Standard & Poors, the Credit Rating Agency that awarded 'AAA' ratings to bundles of sub-prime loans, don't think Ireland is a safe bet, downgrading its opinion of government bonds to AA+. The news has made the front of today's Indo, but the downgrade was probably inevitable once the Government announced its intention to borrow more than 9.5 per cent of GDP.
Here is the damning report, and some depressing highlights are below:
Credit analyst David Beers:
The deterioration of Ireland's public finances will likely require a number of years of sustained effort to repair, on a scale greater than factored into the government's current plans.
S&P Press man:
The Irish economy will materially underperform the Eurozone economy as a whole over the next five years, recording minimal growth in real and nominal GDP, on average, during the period. As a result, we believe that Ireland's net general government debt burden could peak at over 70% of GDP by 2013, a level we view as inconsistent with the prospective debt burdens of other small Eurozone sovereigns in the 'AAA' category.
Ugh...
Tuesday, March 31, 2009
Jimmy Harte Censors Politics.ie
Poor Cllr Harte - some people just don't get the internet. Following some (presumably unkind) comments from two frequent posters on politics.ie, Harte got in touch with site's owner, David Cochrane. Cochrane stuck up the following notice:
David Cochrane:
As a result, effective immediately, all visitors and users of Politics.ie are asked not to discuss or mention Cllr Jimmy Harte, nor is any coverage anywhere of his election campaign allowed to be discussed or promoted.As of tomorrow his name will be a banned word on Politics.ie and all references furthermore to him will be removed.
Of course, this means that many people, who didn't know or care what 'Mccafferty cat' and 'polito123' had to say about the Donegal Pol, are now intensely interested. And Jimmy looks like a fool for trying to censor the internet. Cochrane is too smart not to know this so, rather than capitulation to an odious bully, I'd like to see his notice as a fine act of passive agsression.
David Cochrane:
As a result, effective immediately, all visitors and users of Politics.ie are asked not to discuss or mention Cllr Jimmy Harte, nor is any coverage anywhere of his election campaign allowed to be discussed or promoted.As of tomorrow his name will be a banned word on Politics.ie and all references furthermore to him will be removed.
Of course, this means that many people, who didn't know or care what 'Mccafferty cat' and 'polito123' had to say about the Donegal Pol, are now intensely interested. And Jimmy looks like a fool for trying to censor the internet. Cochrane is too smart not to know this so, rather than capitulation to an odious bully, I'd like to see his notice as a fine act of passive agsression.
Monday, March 30, 2009
Coughlan: We Paid off Our Debt
Have just encountered an interview with Mary Coughlan on Marian Finucane. Coughlan is the Minister for Enterprise, Trade and Employment (and the Tánaiste) which makes her claim that, during the boom, "we paid off our debt" pretty bizarre. For anyone who isn't au fait with the scale of the national debt, here's an illustrative graph:
Remember, if big Brian falls under a bus tomorrow, the hapless Coughlan is going to be in charge until FF elect a new leader. Scary stuff.
Remember, if big Brian falls under a bus tomorrow, the hapless Coughlan is going to be in charge until FF elect a new leader. Scary stuff.
Would This Make the News Anywhere Else?
The Irish Times has devoted considerable space to covering a row over bin collection in Dun Laoghaire. A few councillors, apparently, want the current bin collection company (Greyhound) replaced.
Stuff like this is going on in almost every county council as the local elections jerk local pols into life, but it seems that Dublin - and, specifically, South Dublin - matters more to Madam Editor. Is the paper withdrawing in on itself to preach to its core Southside (or wanabee Southside) audience? That's one interesting article you won't find in the paper's opinion page...
Stuff like this is going on in almost every county council as the local elections jerk local pols into life, but it seems that Dublin - and, specifically, South Dublin - matters more to Madam Editor. Is the paper withdrawing in on itself to preach to its core Southside (or wanabee Southside) audience? That's one interesting article you won't find in the paper's opinion page...
A Bit Sad... but Does it Happen Here?
Plenty of people will tell you that Irish political journalists are (mainly) a gaggle of narcissistic, truth-twisting, greasy-pole-climbing clowns. But talk about American journalism and, well, most scribblers (including myself) go all idealistic.
However, there's been a bit of a controversy over an exclusive and secretive Google group for American media types: Journolist. As Slate blogger Micky Kaus describes it, the group has about 300 members, almost all ;iberal. Predictably, a discussion from Journolist has gotten out and is reprinted in full on Kaus' blog. Some cringe-inducing highlights (typos and mispellings in original):
Jonathan Chait, a senior editor of The new Republic:
Is Michelle Cottle on this list? She's criticized less frequently
here, and I don't think this sort of thing interests her, but her
presence would definitely improve the list. There seems to be a junior
high quality to this list with regard to TNR, where if you're not on
it you get sniped at constantly, but if you are on it you're mostly
safe.
Jesse Singal, associate editor of CampusProgress.org:
Everyone I know who likes [Keith] Olbermann also acknowledge that he is egomaniacal
and has a penchant for hysterical drama. The main difference, which is
glaringly left out by anyone who conflates him with the Savages and
O'Reillys of the world, is that Olbermann doesn't tend to, you know, lie
about stuff regularly.
Eric Alterman, contributor to The Nation, Professor of English at Brooklyn College in City University of New York, and Professor of Journalism at the CUNY Graduate School of Journalism:
Quit lying about my record, Jonathan Chait.
Or at least check the archives before descinding into Kirchickism.
What I posted about Eve was an article I PUBLISHED. It could hardly
have been going behind her back to PUBLISH an article, could it?
And againt from the esteemed professor:
For the record boss man, I'm done. I merely responded to a series of
false accusations made about me by Mr. Chait. You'll note that I
manfully (and womanfully) resisted the urge to join in the Marty
bashing until lied about above...
It goes on. Nothing scandalous, but it's a bit sad to read supposedly intelligent journalists descend to the level of 12-year-olds b*tching away in their clubhouse. It wouldn't surprise me in the slightest if a similarly childish internet group has been set up here in Ireland - a pint to the first person who'll send me a transcript of a conversation fromit.
However, there's been a bit of a controversy over an exclusive and secretive Google group for American media types: Journolist. As Slate blogger Micky Kaus describes it, the group has about 300 members, almost all ;iberal. Predictably, a discussion from Journolist has gotten out and is reprinted in full on Kaus' blog. Some cringe-inducing highlights (typos and mispellings in original):
Jonathan Chait, a senior editor of The new Republic:
Is Michelle Cottle on this list? She's criticized less frequently
here, and I don't think this sort of thing interests her, but her
presence would definitely improve the list. There seems to be a junior
high quality to this list with regard to TNR, where if you're not on
it you get sniped at constantly, but if you are on it you're mostly
safe.
Jesse Singal, associate editor of CampusProgress.org:
Everyone I know who likes [Keith] Olbermann also acknowledge that he is egomaniacal
and has a penchant for hysterical drama. The main difference, which is
glaringly left out by anyone who conflates him with the Savages and
O'Reillys of the world, is that Olbermann doesn't tend to, you know, lie
about stuff regularly.
Eric Alterman, contributor to The Nation, Professor of English at Brooklyn College in City University of New York, and Professor of Journalism at the CUNY Graduate School of Journalism:
Quit lying about my record, Jonathan Chait.
Or at least check the archives before descinding into Kirchickism.
What I posted about Eve was an article I PUBLISHED. It could hardly
have been going behind her back to PUBLISH an article, could it?
And againt from the esteemed professor:
For the record boss man, I'm done. I merely responded to a series of
false accusations made about me by Mr. Chait. You'll note that I
manfully (and womanfully) resisted the urge to join in the Marty
bashing until lied about above...
It goes on. Nothing scandalous, but it's a bit sad to read supposedly intelligent journalists descend to the level of 12-year-olds b*tching away in their clubhouse. It wouldn't surprise me in the slightest if a similarly childish internet group has been set up here in Ireland - a pint to the first person who'll send me a transcript of a conversation fromit.
Friday, March 27, 2009
New Face, Same Story, at DDDA
The Irish Times has the news that UCD Microbiologist and wife of Michael McDowell Niamh Brennan will be named as chair of the Dublin Docklands Development Authority later today. The usual suspects are alternately praising and vilifying the appointment over on politics.ie.
On the face of it, the Green Party's effort to present the appointment as a conscious break from cronyism takes some neck but, to be fair to Brennan, she is a qualified accountant and a veteran company director. However, a quick look at Brennan's directorships gives some cause for concern. Given that the DDAI has taken considerable (justified) flack for its close links to Anglo Irish Bank, is appointing a director of First Active and Ulster Bank to nominally oversee the body really such a great idea?
Brennan also has a few State appointments under her belt too. She's a former non-executive director of Coillte (the State forestry company) and a former member of the audit committee for the Department of Agriculture and Food. Her previous non-executive directorship of Co-Operation Ireland (a worth cause) can't whitewash her involvement as a director of the HSE. And get this: Brennan chaired the Commission on Financial Management and Control Systems in the Health Services, which reported back in January 2003. To judge by what's happened since in the HSE, the ideas were either binned or failed spectacularly.
*UPDATE: It's official - RTE has the story.
On the face of it, the Green Party's effort to present the appointment as a conscious break from cronyism takes some neck but, to be fair to Brennan, she is a qualified accountant and a veteran company director. However, a quick look at Brennan's directorships gives some cause for concern. Given that the DDAI has taken considerable (justified) flack for its close links to Anglo Irish Bank, is appointing a director of First Active and Ulster Bank to nominally oversee the body really such a great idea?
Brennan also has a few State appointments under her belt too. She's a former non-executive director of Coillte (the State forestry company) and a former member of the audit committee for the Department of Agriculture and Food. Her previous non-executive directorship of Co-Operation Ireland (a worth cause) can't whitewash her involvement as a director of the HSE. And get this: Brennan chaired the Commission on Financial Management and Control Systems in the Health Services, which reported back in January 2003. To judge by what's happened since in the HSE, the ideas were either binned or failed spectacularly.
*UPDATE: It's official - RTE has the story.
Department of Justice Caught Breaking the Rules?
An unwelcome light has been shone on the Department of Justice after they've admitted that various contracts worth €100m were awarded without fully going out to tender - as civil service procurement rules dictate - since 2003.
The contracts, including a €21m deal to construct a 64-cell block at Castlerea Prison in Roscommon, were doled out by the Department and the Irish Prison Service. It took an audience with the Dáil's Public Accounts Committee (PAC) before Seán Aylward and Brian Purcell spilled the beans on the deals - I'll stick up what's sure to be an entertaining transcript of the meeting when it becomes available.
John Buckley at the the Comptroller and Auditor General has launched into full investigation mode, while various Department of Finance officials are quoted tut-tutting in today's Irish Times. All that diligence might have been a bit more useful when these shenanigans were going on over the last six years.
The contracts, including a €21m deal to construct a 64-cell block at Castlerea Prison in Roscommon, were doled out by the Department and the Irish Prison Service. It took an audience with the Dáil's Public Accounts Committee (PAC) before Seán Aylward and Brian Purcell spilled the beans on the deals - I'll stick up what's sure to be an entertaining transcript of the meeting when it becomes available.
John Buckley at the the Comptroller and Auditor General has launched into full investigation mode, while various Department of Finance officials are quoted tut-tutting in today's Irish Times. All that diligence might have been a bit more useful when these shenanigans were going on over the last six years.
Czeching out the Indo's Agenda
Remember property developer Owen O'Callaghan, last seen (allegedly) hiding in a broom closet and, more seriously, applying to the high court to prevent the Mahon Tribunal from reporting? Well, the Indo has a gentle piece this morning lauding the great man's "prescience" for starting up a development in the Czech Republic.There's even an interview with O'Callaghan himself, who remarks that "During the Communist era, everyone rented their homes, but now around 45 per cent of Czechs prefer to purchase rather than rent. So, for the foreseeable future, prices can be expected to stabilise and hold current levels there."
Encouraging words that may have set off a goldrush in times gone by. There's one problem, though: they're not exactly accurate. The Czech statistical office announced just last month that the price of apartments in Prague (where O'Callaghan's new development is based) actually fell at the end of last year, marking the first quarter-on-quarter decline since 2005. The drop-off is small (1.7 per cent) but the esteemed gurus of bricks'n'mortar at Independent House would surely have known this. So why didn't they mention it?
Thursday, March 26, 2009
Would-be FG Councillor Backs Down
So a squalid little saga - which featured local election hopeful Naja Regan taking her own party (FG) to the High Court - has been resolved. In a brief recap, Naja Regan (daughter of high profile Senator Eugene Regan) was miffed when the powers that be stymied her efforts to get on the local election ticket in the Dun Laoghaire Ward, instead decreeing that the party's three sitting councillors should go forward. (Fine Gael's HQ may have been particularly heavy-handed because Regan's Monkstown Branch contains almost 200 members, who seem to turn out for selection conventions - and little else - with remarkable enthusiasm.)
So, Naja did the natural thing for a young law graduate: sued their asses off. Well, not quite. The case was due to be heard today but, this afternoon, the following statement went out from the Party's press office:
The matter regarding Naja Regan and Fine Gael Executive Council has been resolved. The Fine Gael Executive Council will now ratify the three candidates as selected by Convention to contest the upcoming local election forthwith in Dun Laoghaire Rathdown.
Suffice to say I'll be toddling along to the Dun Laoghaire Rathdown's AGM tonight to see what gives.
*UPDATE: Very little by way of fireworks on this issue tonight (is it just me or are all local party get-togethers really tedious?) but a few oblique references from the politicians. One nutter on the floor laid into the Dun Laoghaire councillors and said he won't vote for the party this year, but was slapped down (in an oratorical sense) by veteran councillor Dónal Marren. Then Naja stood up, said she supported the councillors in their bid for re-election, and sat down to huge applause. Altogether much too dignified for my tastes - a bit of digging is in order to see what made Team Regan back down.
So, Naja did the natural thing for a young law graduate: sued their asses off. Well, not quite. The case was due to be heard today but, this afternoon, the following statement went out from the Party's press office:
The matter regarding Naja Regan and Fine Gael Executive Council has been resolved. The Fine Gael Executive Council will now ratify the three candidates as selected by Convention to contest the upcoming local election forthwith in Dun Laoghaire Rathdown.
Suffice to say I'll be toddling along to the Dun Laoghaire Rathdown's AGM tonight to see what gives.
*UPDATE: Very little by way of fireworks on this issue tonight (is it just me or are all local party get-togethers really tedious?) but a few oblique references from the politicians. One nutter on the floor laid into the Dun Laoghaire councillors and said he won't vote for the party this year, but was slapped down (in an oratorical sense) by veteran councillor Dónal Marren. Then Naja stood up, said she supported the councillors in their bid for re-election, and sat down to huge applause. Altogether much too dignified for my tastes - a bit of digging is in order to see what made Team Regan back down.
Subscribe to:
Posts (Atom)
