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Tag Archives: credit crunch

Crisis? What crisis?

Local journalism is in crisis. Last week, the Offaly Express became the latest newspaper to announce it was closing down. Except, its not journalism which is in crisis. It’s newspaper publishers. And the real issue isn’t just the Big Bad Internet, but lousy management. As Senator John Whelan pointed out recently, “you have small local […]

Remember this?

Brian Lenihan said the bank guarantee scheme was “a necessary first step” and “the cheapest bailout in the world so far” compared with bank rescues where “billions and billions of taxpayers’ money are being poured into financial institutions”. “It allows us to move on and examine other questions which may have to be addressed to […]

Failure Is Good

Way back in September 2008, I wondered what had become of free market philosophy, as the US government scrambled to rescue crumbling banks. Two weeks later, Ireland guaranteed bank deposits and bondholders. A lot has happened since then. Back in 2008, I asked what happened to the belief in creative destruction. I’m still wondering. Capitalism […]

Long Term Value

So this evening, I went though various receipts, totaled up invoices paid, did some data entry into a spreadsheet, and looked at the total. Two hundred and seventy three euro. Tomorrow morning then, I will post off a cheque to the revenue commissioners, payment due for VAT collected over the last few months. I wrote […]

Bad News Bears

There’s a lot of shooting the messenger going on at the moment. An article in the New York Times, or a wrong word in a report from the IMF, and they’re off. ‘There has been comment which has been neither helpful nor, in my view, appropriate, and I would like to move on from that,’ […]

Five Stages

I’m getting better at dealing with the Dáil meltdowns. I was already prepared for the latest Anglo Irish debacle this morning, since the news of the ‘exceptional support‘ loans emerged yesterday. Even so, it took some time for me to absorb the news that Brian Lenihan never bothered to read the auditor’s report. The man’s […]

Equity

Junior labour minister Billy Kelleher thinks the minimum wage needs a review. Apparently, €8.65 an hour could be a ‘barrier to employment’. Billy’s boss, enterprise and employment minister Mary Coughlan, sets the minimum wage in orders and regulations laid before the Oireachtas. Maybe the government hopes the latest kite will distract from the fact that […]

Could It Be?

‘So here’s how it works’, my informant told me, leaning closer as his voice dropped. ‘To earn the right to vote on party policy, each party branch is required to raise a sum of money each year.’ ‘The amount raised varies from year to year, depending on whether it’s an election year, or if there’s […]

Breaking News

I was all set to write an article today on the government’s belated decision to nationalise Anglo Irish Bank. Before writing, I decided to check what RTÉ had to say about the story. Nationalisation has been inevitable since the bailout consensus broke down yesterday, when Fine Gael said it would vote against the government recapitalisation […]

Seven Days

This will be the last article for a while, as I head for foreign parts and a week’s holidays, so consider this a virtual time capsule. As I write, the US Congress is still arguing over how large a blank cheque they should give to Wall Street (or if they should bail them out at […]