers or set aside to be paid for by generations of taxpayers to come.

As soon as the time is right, the banks will be handed back to the greedy criminals and the corrupt roundabout will continue to turn.

Minister Hogan: What's a principle?

Pat Kenny (Thursday)asked Minister for the Environment, Phil Hogan, if he got any stick from his party colleagues for his criticisms of Martin McGuinness in the recent presidential election.

No, all I was doing was ensuring that the people of Ireland when they were going to vote understood the background to all the individual candidates.

I targeted Martin McGuinness and I certainly feel that people should know what his past was and ask him to explain it.

Hogan’s response reminds me of the arrogant attitude of the Catholic Church before it lost power – we know what’s best for you ignorant peasants.

It’s this insulting arrogance that lost Hogan’s party the presidential election, the bye election and the referendum on inquiries.

The attack by Hogan and other ignorant Fine Gael politicians on McGuinness had nothing to do with what’s good for the people of Ireland.

It had everything to do with hypocrisy and snobbery – McGuinness may be good enough for the people of Northern Ireland but he’s not good enough for the Republic’s ruling elite.

If the people of Ireland had elected McGuinness we would have witnessed Hogan’s hypocrisy in all its glory.

He would have had to resign on principle or keep his job and learn to live with a ‘terrorist’ in the Áras.

Given the choice Minister Hogan would, I’m sure, have replied.

Principle, what’s a principle?

Enda's judge

I see the Taoiseach’s friend, Patrick Durcan, has been appointed a District Court judge.

Here’s what Durcan had to say last February after Enda Kenny’s election victory.

It is a great day for Ireland, as Ireland is now led by a Taoiseach who is incorruptible, honest and who has a vision for the country.

And in case any of you cynical people out there think that Enda the incorruptible had any influence on this appointment.

Mr Kenny’s spokesman dismissed any suggestion the Taoiseach would have influenced the decision.

So there – it’s all transparent and above board.

Exactly what you would expect in your typical banana republic

The €3.6 billion accounting error made by some incompetent civil servant is exactly what can be expected in your typical banana republic.

The announcement that a special session of the Public Accounts Committee (PAC) will be held tomorrow to look into the matter is exactly what is to be expected in your typical banana republic.

The Committee, which has no power whatsoever to make anybody accountable, will ask stupid, pointless questions.

The civil servants will respond with stupid, pointless answers before everybody heads off for lunch – at the taxpayer’s expense.

Exactly what you would expect in your typical banana republic.

What are these people on?

Finance Minister, Michael Noonan, has said that Ireland’s main strategy was to grow its way out of trouble – Good luck with that Mr. Noonan.

He also labours under the same delusion as Lucinda Creighton, that Ireland is different from Greece.

Greece, says Mr. Noonan, will be in trouble for many years while Ireland will be ‘back to normal’ in a year or two.

Meanwhile, IMF chief economist, Oliver Blanchard, has been tragically infected with Brian Lenihan’s ‘we’ve turned a corner disease’.

Speaking to students at Trinity College today he said Ireland was doing great and would soon be out of trouble.

I have just one question – What are these people on?

Ahern's cronies speak out

Royston Brady and Joe Tierney, two former cronies of Bertie Ahern, were on the radio today gleefully (and deservedly) stabbing the traitor in the back.

Brady: To be quite honest I couldn’t have been happier that I was out of it from 2004 because the further away the better from all that kind of toxicity.

Tierney: I’m a Fianna Fail activist all my life and from the very beginning Bertie Ahern’s attitude to politics in Dublin Central was not what Fianna Fail stood for.

Bertie Ahern stood for himself…everything he did he did with a motive, for himself; he never did anything for Fianna Fail.

Fianna Fail owes nothing to Bertie Ahern but Bertie Ahern owes everything to Fianna Fail.

Notice that there’s no mention of Ireland and its people here, just bitterness for what Fianna Fail lost.

The traitor Ahern is being interviewed by Mike Murphy tonight, should be interesting.

Lucinda Creighton's delusion

The Minister for European Affairs, Lucinda Creighton, was explaining the difference between Ireland and Greece (Six One News; 19:55).

The difference between Ireland and Greece is that Greece has to be saved by the Eurozone, Ireland does not.

We’re in a programme, it is working…the Irish economy is, believe it or not, beginning to go from strength to strength.

Ireland is not being saved by the Eurozone? – Feck, I must have blinked at the wrong moment.

As for believing that the Irish economy is going from strength to strength – I don’t.

Gallagher: Clinically incapable of telling the truth

Journalist, barrister and Fianna Fail supporter Noel Whelan talking about his good friend Sean Gallagher on the Marian Finucane Show last Sunday.

He cannot be caught unless something catastrophic happens to his campaign in the remaining four or five days.

Gallagher’s problem is simple.

He, in common with all Irish politicians, is clinically incapable of telling the truth.

Rabbitte defends the bankers

The Minister for Communications, Energy and Natural Resources, Pat Rabbitte has been doing a great job recently defending the interests of the banking sector.

The interdepartmental group that produced the Keane Report on the mortgage crisis was made up of two bankers, 16 civil servants and Keane himself was seconded from KPMG

Marian Finucane commented that it was remarkable that organisations like MABS or Legal Aid weren’t involved in the report.

Rabbitte replied in his number one condescending voice:

No it isn’t Marian, no it isn’t and I’m one of the most stringent critics of the reckless behaviour of bankers.

You cannot address this issue without having bankers present in terms of the ramifications for the banking system.

In other words – I’m not answering the question.

Someone else challenged him on the fact that bankers were still paying themselves vast amounts of money.

Again, in his Sunday best condescending voice, Rabbitte patiently tried to explain things to the great unwashed.

Let’s not get carried away now, let’s not get carried away, I mean that’s not true. The bankers pay has been cut dramatically…

Look it, we’ve been landed in this mess, we have to have to try and deal with the unfortunate people in acute distress about losing their homes.

In other words, stop talking about greedy bankers; after all I’m supposed to be a left wing, for the ordinary people politician.