Comments on: Cowen to face inquiry questions in public? http://thestory.ie/2010/01/31/that-banking-inquiry/ Sun, 20 May 2012 19:29:13 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Fergus O'Rourke http://thestory.ie/2010/01/31/that-banking-inquiry/comment-page-1/#comment-2062 Fergus O'Rourke Tue, 09 Feb 2010 19:39:06 +0000 http://thestory.ie/?p=1069#comment-2062 Gavin That's a good answer, and I am not going to rush my rejoinder (if I can find one). I don't understand your second paragraph, though: you say no, then you say yes. Gavin

That’s a good answer, and I am not going to rush my rejoinder (if I can find one).

I don’t understand your second paragraph, though: you say no, then you say yes.

]]> By: Gavin Sheridan http://thestory.ie/2010/01/31/that-banking-inquiry/comment-page-1/#comment-2061 Gavin Sheridan Tue, 09 Feb 2010 18:54:47 +0000 http://thestory.ie/?p=1069#comment-2061 @Fergus I would hazard that key decisions were made by political leaders and within the regulatory regime (or indeed key decisions were not made but could have been) that led to the credit and property bubbles. I think that is fair. Post September 2008, they were clearly not the the only critical ones, but I believe they were the critical ones. I believe we do need an inquiry, clearly. Just not one in the current format. All our current system seems capable of is "naming and shaming". Anything above that is a bonus. I tend to keep my expectations low. I'm not quite sure what your'e getting at - I was dismissive of Colm McCarthy's idea of a narrative inquiry, simply because DIRT was something similar - and led directly to no cultural change in the regulatory regime (indeed it got arguably worse subsequently). Regulatory capture seems to me to be one of the biggest issues, yet almost nowhere is it spoken of. @Fergus

I would hazard that key decisions were made by political leaders and within the regulatory regime (or indeed key decisions were not made but could have been) that led to the credit and property bubbles. I think that is fair.

Post September 2008, they were clearly not the the only critical ones, but I believe they were the critical ones.

I believe we do need an inquiry, clearly. Just not one in the current format. All our current system seems capable of is “naming and shaming”. Anything above that is a bonus. I tend to keep my expectations low.

I’m not quite sure what your’e getting at – I was dismissive of Colm McCarthy’s idea of a narrative inquiry, simply because DIRT was something similar – and led directly to no cultural change in the regulatory regime (indeed it got arguably worse subsequently).

Regulatory capture seems to me to be one of the biggest issues, yet almost nowhere is it spoken of.

]]> By: Fergus O'Rourke http://thestory.ie/2010/01/31/that-banking-inquiry/comment-page-1/#comment-2060 Fergus O'Rourke Tue, 09 Feb 2010 18:44:31 +0000 http://thestory.ie/?p=1069#comment-2060 Gavin, You write as if you at least are in a position to not only know that we were propelled into our current position by a small number of evil "people who caused the mess", but to identify those evil people. Are you ? Secondly, you say that "the decisions post September 2008... were the critical ones". I don't agree that they were the only critical ones. You're not alone, of course, in giving the impression that you don't need the Inquiry to identify the culprits. It's pretty well universal in the media. Everyone's hero Matt Cooper (he's good but not *that* good) has even decided that all that will be possible to be done to the media-selected culprits is to name and shame them. (Because due process will prevent anything else). Who'll do that ? Why, the media, of course: better than any prosecutor, judge or jury. Much better fairy-stories, or "narratives" as the jargon now has it. Has no-one heard of the narrative fallacy ? Gavin,
You write as if you at least are in a position to not only know that we were propelled into our current position by a small number of evil “people who caused the mess”, but to identify those evil people.

Are you ?

Secondly, you say that “the decisions post September 2008… were the critical ones”.

I don’t agree that they were the only critical ones.

You’re not alone, of course, in giving the impression that you don’t need the Inquiry to identify the culprits. It’s pretty well universal in the media. Everyone’s hero Matt Cooper (he’s good but not *that* good) has even decided that all that will be possible to be done to the media-selected culprits is to name and shame them. (Because due process will prevent anything else).

Who’ll do that ? Why, the media, of course: better than any prosecutor, judge or jury. Much better fairy-stories, or “narratives” as the jargon now has it.

Has no-one heard of the narrative fallacy ?

]]> By: Stephen Dunne http://thestory.ie/2010/01/31/that-banking-inquiry/comment-page-1/#comment-1960 Stephen Dunne Tue, 02 Feb 2010 09:33:40 +0000 http://thestory.ie/?p=1069#comment-1960 I know, it's like a who's who of the corrupt and crooked in Ireland. Certainly I agree, it's so concise and well written. Cooper is quality it has to be said, he's weekly column is essential reading. I know, it’s like a who’s who of the corrupt and crooked in Ireland. Certainly I agree, it’s so concise and well written. Cooper is quality it has to be said, he’s weekly column is essential reading.

]]> By: Mark Coughlan http://thestory.ie/2010/01/31/that-banking-inquiry/comment-page-1/#comment-1952 Mark Coughlan Tue, 02 Feb 2010 00:08:12 +0000 http://thestory.ie/?p=1069#comment-1952 Cooper's book is simply the best piece of explanatory writing produced by any Irish individual I've read. He's a quality journalist. The book is fantasticly passionless and concisely written. If you're reading it now have your post-it pad out and stick notes to every page, it'll come in useful in future. Cooper’s book is simply the best piece of explanatory writing produced by any Irish individual I’ve read.

He’s a quality journalist. The book is fantasticly passionless and concisely written. If you’re reading it now have your post-it pad out and stick notes to every page, it’ll come in useful in future.

]]> By: Stephen Dunne http://thestory.ie/2010/01/31/that-banking-inquiry/comment-page-1/#comment-1948 Stephen Dunne Mon, 01 Feb 2010 20:08:06 +0000 http://thestory.ie/?p=1069#comment-1948 I'm reading Matt Cooper's book at the minute and the deatils of some of McCreevy's decisions regarding tax for the rich are quite astonishing. One of the taxes, ARV's I think, allowed the rich to pay allmost nothing in income tax. Basically the banks forwarded huge loans to them, which diluted their earnings on paper and meant that only interest on the huge loans had to be paid. Well something like that. But since the builders and the rest of the cabal have come into financial difficulty, all these interest payments could not be met providing another hit on the banks as international credit markets seized after Lehmans. Ahern activelty promoted this with McCreevy among a whole range of other areas. It is an absolute farce that they do not have to stand up in front of us and explain themselves. Although I believe the bank interrogator appointed last week is supposed to be quite the enforcer, and I think Honohan will do a good job, a public enquiry is certainly needed. I’m reading Matt Cooper’s book at the minute and the deatils of some of McCreevy’s decisions regarding tax for the rich are quite astonishing. One of the taxes, ARV’s I think, allowed the rich to pay allmost nothing in income tax. Basically the banks forwarded huge loans to them, which diluted their earnings on paper and meant that only interest on the huge loans had to be paid. Well something like that. But since the builders and the rest of the cabal have come into financial difficulty, all these interest payments could not be met providing another hit on the banks as international credit markets seized after Lehmans.
Ahern activelty promoted this with McCreevy among a whole range of other areas. It is an absolute farce that they do not have to stand up in front of us and explain themselves. Although I believe the bank interrogator appointed last week is supposed to be quite the enforcer, and I think Honohan will do a good job, a public enquiry is certainly needed.

]]> By: steve white http://thestory.ie/2010/01/31/that-banking-inquiry/comment-page-1/#comment-1934 steve white Sun, 31 Jan 2010 23:00:07 +0000 http://thestory.ie/?p=1069#comment-1934 he will http://www.irishtimes.com/newspaper/ireland/2010/0121/1224262781583.html he won't http://www.independent.ie/national-news/cowen-will-not-volunteer-to-answer-questions-in-public-2024501.html 21 jan does he mean at the post inquiry committee how long away is that? he will http://www.irishtimes.com/newspaper/ireland/2010/0121/1224262781583.html

he won’t
http://www.independent.ie/national-news/cowen-will-not-volunteer-to-answer-questions-in-public-2024501.html

21 jan
does he mean at the post inquiry committee how long away is that?

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