Ah but Minister O'Dea, what happens when the shopkeepers costs rise faster than he can find cost savings? He's already down on revenue (less taxpayers).

Oh that's right, he has to pass the rising costs on (more taxes), now the shopping center management who control the infrastructure decide to charge for parking (Iarnrod Eireann), so even less people are buying from him, in fact they go where it's cheaper (Germany, N. I.), so even less revenue. So in response the shopkeeper starts laying off staff and cutting product lines (watch the HSE), but that's a productivity improvement as the remaining staff have to work harder so they go on strike for more money.

During the boom the shopkeeper was robbed, they caught the robber, but the shopping centre chairman (Bertie Ahern) negotiated a 60/40 split with the robbers, where the shopkeeper only got 60 percent of the goods returned.

An external consultant (the IMF) looking at the books of the shopping centre shook his head and said this was unsustainable, but the internal auditors (central bank) said everything was ok, the shopkeeper was robust and had plenty of capital reserves to sustain him and if he needed more he could borrow 3% of his revenue.

Eventually, the shopkeeper went bust and the store was turned to a soup kitchen (dole office), and former workers from the factory (that had now closed due to rising costs) and former shopkeeper lined up for rations, the management had to borrow money at higher interest rates to keep center operational. Eventually it went bust and had to be bailed out for a song by a major conglomerate (EU), who bought off the existing management, cut everyone's wages and issued orders from head office and sweated the assets.


Perhaps the government should reflect on this:

Behold, we are servants this day, and as for the land that you gave to our fathers to eat the fruit of it and the good of it, behold, we are servants in it.
Nehemiah 9:36

Let's see your CV Willie before we even bother listening to your interpretation of economics.

Eh Geckko,

Given the quality of shite emminating from people who are 'Leading Economists' working for major Banks, I don't think you can use that stick to beat Willie

Plenty of other sticks lying around though

As long as our leaders carry on with the "blind optimism over realism" strategy we're in trouble.

I love this photo. What was he thinking allowing this to be taken? Seriously?

Are there other European countries who give their Ministers prime column space with such regularity?

I think its funny

In that one paragraph Willie sums up two huge problems with the current government.

1. They think that the extent of the downturn will be that it will prevent people having second holidays. Not even holidays, second holidays.

2. They reckon it will all be sorted out within a year or so. I think this year or so talk is based primarily on when the local elections are. They want to give a time line beyond then so that when they're campaigning they don't have to address economic issues. After the local elections, the predictions of recovery will again be adjusted to take us out to after the next general election.

This talk about Doom and Gloom Merchants is really starting to piss me off now. It used to be that if you said the boom could end you were a doom merchant who would cause the boom to end.

Now you're a doom merchant just for suggesting that the downturn might be more serious than forcing people to have only one holiday a year.

Will anyone in the Dail or in the media say "You know..I was wrong about the severity of this, maybe I should listen again to the people who were warning about it"

Of course not.

Ride out the storm and then when it's over, claim you were right all along.

-Rd

This is just hilarious. He is quite happy to point out how fucked everyone else is, and blames Ireland's problems on exchange rates?

They really must take the public for fools... or is the first muttering about leaving the euro?

This guy is embarassing as a public figure, the people that voted him in as a TD must be very gullible. Everytime I hear him on tv its cringeworthy because he doesnt seem to have a clue. Not only that but you'd need an interpretor to understand him.
So who votes for a guy like this, anybody

He's probably greate at claiming credit for medical cards and 101 other things to which people are already entitled. Parochial clientelism is the backbone of our great political system, Irish people do not elect governments, they vote for citizens advice advocates.

So who votes for a guy like this, anybody [/quote]

After the shabby manner in which he dodged the Shannon airport move,none of his constituents (one would hope)

Apparently he is good at getting 'things' done for you. If I recall correctly he would be one of the party's biggest vote winners.

19,000 people apparently.

It'll be interesting to see how FF fare in upcoming elections in that part of the world. Will Shannongate be easily forgotten?

-Rd