The Big Bailout of the Eurozone (Another crisis coming? - Seriously)

[Zapatista]

Businessman Ulick McEvaddy has described the ten members of the so-called Golden Circle as heroes.

He insisted the ten individuals 'hadn't done anything wrong' and had no reason to conceal their identities.

Speaking to RTÉ News, Mr McEvaddy said he would have joined the group had he been approached as it was the right thing to do.

He dismissed the controversy surrounding the incident as 'misplaced uproar' and said Anglo Irish was an 'iconic' bank, which helped stimulate the Irish economy and create the Celtic Tiger.

Listen to Ulick McEvaddy & Joe Higgins on Today with Pat Kenny

What did Higgans say?

[Hardy]

I think I'll go into the prediction business myself like yer man McWilliams. I was saying in the pub last night it was only a matter of time before the PR backlash started and the antics in Anglo were presented as a patriotic act to save an Irish institution from foreign speculators who were shortiing the stock and trying to ruin it. When I heard Ulick this morning I was sorry I hadn't put a few bob on it.

It was an interesting insight into the thinking of the white-collar highwayman, though. It didn't seem to matter to him that share price manipulation is criminal activity and as far as he was concerned the media "hysteria" following the revelations about Fitzpatrick hiding his personal loans only proves that he was right to do so. No matter that this act was a deliberate deception of shareholders and potential investors and has resulted in the country having to pay exorbitant interest rates because our bank executives are now outed as a bunch of cowboys whose annual reports and balance sheets are works of fiction.

[Declan]

I think I'll go into the prediction business myself like yer man McWilliams.

Met him in the airport on Monday morning heading to London - jokingly asked him had he his pike ready for the revolution. Got a smile

[orangeman]

I think I'll go into the prediction business myself like yer man McWilliams. I was saying in the pub last night it was only a matter of time before the PR backlash started and the antics in Anglo were presented as a patriotic act to save an Irish institution from foreign speculators who were shortiing the stock and trying to ruin it. When I heard Ulick this morning I was sorry I hadn't put a few bob on it.

It was an interesting insight into the thinking of the white-collar highwayman, though. It didn't seem to matter to him that share price manipulation is criminal activity and as far as he was concerned the media "hysteria" following the revelations about Fitzpatrick hiding his personal loans only proves that he was right to do so. No matter that this act was a deliberate deception of shareholders and potential investors and has resulted in the country having to pay exorbitant interest rates because our bank executives are now outed as a bunch of cowboys whose annual reports and balance sheets are works of fiction.

Can you beleive the cheek of them ?

[orangeman]

The number of new private cars licensed in January slumped 66.6% compared to the same time last year.

The latest figures from the Central Statistics Office shows that a total of 10,997 new cars were sold last month. This compares to a total of 32,961 in January 2008.







Eveything is going down the pan ! Was in a dealership yesterday talking to friend of mine and he was saying that 80% of their business is to the Republic of Ireland. He was in great form - sales are flying.

[armaghniac]

This buying cars in the North is partly a temporary thing, especially for new cars, reflecting that Sterling had dived. When the car manufacturers people equalise their prices this will even out. While most of the economic fallout in Ireland is the our own fault having two currencies on the Island is a major destabilising factor and not one faced in Portugal etc.

[lynchbhoy]

This buying cars in the North is partly a temporary thing, especially for new cars, reflecting that Sterling had dived. When the car manufacturers people equalise their prices this will even out. While most of the economic fallout in Ireland is the our own fault having two currencies on the Island is a major destabilising factor and not one faced in Portugal etc.

even with sterling rate going back, there is a massive VRT tax on cars coming into the south , which always makes buying in england or abroad more favourable to southern Irish purchasers !

[Donagh]

Just heard some oul wan on the radio say we should be proud we were in a position to pay a banker 2 million a year and going on about them getting stick in their local pubs.

[Gnevin]

Jaysus I dunno Bogball - At least it's a start - a discussion document if you like but the areas they talk about that need to be addressed are spot on I'd have thought. whatever about the mechanics of tackling those specific areas. Didn't see where they said that we should devalue the currency though.
What's more laughable is the inertia in the government and the cronyism

The unions has weeks of discussions and couldn't come up with anything, not even a "fairer" levy.  Now they are demanding talks again , a total farce

[armaghniac]

there is a massive VRT tax on cars coming into the south , which always makes buying in england or abroad more favourable to southern Irish purchasers !

Of course the car is cheaper but whether it is worth it when the VRT has been added is very much related to exchange rates and to relative depreciation for used cars.

[muppet]

I hate to keep adding to the air of doom but the news is not good.

I have no doubt now that the Government are not telling us a shred of truth about the long night in September for fear of the backlash.

They have a reason for that though. It is only a tiny problem in comparison to what the real problem is.

Regardless of what caused the problem any solution with a chance of working involves getting people who now pay no tax to pay some and to get people who pay little tax to pay more. This is politically very difficult as every worker sees their current taxes as too punitive even if they are actually outside the tax net. Also everyone wants those who earn more than them to pay more, ignoring the fact that they already do.

The Government can raise taxes on the very highly paid but it wont be nearly enough because there are too few of them..

At the moment the highest paid 6.5% workers pay 50% of all income tax. Roughly speaking, increasing the top level from 42% to a draconian 84% (for that 6.5%) would increase total tax revenue by only 50%, assuming none of them fled the country which they inevitably would.

At the moment 34% of workers pay no taxes.

The reality is that the government will have to raise taxes from close to 100% of all workers regardless of what the unions think. That is the financial reality and it is not to save the banks, it is to save the country. It is that bad.

If the Government fail, the IMF/Eurozone (it is crystal clear from commentary on Germany that this has already been discussed at a very high level) will come in and fillet the public sector. They will close dozens of hospitals and possibly hundreds of schools. I have great sympathy for those in the public sector because they are a soft target and it is not their fault the Government have been lax in dealing with the problem. But they need to swallow the mere innoculation that is the levy, as every crystal ball is predicting if they don't, the disease will savage them altogether.

The private sector will be hit when taxes go up. Firstly the Government will introduce a 'mini-budget' in the next couple of months raising taxes.

We all better hope that the levy and the taxes are sufficient.

The witchhunt is on in earnest now and it has a function. A bit of bloodletting is needed to ease the pressure and the higher the profile the better. But it is only a sideshow. They aren't even hinting how bad the real problem is.

[armaghniac]

Some good points, Muppet.

At the moment 34% of workers pay no taxes.

it was irresponsible of Lenihan to say that there would not be a mini budget, the sooner this is done the better.

They should cut the allowances by 10% and the min wage likewise. People whose pay has fallen wouldn't be affected much but people doing OK would be brought into the tax net. Tax children's allowances at the marginal rate, once again this wouldn't affect poor folks. Several pence on the pint is needed too despite the whining that will follow.

[Gnevin]

Question for you all in the know.

If civil servants go out on a 1 day strike do they get the days pay stopped?

[Lar Naparka]

Question for you all in the know.

If civil servants go out on a 1 day strike do they get the days pay stopped?

Yes.

[muppet]

Question for you all in the know.

If civil servants go out on a 1 day strike do they get the days pay stopped?

Only those due to work.