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…ve improved the budget arithmetic over the next decade. There will be benefits to public services or reductions in taxes- or even a fall in the debt- due to the €1billion reduction in annual repayments . Yet, in total, short term relief means that Ireland will pay out a bigger amount in total. The explanation that inflation will take care of the difference assumes that it will remain at current levels of around 2%. Tell that to the children of… 1
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The Search for Bank Investors a Mug’s Game
…18 months of an election.Suddenly the solution has surfaced. Bang on cue, Honohan, the academic, and Gilmore, the old socialist, have found the nation’s salvation: they will be beating the global highways and byways in search of ‘private capital’ for insolvent banks.What a brainwave. Imagine all those mug investors being suckered into this little goldmine: next December (2014) after we have failed the stress tests, the Honohan… 1
Read moreLong-Term Vision On Education? Short-Sighted Cost-Cutting!
…ach and the Minister who should be here are on the other side of the world. The Government has taken a view that education funding can be cut in the same way as public finances in other areas, in other words, taxation. We urgently need a national debate on education, which does not address just the issue of how much can be saved but the long-term vision…. 1
Read moreLast week the maestro lost his marbles
…ous insistence from Sean that the Anglo shares were “long-term holdings” is familiar PR spiv speak signifying emergency cover. Failed fund managers and stale bulls invariably hide behind the well-worn “long-term” investment line of defence when their short-term decisions are under water. Regardless of the rally later in the week, Sean is now a chronically stale bull of Anglo. Not a happy place to be. Initially, his timing… 6
Read moreCoalition’s mortgage plan is bad case of deja vu
…forming a magic triangle. Sounds familiar? It is. God help the long-term interests of Ireland’s construction workers, the supposed beneficiary of the latest madness. Electoral politics are overtaking the economy, short term and long term. The purse strings are being loosened. Promises are back. Memories are short. Next Friday the Government faces three dreaded hurdles: European elections, two Dail by-elections and nationwide local polls…. 5
Read moreMichael Noonan is a Man in a Hurry
…ost-free. The debt would not change, just the phasing of the payments. On Friday, as he walked around Waterford, Noonan told RTE News that the plans were not “medium-term”, meaning that he was over a barrel short-term, because he needed to deliver this week to pacify his fellow ministers, the party faithful and the Irish people. Noonan is in a hurry. Mario Draghi has all the time in the world. Whatever is agreed this week (and there… 4
Read moreBankers Bonkers On Bonuses
…tive and his traders will be prepared to cut corners in search of short- term bonuses. Remember, banks are not just safe havens for small savers. They bet big money. Big bets mean bigger and quicker profits. Or losses. Short-term goals are not limited to traders. They are equally lethal in the lending game. The more bankers lend, the chunkier their short-term bonuses. Uncomfortably, in current conditions, the more they lend, the bigger too the… 4
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…Euro Area Loan Facility (Amendment) Bill 2013 Public Accounts Committee (NTA) Jan 24 2013 Pay their Pensions in AIB Shares Private Members re: Garda Siochana Jan 30 2013 Private Members re: Promissory Notes Anglo Deal: Short-Term Gain, Long-Term Pain Speaking at the Rally At Stepaside Garda Station Feb 3rd 2013 Finance Bill (Second Stage) Feb 20th 2013 Chosen Enforcer of Property Tax Priority Questions 26th Feb 2013 The Fluoridation of Water… 4
Read morePaddy Whacks Wrong Target
…c. It will work for about a week. Some short sellers will now be forced to buy back at high levels. A few long- term holders will gratefully sell to them at artificially high prices, but the move is unlikely to make any long-term difference. If the Irish banks fail to put their house in order, their share prices will tank again. Long term holders will sell out. The move was forced on the regulator by the Financial Services Authority in the UK,… 4
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