IRISH RIGHT-WING HIDES UNDER A CLUMP OF BLANKETS AND WONDERS, “WHY WON’T THEY BELIEVE OUR LIES?”
Sep 3rd, 2010 by Conor McCabe
He offered no comment on an assertion by Irish Central Bank governor Patrick Honohan that Irish borrowing costs were “ridiculous” and declined to say whether he agreed with the assessment from the National Treasury Management Agency that the SP downgrade stemmed from a “flawed” analysis.
Mr. Trichet talking yesterday.
Yeah, but Trichet believes that comments from him move markets. In the next paragraph we can see how his conservative fiscal policy, with its aim of keeping inflation in France and Germany low, works:
All the while, they’ll continue to support that so called lifeblood of the economy, the banks:
In other news, the Irish media has copped on to something you and others pointed out a couple of weeks ago, and which well known by now - as mentioned in that Johnson and Boone post yesterday:
And Carl O’Brien today:
Actually, its not a very thorough article.
It doesn’t mention who built the facilities, or benefitted from the small amount of actual investment these company were willing to put into Ireland. In Cherrywood, the development build by Liam Carroll, which has been taken into NAMA has a number of anchor clients - HP, Microsoft etc. How much of whatever these companies spent here came from IDA or other grants - the rest I assume was tax deductable. How much of the spend was lost through tax breaks for developers. He provided some jobs, but how much of what it cost in terms of wages did he actually fork out, or was it simply based on loans from AIB or Anglo (where developers rolled their debt) and how much of those loans used to pay for those jobs has now been written down, or taken into NAMA which plans to put further money into the development, and which ultimately will be paid for by the tax payer.
The state should employ people directly. Its much more ‘efficient’.