The exchequer costs of the bank rescue need to be minimised ruthlessly, and any opportunities to impose cost on bond-holders exploited in full when the guarantee runs out in September next year. Compensating providers of risk capital to failing businesses infuriates taxpayers, and gives capitalism a bad name. In approaching bank re-capitalisation next year, there should be no nervousness about revealing fully the capital losses which have occurred.
Monday 14 December 2009
Bank Guarantees, NAMA and budgetary retrenchment
Slí Eile: In an article in yesterday's Business Post, Colm McCarthy made an interesting comment that should not go without attention. He wrote:
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I am beginning to wonder whether Colm McCarthy is being given the most unprecedented degree of coverage by the right wing media ever afforded by a right wing ideologue in the history of the Irish media. He seems to be almost ubiquitous on the radio and TV. I would be curious to know where the checklist of the right wing ideologues all derive their unanimous message from...many come out with stock phrases that I have come to recognise as 'dog whistles' for the right wing commentariat...eg 'we are where we are' means don't apportion too much blame to the bankers ..'start living in the real world' is a phrase that means basically that workers in the public sector and the semi-states are in some way totally detached from any form of reality, which is both insulting and untrue. "The Private sector" is basically the source of all good and is placed upon a pedestal for universal worship..."Public Sector" ...do good service BUT are basically feckless do-nothings who have taken a soft option in life..I am growing used to the visceral hared being exoressed by the right wing commentariat but some of it is so similar in tone and phraseology thatI am beginning to wonder if there is a centrally produced briefing being circulated by ISME or IBEC..?
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