This week they said...

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DrMoriarty

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From the ireland.com Breaking News section, about an hour ago. My emphases and italicised insertions. Are these schmucks so blinded by their own electoral hype that they honestly expect rubbishy populist soundbites like this to enhance their credibility?

Politicians criticise ECB rate hike
Ciara O'Brien
© 2007 ireland.com

Politicians have criticised the latest 0.25 per cent rate rise by the European Central Bank.

Fine Gael Finance spokesman Richard Bruton said although inflation had risen by 5.2 per cent, young families were burdened with a rate of at least 15 per cent, due to spending on mortgages, fuel, childcare, and health insurance. [Ah yes, shur the ECB sets all those prices...]

[...]
Labour Finance spokeswoman Joan Burton called on the ECB to explain why it has opted for seven successive rate hikes. [Good woman, Joan! You tell those bully-boys in Brussels... ehrm, Frankfurt. Whatever.]

[...]
The Green Party described the Government's approach to the current housing debt problem as a "rabbit in the headlights". [Again?]

Green Party Finance spokesman Dan Boyle said "This cycle of rate rise has insidiously increased the costs for mortgage holders, already bearing the price of buying housing that has been hugely inflated by the policies pursued by this Government. [Which policies? I thought they were uncaring monsters who wouldn't even help the poor auld FTBs get a foot on the ladder...?]
Mr Boyle accused the Government of sleepwalking into uncertain economic times. [/B] [Sorry, hang on. So it's not all Europe's fault...?]

[...]
Labour Seanad Finance Spokesperson Derek McDowell accused the ECB of wanting to "squeeze the life" out of the European economy and Irish mortgage holders. [Ah, yeah. the Evil Empire, sucking the lifeblood out of the ordinary decent people of Ireland. That French fecker probably approved all our 95% mortgages (and CU loans for the deposits) personally!]
"By fuelling expectations [?] that interest rates will continue to rise by as much as three quarters of a point this year alone, the ECB is creating the kind of uncertainty in the market that will turn a soft landing into a hard fall." [Like it. Must remember that in the pub later...]
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Don't get me wrong; personally, I'd love to see the current administration removed from power at the next election — but Lord help us, this crowd seem to have about as much chance of doing it as the England team of putting us back in the running for a Six Nations win... :(
 
Meaningless populist rubbish. Typical of the level of what passes for political debate these days here and probably abroad. I'm sure that the incumbent parties will come up with their own gems of wisdom in response... :rolleyes:

I particularly like the one about rate increases "insidiously" increasing costs for mortgage holders. Does the GP finance spokesman actually understand credit and interest rates?
 
The opposition seem to think that they can win the next election by doing everything they can to show that they are even bigger clowns than the government. They are making Bertie look prudent and that's no mean feat! Their mantra seems to be to be as populist as possible. FG is slipping into the same “compensate the Eircom shareholders” trap that Michael Noonan ran with at the last election.
 
Labour Seanad Finance Spokesperson Derek McDowell accused the ECB of wanting to "squeeze the life" out of the European economy and Irish mortgage holders.
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The people who took out these mortgages should not have been so gullible in taking out large mortgages when interest rates were at historic lows.

I hope they don't start blaming the ECB now that over the next year or two we will be in a time of rising interest rates which are now needed to control inflation.
 
Labour Finance spokeswoman Joan Burton called on the ECB to explain why it has opted for seven successive rate hikes.
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Would she rather they did the seven (175 basis points) in one go?

Does she read the ECB press releases?

Did she watch Mr. Trichet's press conferences that follow rate decisions?

She was Minister for Finance?
 
Joan Burton's statement on her website:
[broken link removed]

Opportunity to leave a comment at the end :)
 
If the ECB is so uncaring then these politicians should make the case for an Irish exit from the EU and a restoration of the punt. Then a fully independent Irish central bank would show those European types what the correct interest rate in Ireland should be - somewhere north of 7% I would imagine given where inflation is now.
 
personally, I'd love to see the current administration removed from power at the next election
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The Irish electorate are so fickle you can be sure the current government will return to power !(well, maybe minus the PDs!)
 
CCOVICH said:
Would she rather they did the seven (175 basis points) in one go?

Does she read the ECB press releases?

Did she watch Mr. Trichet's press conferences that follow rate decisions?

She was Minister for Finance?
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I'd say Trichet's running for cover at the minute, probably got his full department working on an adequate response for Ms. Burton's probing demand;)
 
amgd28 said:
I did - a long rant at that - funny that it hasn't shown up on the site?
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I posted a note suggesting that Ms. Burton read the ICB website if she needed an explanation of the rate hikes to date but it must've been deemed too controversial or something... :rolleyes:
 
That she read the ICB website? Yes, controversial, i.e. that an organisation owed by Irish lenders somehow dictates ECB policy!!!!
 
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