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January 2016 Archives

My Tweets about Banking Inquiry

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Here are some of my tweets sent 27th-28th January 2016 following publication of the report by the Oireachtas Banking Inquiry:

  • In fairness, members of #bankinginquiry should be thanked for their hard work done under most ridiculous legal & time constraints.
  • Use of words in main #bankinginquiry report: mistake-16 regret-8 fault-4 fraud-1 corrupt-0 prosecut*-0 crime-0 incompeten*-0 blame-0.
  • Much more time was needed by #bankinginquiry for forensic, indepth questioning of key witnesses who got away much too lightly.
  • Ireland had the EU, euro & US Treasury who were afraid of contagion by the balls but #Noonan let go at the cost of €9 bn.
  • Full cost of banking/building disaster was over €100,000,000,000. 'No blame' #bankinginquiry report results in no sanctions.
  • #bankinginquiry could not say "BOO" to anyone. Spineless responses should not be tolerated in future inquiries.
  • #bankinginquiry proves that, in Ireland, gross incompetence & much worse is rewarded by new jobs, fat pensions & forgiven debts.
  • What happened to "moral hazard"? What will stop the banking/building disaster from recurring unless there are clear sanctions?
  • Incompetence of bankers, developers, regulators, mandarins, advisers, politicians & trioka fully exposed by #bankinginquiry.
  • Irish inquiries & commissions are just ways for establishment to bury scandals, incompetence, corruption & bad news.

Here is the text of a letter sent on 28th January 2016 to Dr Mario Draghi, President of the ECB, about quantitative easing:

I am writing to you as an Irish citizen who, like yourself, is concerned about the state of the EU's economy. I refer to your recent statements about extending the ECB's programme of quantitative easing to help stimulate Eurozone growth and inflation.

If I may be so bold to say so, I don't think that simply acquiring financial assets from major institutions will achieve these objectives as your measure is much too remote from the real economy where growth and inflation actually occur. My view is supported by many leading experts (including the Fed) who seem to agree that QE may not be working as intended1

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