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THIS WEEK IRELAND had a few reminders of its banking and economic turmoil in the courts and on the markets.
On Monday and Tuesday, three former executives at the now defunct Anglo Irish Bank faced criminal charges over allegations of providing unlawful financial assistance to former clients of the bank.
While on Thursday, the National Treasury Management Agency held an auction of Irish government bonds, the first time this has been done since September 2010 a few weeks before the government of the day applied for an international bailout.
Also this week there were significant changes announced at Permanent TSB and Allied Irish Banks, both hit by the change in the way people do their banking and perhaps more so by the current economic climate.
The events that led to this are well known by this stage: an unsustainable blanket bank guarantee by the government in late September 2008 which had disastrous consequences for the economy and the national debt to the point where Ireland needed help paying its bills.
But given the week we have had we thought we’d trawl through YouTube to bring you a selection of videos which best sum-up how ‘we are where we are’ as Brian Cowen once said.
17 March – 30 September 2008: “The dogs on the street were barking about Anglo”
Between late 2007 and the beginning of 2008 the problems in the sub-prime mortgage market in the US began to have a knock-on effect on market conditions globally. On St Patrick’s Day 2008, shares in Anglo Irish Bank plummeted as investors got edgy.
Cue dramatic music, dramatic narrator and lots and lots and lots of commentators saying all manner of apocalyptic things:
YouTube: 2LisbonTreaty
2 October 2008: Pat Neary goes on Prime Time
The financial regulator went on RTÉ’s flagship current affairs programme two days after the government issued a blanket guarantee of Ireland’s banking sector and delivered a performance that is best summarised by the economist Colm McCarthy in an interview with Vanity Fair in March 2011:
What happened was that everyone in Ireland had the idea that somewhere in Ireland there was a little wise old man who was in charge of the money, and this was the first time they’d ever seen this little man. And then they saw him and said, Who the fuck was that??? Is that the fucking guy who is in charge of the money??? That’s when everyone panicked.”
YouTube: gavinsblog
31 March 2010: Charlie Bird knocks on David Drumm’s door
The former chief executive of Anglo Irish Bank had been living in the US since the furore over the collapse of Anglo but he remained in the news primarily because of loans from the bank which the new management were chasing.
The bank’s new management team weren’t the only people chasing Drumm. So too was the intrepid Charlie Bird, RTÉ’s US correspondent, who wasn’t much liking his American adventure but seemed to enjoy haranguing Drumm on his doorstep.
Not that the former banker answered the door:
YouTube: rte
19 August 2010: David Murphy welcomes Michael Fingleton home
A day after it emerged that Irish Nationwide’s taxpayer-funded bailout would top €3 billion, RTÉ’s Business Editor David Murphy was waiting in the arrivals hall for the building society’s former chief executive Michael Fingleton when he arrived home from Spain.
They did what’s known in the business as a ‘walk-and-talk’:
YouTube: rte
14 September 2010: “A real new low in Irish politics”
At his party’s think-in in Galway, Taoiseach Brian Cowen was attempting to rally the Fianna Fáil troops as the government continued to take much of the heat for the continuing economic turmoil Ireland was experiencing.
As part of that he went on RTÉ’s flagship radio programme, Morning Ireland, to conduct an interview about the December budget. But when Fine Gael TD Simon Coveney tweeted: “God, what an uninspiring interview by Taoiseach this morning. He sounded half way between drunk and hungover and totally disinterested…” the blue touchpaper was lit for a political controversy that went global.
RTÉ’s David Davin-Power pulled it all together:
YouTube: rte
18 November 2010: “Coming on here with your oul’ palaver”
Three days before Ireland admits that it needs a full-blown bailout, there is talk of a contingency fund for the banks courtesy of the IMF. At this point the dogs on the street are increasingly aware of Ireland’s fate but Fianna Fáil ministers will not admit the full scale of the funding problem the State faces.
And Labour Party TD Pat Rabbitte is angry, real angry:
YouTube: rte
21 November 2010: “I don’t accept the premise of what you’re saying”
On the day that the government admitted it was going to seek international assistance from the grouping that would become known as the Troika, Taoiseach Brian Cowen and Finance Minister Brian Lenihan took a few questions from the media at government buildings.
It was all fairly routine stuff for such a significant moment. That was until the man himself, the one and only Vincent Browne decided to ask a few questions:
YouTube: yekcim39
24 November 2010: “We all partied”
Days after Ireland confirmed what had been inevitable for weeks, Finance Minister Brian Lenihan was interviewed by Miriam O’Callaghan about the bank guarantee and straight out denied that it was his decision to guarantee the banks that led to Ireland needing a bailout.
What followed was a line that will forever be remembered in Ireland and associated with the boom time. Except for those of us who didn’t party:
YouTube: alexiablogs
1 April 2011: Constantin Gurdgiev sums up the crisis
We’re not sure when this was recorded but it’s a pretty short and succinct analysis of what’s wrong with Ireland’s banking sector from the TCD economist appearing on TV3′s Tonight with Vincent Browne:
YouTube:twg20101
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The perfect article to raise blood pressure nationwide on a Saturday morning.
I am an Irish patriot who idealistically always believed in a nations or peoples right to determine their own future. I make this qualification because what I’m about to say would be greeted with major hostility by Irish people if I was not Irish. That is that I seriously have to rethink my ideology. I feel that we as a people are conniving, slippery, unruly, shite talkers who’s involvement in any pursuit is primarily motivated by what we can get out of it for ourselves and to hell with what that means for anyone else or the bigger picture. We are uncivilised where civilised matters such as commerce and governance are concerned and we are the best bullshitters in the world at trying to cover our tracks even with our poor use of the English language e.g (Brian Cowen) spouting shit about context and premise and parameters!! And we all listened to this and facilitated it. Brian Cowen had the highest first preference vote in the country, and there are plenty of savages still who would defend their decision. We are a sick people and the state if our country reflects this now. For got sake we invented the phrase Me Fein or Me Feiner!! We need to make up and realise that we are sick as a people and stop patting ourselves on the back for our ability! The things we do best and are best known for are drinking and shite talking. Until we realise that the patient is sick we will never heal him. Which is a shame because if we had the courage to do so i believe we could heal and be one of the best small countries in the world. However I fear we never will, this is our tragedy. Until we do we will continue to put up with this leadership and stumble from one recession or crisis to another because so long as we are able to num it all with a load of alcohol and COMPLAIN quietly, we can put up with anything. Do you remember the line of the English landlord in The Wind That Shakes The Barley? “God Preserve Ireland If your kind ever take control!!!”
Where would you suggest the necessary reforms start, give us a list
One problem you forgot to mention, are the people like you. Your type are the first to throw the stone of blame, pontificating on your patriotic high horse. The Irish people are just as sick of your type than they are the politicians. Quick to point out the problems, without offering solutions, looking down on us from another country. Why not come home, and contribute to the Irish economy by paying tax, instead of spouting shit
Hats off to all the journalists in these clips. They really posed good questions even if the politicians tried to avoid answering.
Oh and fair play to Pat Rabbitte. All that was missing was “I’m as mad as hell and I’m not going to take it anymore!”
Andy
Fair comments , but where is that same Pat Rabbitte now ? Pat is gone all we have left is the rabbit ……. I admired him that night and he was 100% correct to have a go at Carey . But currently , the man is a wuss, and should take his own comments back . Shame on him.
Oh Yes Our Politicians and Bankers Partied Too Hard.
And they left us with the Guilt and the Bill!
Shame on our Leaders!
The same Pat Rabbitte that’s now a member of a Government that’s taking money hand over fist from the people that can least afford it! What a complete hypocrite this man is!!
Excellent piece, but I’m afraid I have one small issue. The Journal had an “Exclusive” yesterday about how a particular ad campaign was allegedly using uncredited stock photos in its billboards. There was much outcry about how this was immoral and illegal. Unfortunately, many of the videos in this article, created by RTÉ, are being credited to whoever illegally posted the video to YouTube. In effect, The Journal is, by this article, guilty of the very same offence that David Hyland accused Youth Defence of committing yesterday.
It doesn’t make it right just because it is a subject matter you may agree with.
Really? THAT’S what you took from all those clips? Who claimed credit? Not the content of them?
@Andy, I prefixed my comment by commending the article as “an excellent piece”. It is always good for us to be reminded, in case we missed it over the last four-five years, what happened to the economy of this country and who brought us here.
My point is that as journalists, if The Journal is to be publishing an article condemning the alleged abuse of copyright by one organisation it should be beyond reproach itself when dealing with the very same copyright concerns. It’s just a housekeeping matter but it is worth highlighting.
Furthermore, @Andy, RTÉ provide a rate-card here… https://www.rte.ie/archives/sales/archivesales/rates/ and facility to legitimately access archive video. If more journalists sourced their footage through the appropriate channels instead of through YouTube, RTÉ might have enough funding to continue and improve upon their long tradition of investigative reporting (Aoife Kavanagh, et al aside). If those in the industry are plagiarising, and if RTÉ lose viewership/readership to other news-sources, it is the tax-payer and licence-fee payer who will have to fill the short-fall in the coffers.
At least the alleged stock-photo infringement didn’t cost you any money. Using RTÉ footage without due credit is effectively robbing the taxpayer.
Brian L
We all know who brought us to where we are at . We hear Enda Kenny and his Crones tell us that it is FF’s fault , ad nauseum from Dail Eireann on a near daily basis. The thing is FG Have dragged us down even further , they have promoted emigration of our young people, and povertised the people of the Celtic Tiger who are remaining here and struggling to keep their heads above water while their standard of living is dropping .
I think the Journal are promoting a line of reporting via this article in keeping with the obvious condemnation of anything or any one not FG/Lab. It is a ploy these days of the media to detract and distract our attention from the disastrous and contemptible actions of our current government.THis article as I said while true ,is dated ,and we should be more focused on current events.
I’m no cheerleader for FG but surely you are aware that the Troika was invited into this country by FF/Green. The previous government have left the current in a economic straightjacket despite what FF would want you to believe.
SMcB
I am NOT a FF supporter and never was . I gave my first preference to FG,I believed them ….remember ”Not another cent ”! !!! They knew too the Troika were invited in ……. Why did they lie and why are they continuing to lie ?The sooner this sham of an administration goes the same way as FF the better.
I can not wait !
@hugh, should 2011 be 2010 in some of those headings?
Regarding Sparks Flyin’s comments,
Firstly where did you get the idea that I am living in another country? I live, run a business, bring up a family and pay taxes in this country and live with the consequences of the actions of these and other people and the resulting failed state. As for not offering solutions, how long did you want my post to be? But now that you ask here are a few ideas:
1) A list system where people can longer vote for the local parish pump clowns who work their way up the councils and classrooms!! People vote fir candidates from a national list.
2) Government Ministers can be appointed from outside the dail!
3) Reduce the amount of TDs by a MEANINGFUL figure.
4) If appointed a Minister you must resign your seat as a TD. This is now your job.
5) No Ministerial pension can be drawn down until age 65.
6) All public sector pensions from this date forward become defined contribution pensions and not defined benefit pensions.
7) Give consideration to the idea of Making the Minister for Finance an arms length non party political position.
Just some ideas. Love to hear yours!
All these clips report are the superficial top layer of the problem and fails to point out the real problem of our monetary system: The fractional reserve banking system – where <10% of money actually exists the rest is made up gambling phantom money – ie. the central bankers and senior bond holders who own them operate a financial pyramid scheme.
This has not changed one bit – and it will not either unless we wake up to this fact.
At present we are at the paying for the collapse stage. All this irrelevant squabbling over percentages of (even more) bond market loans, with absolutely no plan to reduce our national debt (apart from handing over our countries physical assets to the loan sharks) keeps us ignorant of the true solution.
Oh great! An article on which all those morons who bring ‘the bankers’ and ‘state of the nation’ into comments on totally unrelated stories on here can actually make a valid comment!
I blame the London Olympics for our current state of affairs. Did anyone not see the amount of money that was blown last night and not put two and two together? Wasn’t planning for that started about 7 years ago? Sure isn’t that where all the money we used to have to play wlth went? Obvious. Can we have our money back now please? Can we? Look we’be been very good these last few years and we promise not to get hyper on the buildin an stuff again. We promise never to screw eachother over again by overcharging and under delivering. Honest. Actually my fingers are crossed behind my back because of a rare genetic disorder – you should be ashamed of yourself for thinking otherwise…
@Sparx Flyin. U really havent a clue have you!
Not really no. But then, no one does seem to have a clue. If they did, maybe we wouldn’t be in the state we’re in. We are forever hearing what’s wrong with the country. That’s easy. Anyone can point out flaws. Its seems like the people with the answers, are afraid to step up and take control of the situation. Or are ye all afraid that ye will all do a George lee on it, talk the big talk. But when it comes to the walk, its done so with tail firmly between legs
Any person with a bit of common sense would know,that when you have a problem with anything,you go to the root core to find the cause in the first place.No one on any of these videos or anywhere else up until now ever tried to fine the real reason why Ireland and many other countries are in financial trouble.This problem will keep getting worse because nobody in political,media,or anyone with a voice talks about the real reasons why all these problems are rising and getting worse by the weeks and months.History is repeating itself,it has done many times and it will do again because we let it happen.In my own humble opinion if people dont stand together now in a serious way and demand with raised fist that a change of direction is needed,then we are heading into global war.This war that is coming wont have many survivers,so think about that while you listen to those comedians on them videos,they are not telling the truth,thats the problem.In a nutshell the truth is this whole financial mess we,re in is INTENTIONAL along with the slaughter in the middle east to bring about a new global order,A ONE WORLD GOVERNMENT. Thats the root of all the bother,but no one is talking about ,I WONDER WHY.
god i nearly got sick watching that, its like a new reality show “when filthy low life traitors ruin your country”
we had voted FF/Green out, now you all wanna vote FG out and we are up to our hair roots in a situation that we cannot get out of, so who will govern us if we get all this crowd out then? where can we go to get out of situation and have decent governance in our little country?
when you say ‘out out out’ you have to ask ‘in in in’ to someone else, there isnt anyone, yet…sit tight, be personally innovative, creative and positive.. Educate for the future, look after the young and the vulnerable elderly and disabled and try try to get out of mess without creating a society that stomps all over each other in a melee of utter chaos and selfishness.
this is a time to show that despite catholic hokey pokey, we can be either christian or even human to our next of kin and neighbour.
end of rant. its a shite time and few answers…right now
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