“It is an urgent and immediate priority to reinforce international market confidence in our ability and commitment to restore our banking system to health and to secure the long-term sustainability of our fiscal position.” [Brian Lenihan, 30/09/10]
Below is a graph attempting to chart ‘the market’s’ reaction to government policy over the last 3 years. If anyone has access to the raw data used to create the bond yield graph (GIGB10YR:IND) please send it our way.
Charting government policy vs market reaction [click image to zoom]
MEDIABITE 
I would have thought that graph was pretty much self explainatory
True. But what do the markets worry about most: deficit, bailout, economy.
It is urgent and immediate priority that we remove the current bank officials that are still on our boards the banks did not need bailout they need new blood at the top otherwise history will repeat history good trees produce good fruit time to prune the banking system what we need is a new green vine a independant task force with expertise, to name a few ,george lee, david mcwilliams ,eddie hobs, and two serious business sharks ben dunne comes to michael o leary the last thing we need right now is irish economists who are appointed by the state predicting bad weather forcasts they are instilling fear into the economy as for wren I would have him return asap and present to him the green backup strategy plan this must take place before the budget
Thanks Margaret, but I must say I am 100% not behind that plan. Here’s why:
http://dublinopinion.com/2010/09/06/eddie-hobbs-thirty-ways-to-spend-your-post-ssia-career/
I think the fact that like the rest of us, Lenihan’s figures have been so wide of the mark in relation to the bank bailout and their problems that he has lost all credibility. I think that is the main issue as it was with Greece’s rather creative style of accounting. Adding to that the fact that the banks are now tied to our sovereign debt and that compounds the problem. That was a major mistake in the early years
Surely we just change the terms of the guarantee when it lapses?
I find the assumption that the Government’s policies are the results of blunders, mistakes or incompetence rather comical. Those who keep advancing such arguments are, then, substantially in agreement with both the Government themselves and the thrust of media commentary – the policies aren’t wrong, the intentions aren’t wrong, it’s just the implementation. Let’s leave aside the inherent class bias in the assumption that what’s really the problem is a bunch of jumped-up rural hicks who can’t understand the complexities of economics, as exemplified by those shining examples in Britain and America, who are setting such shining examples in how to reward gamblers for sinking the global economy. Yes, bring on the Dublin 4 types, they’ll save us.
The current situation is not the outcome of clientalism, insularism, incompetence, localism, or any other variety of essentialist nonsense. It is the result of a deliberately-chosen set of policies pursued to their logical conclusion, policies that were not only embraced, cheerled and propagandised for ad nauseam by the major media and its golden boy ‘experts’ but by the EU at large. I’ll say it again: the policies being pursued now are the logical outcome, and continuation, of the same policies that have been pursued for many years.
However, Irish ‘left’ commentators seem to be as wilfully blind to the purpose of it all now as they have been all along, and keep repeating the media gatekeepers’ PR phrases about ‘governance’ and ‘reform’ like so many organ grinder’s monkeys.
The Government aren’t the problem; the ‘opposition’ have been the real enablers all along, and they’re now getting just what they’ve been looking for. Thank heaven for the real people of this country, who effectively turned a stage-managed token protest into a real gesture of opposition.