The NESC Report was referred to on RTE News this evening
http://www.rte.ie/news/2011/0727/economy.html
The report is the usual unimaginative stultifying mix of figures and waffle we have come to expect from financial reporting since 2008.
[broken link removed]
The writers appear to have tumbled to the fact that frightening people rigid with fears of unemployment and unprecedented disaster will reduce domestic demand - the astonishing fact is that it only reduced by 20% which is broadly in line with the reduction in the working population.
The IDA is creating new jobs - which is nice to hear - exports are up and wealth had increased. Nice to hear if you're one of the wealthy.
But the wonderment that these guys and gals have finally cottoned onto is that our banks, despite the billions pumped into them STILL AREN'T LENDING.
Now, instead of kicking out the chief executives of these dysfunctional old boys clubs, they suggest taking the pressure off them!
"A report on the economy published by the National Economic & Social Council has called for the setting up of a strategic investment bank, an idea included in the Programme for Government."
An epiphany?
I have been advocating this since April 2010, when I told AIB that no-one would forgive them for stunting our economic recovery!
And I made this stunning, innovative recommendation of a NEW COMMERCIAL LENDING BANK here on AAM and elsewhere - FOR FREE!!!
How many people are being paid to do this NESC thing and report on the blindingly obvious remedy that must come to pass for Ireland to recover??!!
Seriously, is this all NESC can come up with? I had a stand up argument with Lucey from Trinity after a Front Line show about this very point last May!
Why are these people so damned slow at getting their act together?
It'll be interesting to see how long it takes this to percolate to a level where it might effect change.
But this one real result is merely a fig leaf over the utterly degrading embarrassment that is our banking system.
It is a damning indictment of the quality of the people that big money had supposedly attracted to run it and the ability of Alan Dukes et al to crack the whip.
The next time you hear someone pontificate at you about "having to pay high salaries to attract the best people" you just point them towards this ongoing financial crisis.
Prior to it, with no cap on salaries, the muppets who ran Irish banking were supposedly the creme de la creme, when in fact they were just good at office politics and glad handing.
When the cracks first started to appear we were told banking was "a matter of trust" - well it isn't!
Its a matter of checking what your investing in and who you're lending to - thoroughly!
And now, three years on, have we got good brains working on the problem? Do we WHAT!?
Its taken a YEAR to officially come up with a stratagem to stem the ongoing train wreck that is Irish Banking, the Banks that like to say NO! to 90% of loan applicants.
For all that AAM is supposed to be a money forum, the lack of focus here on this most egregious betrayal by the banks of the electorate that has supported them does us little credit.
Instead of spending our time trying to work out reforms of laws on personal debt (a worth cause, but its a result not a cure) we should have been working even harder to ensure our banks were lending.
Now having sold the family silver for generations to come to ensure that the pin-striped muppets keep their contractual obligations to pay themselves bonuses and order their new Mercedes fleets this year (Anglo has done this, I kid you not!) we are not even asking them to do what they should be doing and lend money locally.
NESC has come up with the bright idea - MY and others' bright idea, if you please - of a commercial lending bank.
The end result of this will be to let the muppets who ran the banks go off to their golden handshakes so the next showers of stupid glad handers can take over!
But at least let us ensure that this new Bank actually lends to Irish businesses.
No just strategic lending, whatever that termis supposed to mean.
Because if not, this economy will never recover.
And this government will fail to do its duty.
Thank you for your time.
ONQ.
http://www.rte.ie/news/2011/0727/economy.html
The report is the usual unimaginative stultifying mix of figures and waffle we have come to expect from financial reporting since 2008.
[broken link removed]
The writers appear to have tumbled to the fact that frightening people rigid with fears of unemployment and unprecedented disaster will reduce domestic demand - the astonishing fact is that it only reduced by 20% which is broadly in line with the reduction in the working population.
The IDA is creating new jobs - which is nice to hear - exports are up and wealth had increased. Nice to hear if you're one of the wealthy.
But the wonderment that these guys and gals have finally cottoned onto is that our banks, despite the billions pumped into them STILL AREN'T LENDING.
Now, instead of kicking out the chief executives of these dysfunctional old boys clubs, they suggest taking the pressure off them!
"A report on the economy published by the National Economic & Social Council has called for the setting up of a strategic investment bank, an idea included in the Programme for Government."
An epiphany?
I have been advocating this since April 2010, when I told AIB that no-one would forgive them for stunting our economic recovery!
And I made this stunning, innovative recommendation of a NEW COMMERCIAL LENDING BANK here on AAM and elsewhere - FOR FREE!!!
How many people are being paid to do this NESC thing and report on the blindingly obvious remedy that must come to pass for Ireland to recover??!!
Seriously, is this all NESC can come up with? I had a stand up argument with Lucey from Trinity after a Front Line show about this very point last May!
Why are these people so damned slow at getting their act together?
It'll be interesting to see how long it takes this to percolate to a level where it might effect change.
But this one real result is merely a fig leaf over the utterly degrading embarrassment that is our banking system.
It is a damning indictment of the quality of the people that big money had supposedly attracted to run it and the ability of Alan Dukes et al to crack the whip.
The next time you hear someone pontificate at you about "having to pay high salaries to attract the best people" you just point them towards this ongoing financial crisis.
Prior to it, with no cap on salaries, the muppets who ran Irish banking were supposedly the creme de la creme, when in fact they were just good at office politics and glad handing.
When the cracks first started to appear we were told banking was "a matter of trust" - well it isn't!
Its a matter of checking what your investing in and who you're lending to - thoroughly!
And now, three years on, have we got good brains working on the problem? Do we WHAT!?
Its taken a YEAR to officially come up with a stratagem to stem the ongoing train wreck that is Irish Banking, the Banks that like to say NO! to 90% of loan applicants.
For all that AAM is supposed to be a money forum, the lack of focus here on this most egregious betrayal by the banks of the electorate that has supported them does us little credit.
Instead of spending our time trying to work out reforms of laws on personal debt (a worth cause, but its a result not a cure) we should have been working even harder to ensure our banks were lending.
Now having sold the family silver for generations to come to ensure that the pin-striped muppets keep their contractual obligations to pay themselves bonuses and order their new Mercedes fleets this year (Anglo has done this, I kid you not!) we are not even asking them to do what they should be doing and lend money locally.
NESC has come up with the bright idea - MY and others' bright idea, if you please - of a commercial lending bank.
The end result of this will be to let the muppets who ran the banks go off to their golden handshakes so the next showers of stupid glad handers can take over!
But at least let us ensure that this new Bank actually lends to Irish businesses.
No just strategic lending, whatever that termis supposed to mean.
Because if not, this economy will never recover.
And this government will fail to do its duty.
Thank you for your time.
ONQ.