# Eddie Hobbs on the late late show



## tloan (13 Dec 2008)

A bit pessimistic wasn`t it?


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## Guest106 (13 Dec 2008)

Why shoot the messenger ?


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## PaddyBloggit (13 Dec 2008)

bang ..... Eddie Hobbs is starting to annoy me ..... and I'm from Cork!


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## allthedoyles (13 Dec 2008)

I reckon he is a Fine-Gaeler


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## extopia (13 Dec 2008)

I liked the way he claimed to have "in a sense" seen it coming. And yet he was promoting overseas property up to the last minute!


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## z109 (13 Dec 2008)

tloan said:


> A bit pessimistic wasn`t it?


What, talking about a recovery in the world economy some time next year? The man's a hopeless optimist. The global economy will be lucky to see any recovery before 2010. It might filter through into Ireland by 2011.


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## webtax (13 Dec 2008)

extopia said:


> I liked the way he claimed to have "in a sense" seen it coming. And yet he was promoting overseas property up to the last minute!



Maybe he had a "sense" but decided he wouldn't warn anyone else about it despite being on the airwaves on an almost weekly basis for the past few years!

Hard to find fault with what he said about the problems we face and the incompetency of the government though. It's like the government & the banks have the same PR advisors - deny the scale of the problems to the end so you don't have to put in place the really tough measures to tackle them.

I imagine in years to come Ireland will be held up as the prime example of how not to manage a property boom & bust.


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## Slim (13 Dec 2008)

I particularly liked his suggestion-NOT-to tax the security of public sector employment as benefit-in-kind and yet he is against cutting public sector pay!!


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## Tom123 (13 Dec 2008)

If I recall he's been publicly pushing gold for at least three years, called an Irish property bust some years ago and in his book he'd a chapter on the dangers of a credit bubble burst in the US complete with a guide on what to do. It was written in 2005. He's also been banging on about public sector pay for several years. 

Whether one likes him or not is beside the point. He's been consistent. The real question is if one agrees with the assessment of a potential US and global upturn as early as second half 09, that Cowen et al have "lost the dressing room" and that hope must replace despair if consumers are to restart spending with confidence.


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## Guest106 (13 Dec 2008)

Just how does anyone deliver a cautionary message about impending danger to those who are heavily engrossed in an opposing agenda ?
Those who tried to ring the warning bell pre the current crisis were castigated as doom laden, dull, dreary, and even fuelling negativity when they pointed out the madness of our economic situation.
We just don't want to know.


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## rabbit (13 Dec 2008)

webtax said:


> I imagine in years to come Ireland will be held up as the prime example of how not to manage a property boom & bust.


 
Ireland is already held up as the prime example of how not to manage a property boom.  At least Eddie was correct in recognising the necessity of  reducing the take home pay in the public service.


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## allthedoyles (13 Dec 2008)

I would like to know ..........is Eddie Hobbs correct ?

SHOULD WE INVEST IN GOLD CERTIFICATES ?


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## Complainer (13 Dec 2008)

Tom123; said:
			
		

> 764468 He's been consistent.


I'm not quite sure I see the consistency in advising people to hold off on buying property now, just 18 short months after his heavy selling job for his own 'Brendan Investments'.



Slim said:


> I particularly liked his suggestion-NOT-to tax the security of public sector employment as benefit-in-kind and yet he is against cutting public sector pay!!


It would be nice if he got his facts straight first. I'm a public servant and I have no guarantee of security. I was speaking last week to a lady from the Combat Poverty Agency who is losing her job shortly, as a result of that agency being absorbed (silenced) back into DSFA. So where is this so-called 'security of tenure' that he is basing his proposal own. Perhaps instead of whinging about the cost of public sector DB pensions, he would look at the cost of tax relief given on all pension contributions, which in fact costs more than the entire public sector pension bill.

But I guess it's easy to go for the obvious targets, eh Eddie?


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## allthedoyles (13 Dec 2008)

I agree with - complainer - ...... Govt should look at tax on pension contributions


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## cerberos (14 Dec 2008)

I'm going into town with a small bucket and a pair of pliers. I gonna collect gold teeth from anyone who accosts me and I hope to have a sucessful  run.


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## BoscoTalking (15 Dec 2008)

he did his best to make sense considering the panel of "experts" he was on with. Nell McCafeterty was totally at sea - did anyone tell her why she was coming on? and Joe was just annoying as always.


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## richard2656 (15 Dec 2008)

allthedoyles said:


> I agree with - complainer - ...... Govt should look at tax on pension contributions


 
tax pension contributions? yes that's a great idea. we'll throw away the pension reserve fund as well will we? sure the pensions deficit won't happen at all - what with us all being starved of credit.


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## Tom123 (15 Dec 2008)

Most public sector jobs, not agency jobs are paid a large amount above the private sector AND have security. To levy BIK in these extreme economic circumstances is worth exploring at the very least otherwise it is inevitable that health and education will get hollowed early next year. That means higher mortality from our sick and poorer education for our children.The property company was investing in Germany not in Ireland, a very big difference. If it has stayed in cash over the past year its investors should do well.


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## Bop (15 Dec 2008)

If the public sector is such a great and privelaged job, why didnt Eddie and co. sign up years ago...??? Is it because he was to busy making loads of money flogging overseas property. Now the call is for the public sector to foot the bill..
 Public sector employment was not sought after for the last number of years because most people realised that there was more money to be made in the private sector and I take my hat off to people who made a conscious decision to chose this route, but we're all big boys now and suddenly the jobs that people, not so long ago didnt want, are sought after again.  
I have no problem in putting my shoulder to the wheel and realise that cuts and sacrifices have to be made in these times but I find it hard to listen to Eddie and co., who made fortunes during the boom.. asking the public sector to foot the bill of the bust...


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## DeeFox (16 Dec 2008)

Bop said:


> Public sector employment was not sought after for the last number of years because most people realised that there was more money to be made in the private sector and I take my hat off to people who made a conscious decision to chose this route, but we're all big boys now and suddenly the jobs that people, not so long ago didnt want, are sought after again.


 
It is not the case that people were turning up their noses at the public service jobs during the Celtic Tiger years - I've heard people put this point forward a number of times on Matt Coopers show and Matt always says the public service took on an additional 70,000 people between the year 2000 and 2007.


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## Nipper (16 Dec 2008)

All this talk about taxing pension contributions etc. (do you not realise the Budget already put a cap on pension tax relief and also its good public policy to encourage people to provide for themselves)? is missing the point.
Our government squandered the wealth created by the boom and now cannot afford to look after its citizens basic needs for heatth, education etc.  Most other countries (Uk, USA, Chine, etc., etc.) are putting money back into their economies to stimulate some level of growth. Ours is taking more money out, which will further depress our economy, probably into a full blown depression. Make no mistake we are going to face extremely difficult times, with no options, due to the scandalous waste of our public resourses during the boom. The politians who got us into this must be called to account and never serve office again


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## demoivre (16 Dec 2008)

pennypitstop said:


> he did his best to make sense considering the panel of "experts" he was on with. Nell McCafeterty was totally at sea - did anyone tell her why she was coming on? and Joe was just annoying as always.



Couldn't agree more. The most disappointing thing about that particular discussion was that Kenny allowed that attention seeking, loud mouthed, clueless buffoon Nell Mcafferty to dominate proceedings. Then again empty vessels make most noise I suppose.


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## z109 (16 Dec 2008)

demoivre said:


> Couldn't agree more. The most disappointing thing about that particular discussion was that Kenny allowed that attention seeking, loud mouthed, clueless buffoon Nell Mcafferty to dominate proceedings. Then again empty vessels make most noise I suppose.


Well, he did rather distract proceedings by showing the picture of her in the nip half way through the discussion. Once again, RTE obfusticate debate either by incompetence or design.


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## MrMan (16 Dec 2008)

yoganmahew said:


> Well, he did rather distract proceedings by showing the picture of her in the nip half way through the discussion. Once again, RTE obfusticate debate either by incompetence or design.



Well it is light entertainment so that was what was on display.


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## Bob_tg (16 Dec 2008)

liamo99 said:


> I didnt' see the show. Did he say to take possession of the physical gold ?


 
You can look at the clip on the RTE website


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## wheeler (16 Dec 2008)

pennypitstop said:


> he did his best to make sense considering the panel of "experts" he was on with. Nell McCafeterty was totally at sea - did anyone tell her why she was coming on? and Joe was just annoying as always.


 
They were on to discuss the year that's gone. Eddie's forte was obviously finance. Although I admit- I'm not sure she contributed to a synopsis of the year gone by.


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## shybabecork (17 Dec 2008)

Dont ever listen to E.Hobbs. Flogging overseas property was bad enough. Its not long ago he declared that the abolition of below cost selling would lead to price competition in the grocery trade and thus prices would fall sharply...........I could have told anyone that this was crap as the grocery business is one MAJOR cartel.


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## askalot (18 Dec 2008)

yoganmahew said:


> Once again, RTE obfusticate debate either by incompetence or design.



Believe me; it's by incompetence!


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## Humdinger (18 Dec 2008)

yoganmahew said:


> Well, he did rather distract proceedings by showing the picture of her in the nip half way through the discussion. Once again, RTE obfusticate debate either by incompetence or design.


 
Maybe so on The Late Late .... in fairness to RTE, they do a stellar job with Prime Time and Q&A where there is shortage of thoughtful reporting/debate.

Whenever Nell appears I switch channels ... I can't hack it.


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## BoscoTalking (18 Dec 2008)

Humdinger said:


> Maybe so on The Late Late .... i*n fairness to RTE, they do a stellar job with Prime Time *and Q&A where there is shortage of thoughtful reporting/debate.
> 
> Whenever Nell appears I switch channels ... I can't hack it.


kidding right?


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## rabbit (19 Dec 2008)

demoivre said:


> The most disappointing thing about that particular discussion was that Kenny allowed that attention seeking, loud mouthed, clueless buffoon Nell Mcafferty to dominate proceedings. Then again empty vessels make most noise I suppose.


 
you took the words out of my mouth, well said


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## K-Man (22 Dec 2008)

Humdinger said:


> Whenever Nell appears I switch channels ... I can't hack it.


 
Ditto - Nell is intolerable.


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## PaddyW (23 Dec 2008)

+1


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## GeneralZod (23 Dec 2008)

Me too.


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## cbreeze (25 Dec 2008)

Thanks to the contributor who posted the link (I'd rather drink paint than watch the late late show). I don't understand why Nell McC was put on the late late perched between joe duffy and the wiliest man in ireland - just who is advising pat kenny?


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## Duke of Marmalade (12 Jan 2009)

Saw him today on some RTE fluff. He's sticking to his guns that all this credit crunch/financial crisis mullarkey is small beer, a "mere tremor - over by second half 2009". The real "earthquake" is that we are running out of oil. 

Personally, I prefer to keep focus on the next couple of years and with oil at 45$ a barrel this is the one bright spot we have. In any case, if we are facing an oil earthquake Eddie's proposed solution (cue pictures of windmills) is that we will be saved by Airtricity. Seriously, wind power etc. can never, never hope to be the major contributor to our energy requirements. Anyway, at last we know his political allegiances, he's as Green as the Rathmines dome.


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## simplyjoe (19 Jan 2009)

Quite simple really

Public sector employees are overpaid vrs other countries and vrs private sector.
Public Sector Pay and Pension Benefits are too high.
Public Sector productivity and accountability is poor.
Politicians and semi state body managers and related consultants and quangos are overpaid, ineffecient and oftentimes unnecessary.
Unions are behaving equally as immoral as our politicians have in the past in their current stance on pay rates - public and private sector.
Minimum wage is too high.
Double time on sunday is wrong (in certain industries).
CIF pension scheme contributions are wrong and too high.
Many JLC pay scales are set far too high i.e. electricians, builders labourers, other trades.
Tax needs to be increased.

All of the above makes us uncompetitive and broke.


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## SS expert (19 Jan 2009)

simplyjoe said:


> Quite simple really
> 
> Public Sector productivity and accountability is poor.
> Minimum wage is too high.
> Tax needs to be increased.


I agree with most of your points particularly:
Minimum wage is too high.

 Public Sector productivity and accountability is poor.
How do you know/Prove this?

Tax needs to be increased.
Does this go against most economist opinions?


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## kippy (20 Jan 2009)

Nipper said:


> All this talk about taxing pension contributions etc. (do you not realise the Budget already put a cap on pension tax relief and also its good public policy to encourage people to provide for themselves)? is missing the point.
> Our government squandered the wealth created by the boom and now cannot afford to look after its citizens basic needs for heatth, education etc.  Most other countries (Uk, USA, Chine, etc., etc.) are putting money back into their economies to stimulate some level of growth. Ours is taking more money out, which will further depress our economy, probably into a full blown depression. Make no mistake we are going to face extremely difficult times, with no options, due to the scandalous waste of our public resourses during the boom. The politians who got us into this must be called to account and never serve office again


I dont think the poster or EH was advocating taxing pension contributions, just advocating dropping the tax breaks for putting money into a pension scheme-which makes some sense in my book particularly if the pensions are of the DB kind.....

I have to say I didnt see EH on The Late Late, but he has been talking about what we are currently going through for the past few years and has been largely correct in his assumptions.
Brendan investments was a vehicle for foreign property investments, I doubt it is doing too well but I had heard that they were finding it difficult to get it off the ground so it may not have taken off at all......they guy has to make some money somewhere, I dont think adding his name to this investment vehicle was doing anything untoward.


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## riddles (21 Jan 2009)

I think we are all very wise with the benifit of hidsight;

http://www.ft.com/cms/s/0/14c87220-6918-11db-b4c2-0000779e2340.html?nclick_check=1

then
[broken link removed]

then
http://www.ft.com/cms/s/33340664-e3...yText=brian+cowen&aje=true&dse=&dsz=&x=13&y=7


I think its safe to say that even the most prestigious of publications have commentators that don't know their collective arzes from their elbows! 

There


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## riddles (21 Jan 2009)

I think we are all very wise with the benifit of hidsight;

http://www.ft.com/cms/s/0/14c87220-6918-11db-b4c2-0000779e2340.html?nclick_check=1

then
[broken link removed]

then
http://www.ft.com/cms/s/33340664-e3...yText=brian+cowen&aje=true&dse=&dsz=&x=13&y=7


I think its safe to say that even the most prestigious of publications have commentators that don't know their collective arzes from their elbows! 

There is such a scramble for the high moral ground now our biggest danger is an avalanche!


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## simplyjoe (22 Jan 2009)

I feel that in the last few years I and many of my accountant colleagues spent many unpaid hours trying to convince people to not expose themselves too much to debt. Likewise many of the bank managers I dealt with were prudent in their lending policies and gave many of my clients great cautionary advice. We were sometimes treated as party poopers and typical boring accountants. However all I know is that I sleep very well at night. No guilt.
The mistakes were made in the USA (apache loans), Ireland-large borrowers, bank CEOs, asleep regulators, greed.


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