TONIGHT With Vincent Browne

Coillte_Bhoy

JohnfromGalway wrote: »

Grounds are equality - benchmarking has enslaved the (almost but getting there) other half of society.

What other half of society? Who exactly? Please point out under what statute it was illegal and under what article of the constitution was it illegal.

Syferus

For God's sake don't feed the trolls.

Agricola

I watch VB most nights, usually to get a kick out of him taking apart another politician, but tonight's programme really was worrying. The likes of by-elections in Donegal are irrelevant! Even if the figure of a third of a trillion euro is over-egging it, we're still talking about a number thats just not realistically re-payable.
Joan Burton said it in the Dáil today and Somerville re-iterated it tonight. The government have been basically doing what they've been told since Sept '08. ECB advise for a blanket bank guarantee got us into this mess, so why the hell should we cripple our country for generations on the back of that advise, in an attempt to shield them from losses. Spread the pain, let someone else take some of the hit.

Jesus Christ what a monumental shítstorm. I hate to sound like a Joe Duffy caller, but its gut wrenching to think that the parasites that largely caused this mess will walk away from it without a scratch.

MaceFace

While there are a number of "celebrity economists" whose prime motivation only seem to be fame and popularity, it may be best to actually challenge them on what they are saying now rather than how often they are on TV or how they were wrong in the past.

From looking at much more respectable sites (sorry guys, but those populated by real economists ), it seems about right that the figure will be about €200bn. See here

jpfahy

Coillte_Bhoy wrote: »

What a load of unsubstantiated ribbbish! So the army are all political appointess are they now??? LOL

Senior Officer appointments in the Army and Gardai are all political appointments.
Entry to the officer corps via the Cadet School is rotten with nepotism and political interference.
There is zero chance of a Coup D'etat in this country

Shane10

it was scary watching it last night, 343 billion they reckon about our debt?? if thats the case all this bail out is just for the sake of it, were doomed. i had to turn it off and go to bed.

telekon

MaceFace wrote: »

While there are a number of "celebrity economists" whose prime motivation only seem to be fame and popularity, it may be best to actually challenge them on what they are saying now rather than how often they are on TV or how they were wrong in the past.

From looking at much more respectable sites (sorry guys, but those populated by real economists ), it seems about right that the figure will be about €200bn. See here

Phew, thats alright then.

Shane10

can someone tell me what happen if one day in say 6 months time the government go "we cant go on we have no money left to pay back this loan"??? whats the worse case scenario for the country???????

KerranJast

Shane10 wrote: »

can someone tell me what happen if one day in say 6 months time the government go "we cant go on we have no money left to pay back this loan"??? whats the worse case scenario for the country???????

The worse case? Probably that we run out of cash reserves, can't borrow and then can't pay the Dole, Nurses, Gardai etc. Also the Banks being unable to borrow would mean no cash from ATMs. :eek:

Shane10

KerranJast wrote: »

The worse case? Probably that we run out of cash reserves, can't borrow and then can't pay the Dole, Nurses, Gardai etc. Also the Banks being unable to borrow would mean no cash from ATMs. :eek:

ok but what happens then, seriously? something would have to be done, no?

KerranJast

Shane10 wrote: »

ok but what happens then, seriously? something would have to be done, no?

By who? The EU would probably kick us out, the markets and IMF wouldn't loan to us for a good while. We'd probably have to go cap in hand to the World Bank. We'd be forced to fund our State services directly from our taxes which is impossible currently. We'd have to slash social welfare to the bone just to be able to employ the bare essential Nurses, Doctors, Gardai and Army.

Shane10

jeez im getting worried now, fck how did we get it so wrong.

MaceFace

Okay, time to calm down - the claims by the other poster are pure fiction.

Reality check - we can not be kicked out of the Euro - we could have pressure put on us, and we can decide to leave, but certainly not kicked out.

The ECB are ultimately responsible for the banks so they won't simply allow Europe to fall apart - they will start printing money.

We are members of the IMF and at the absolute worst case scenario, they will loan us money direct without EU involvement. They will have us default on many of our debts (probably).

Before the scare mongering continues, is anyone actually aware of any country where these wild statements occurred?
Even in Iceland, which was a proper full default - the ATMs stopped giving out money for 10 seconds at night - that was it (according to finance spokesman from Iceland on VB a few weeks back).

Time to be rational and not further worry people with personal opinion based on no fact.

flynnlives

Shane10 wrote: »

jeez im getting worried now, fck how did we get it so wrong.

we didnt get it wrong.

Fianna Fail decisions over the last 2 years got us to this situation.

A default is/will be coming.

KerranJast

MaceFace wrote: »

Okay, time to calm down - the claims by the other poster are pure fiction.

Reality check - we can not be kicked out of the Euro - we could have pressure put on us, and we can decide to leave, but certainly not kicked out.

The ECB are ultimately responsible for the banks so they won't simply allow Europe to fall apart - they will start printing money.

We are members of the IMF and at the absolute worst case scenario, they will loan us money direct without EU involvement. They will have us default on many of our debts (probably).

Before the scare mongering continues, is anyone actually aware of any country where these wild statements occurred?
Even in Iceland, which was a proper full default - the ATMs stopped giving out money for 10 seconds at night - that was it (according to finance spokesman from Iceland on VB a few weeks back).

Time to be rational and not further worry people with personal opinion based on no fact.

I was outlining the absolute worst case scenario if we're behind Spain, Portugal & Greece for default. As you say above it probably won't happen but things will be very very bad.

Shane10

didnt our banks borrow from the ECB right so if they were as reckless as was the case how come the ECB didnt put a stop to it and say your going crazy reign it in or we wont keep lending these amounts?

sorry one more question, i hear this we should default a lot. what does that actually mean, we cant pay our debts so there written off and we kind of start again??

MaceFace

Shane10 wrote: »

didnt our banks borrow from the ECB right so if they were as reckless as was the case how come the ECB didnt put a stop to it and say your going crazy reign it in or we wont keep lending these amounts?

They did two weeks ago - thats what caused it all to kick off now. The ECB gave them €130bn and said thats it - it can't go on.

Shane10 wrote: »

sorry one more question, i hear this we should default a lot. what does that actually mean, we cant pay our debts so there written off and we kind of start again??

Yep - we tell the people who invested in the banks through purchasing bonds that they are only getting back 20c for every €1 they invested.
The problem with this is that this will cause serious problems for many large financial institutions which is controlling the small persons money (through investments with bank, pension schemes, insurance companies etc).

The other, much bigger problem, is that if we default, the decision will be made that any EU country can default. If that happens, the bond yields for every other unstable EU country rockets up. Thats why you see Portugal and Spain having to pay a much higher interest rate to borrow money - because they don't know what is going to happen here.
Think of it - if you are going to invest money - would you invest it in a scheme that is only paying 8% with a real risk of losing everything?

Shane10

that makes a few things more clear, thanks for the replies.

AOwannabe

So, more light-hearted discussion tonight

Tomohawk

This should be interesting and he's just announced an extended programme.

Koloman

Pat Carey and Pat Rabbitte reunited!

JonathanAnon

AOwannabe wrote: »

So, more light-hearted discussion tonight

Hey did you hear Colm Mccarthy earlier on Prime Time... He said that "last nite, economist.. not on this channel .. were counting up the debts wrongly"... I assume that he was talking about Vincent... He said that they were doubling counting part of the debt, and it wasnt as large as they were making out..

12.30, jaysus.... that's great... wall to wall depression today starting from Morning Irleand to Vincent Browne..

AOwannabe

Wooo!! We could have a rematch of the Pat Rabitte-Pat Carey shout fest tonight. Richard Bruton also on.

bluefinger

Super line up tonight. Vincent xl . Rage overload here we come.

ballsymchugh

Koloman wrote: »

Pat Carey and Pat Rabbitte reunited!

gotta say, as much as i hate the party, pat carey is a brave man / sucker for punishment. i wish that "TRATIOR" from trim was wheeled out for once!!

JonathanAnon

Lot of coughing going on .. do they think they are on with Mark Coleman or whaaaa?

AOwannabe

JonathanAnon wrote: »

Hey did you hear Colm Mccarthy earlier on Prime Time... He said that "last nite, economist.. not on this channel .. were counting up the debts wrongly"...

Didn't catch Colm saying that but sounds very plausible. VB and his guests always seem to have a problem with numbers like that episode a couple of months ago when they all thought a billion was equal to 100 million.

Tomohawk

I must say I'm turning into a right news junkie what with all this wall to wall coverage of the "Situation" in the last week or so. One good thing is that people might be more educated on economics and how the world works when its all over in the future...

JonathanAnon

it's 200 billion today.... it was 340 Billion last nite... ???

Okay lads, find out whatever we did today.......... do the same on Thursday, Friday, Saturday, and we take the lord's day off for a rest..

Koloman

AOwannabe wrote: »

VB and his guests always seem to have a problem with numbers like that episode a couple of months ago when they all thought a billion was equal to 100 million.

Given VB's record in the publishing business with his magazines which all went bust then numbers would seem to be Vincent's weak point.

Isn't he selling his house in Dalkey because of a large debt?