The Unbearable Shiteness of Cowen

Brian Cowen’s economic treason.

He really is a dog, isn’t he? A dog and a muppet. A muppet-dog.

They told Cowen a full nine months before the blanket bank guarantee that the two fake banks were screwed, but he did nothing until nine months later when the heads of the two biggest banks walked into his office and spun him a little bit of the truth mixed with a big heap of lies.

We’re screwed, Brian, and you have to dig us out or the country’s ruined.

How did he dig them out so the country wouldn’t be ruined?  By ruining the country.

He issued a €440 billion guarantee, that nobody in the entire world believed Ireland could ever deliver on.  It bailed out not just the depositors, and the senior bond-holders, but also the subordinate debt : the people who took a high risk in return for high returns.  The finance gamblers who are used to getting burned.  He bailed them all out.

But wait.

Where were the media while all of this was going on?

What were they saying about Anglo-Irish Bank and Irish Nationwide?

Nothing, that’s what, because they were shit-scared to suggest that these banks were nothing more than pyramid schemes in case Fingers or Seánie slapped them with a lawsuit.  Check the records and you will see that no newspaper, radio or TV station pointed out the truth of Anglo and Irish Nationwide.  Instead, they all insisted on treating these two jokes as genuine retail banks.

Clearly, if Cowen was getting his information from the Financial Regulator Patrick Neary, a first-class idiot, the broadsheet newspapers and the national broadcaster, he had no reason to assume that the two fake banks were anything but genuine.  He can hardly have been getting his information from the half-wits in the department of Finance, and he doesn’t possess any special expertise in economics or banking himself.  In fact, to the best of my knowledge, Cowen possesses no expertise in anything.

This is our Prime Minister, who was in charge of Finance when everything went down the toilet.

Three days before the guarantee, Cowen and Lenihan were being advised by Merrill Lynch, hired for $7 million, not to bail out the subordinate bondholders and not to issue a blanket guarantee that would damage Ireland’s credit rating.  They were being advised that Anglo and Irish Nationwide were nothing more than a couple of scams that could happily be allowed to collapse, but they included both of these Ponzi schemes in the bailout anyway.

Why?  I think it’s because Fitzy and Fingers have so much dirt on people at the top of Fianna Fáil they had to be bailed out in case they’d start to reveal where all the bodies are buried.  But that’s just my personal opinion.  I think Cowen and Lenihan sacrificed Ireland to save Fianna Fáil, and I think that’s why Biffo reacted so badly when Eamonn Gilmore accused him of economic treason.

Gilmore hit a nerve.

26 thoughts on “The Unbearable Shiteness of Cowen

  1. And to think that he is the highest paid prime minister in Europe,fourth highest paid leader in the world and “earns” more than the Russian and Chinese presidents combined.We sure get value for our money ehh What.A great little country for incompetent assholes.

  2. Ah but Bock, he was doing important stuff at the time, like chasing that teacher who put the paintings of him in the National Gallery.

    You gotta stick with the important stuff.

  3. Attaboy, Bock.

    The leg may be hors de combat but the teeth are in fine fettle.

    It is incumbent upon us all not to let go of these fucker’s ankles until the next election and then ensure they are consigned to the dustbin of history.

  4. Pope Eport,
    I have read on many forums and here where people talk about kicking FF out in the next election. Is that the sum total of their punishment for bringing the younger generations back to the stoneage. I don’t think it’s enough taht they simply lose the next election. Look at Bertie Aherne. He’s lost his power but he’s comfortably well off. Won’t see the likes of him being carted of to jail.

  5. “And to think that he is the highest paid prime minister in Europe,fourth highest paid leader in the world and “earns” more than the Russian and Chinese presidents combined.”


    So glad I left in 93 – otherwise I might burst a blood vessel.

    I’m in the “it doesn’t matter who you elect, they’re all shite” camp – but Fianna FAIL really stretch that to breaking point. I haven’t been back since 2002 – but fuck – I’m coming home to vote at the next GE. They drove me to leave the country – the LEAST I can do is return the favour.

  6. “Three days before the guarantee, Cowen and Lenihan were being advised by Merrill Lynch, hired for $7 million, not to bail out the subordinate bondholders and not to issue a blanket guarantee that would damage Ireland’s credit rating.”

    Thank god for Joe Duffy and his lumbering, sweaty Walk on the Banks (I don’t think Joe does Runs these days, at least not Bank Runs…)

  7. @Builderfromhell

    Totally agree – loosing an election is not sufficient punishment – they should be locked up or, preferably, made to do something useful like empty bedpans in a public hospital for the rest of their natural.

    However, if there’s one thing that the last couple of years has taught me, it’s that a much needed social revolution is least likely to start in Ireland, whatever the ruling class does.

  8. Now Folks you must understand that the only thing of importance in this world is the F.F. Party. It must be defended and protected at all cost. The next election is not due until 2012 and all of the dissidents will have buggered off to Canada, Australia or wherever. Never to return, they may whine on sites, but who cares? The Golden Circle will still rule, in or out of office in the farce that passes for an Irish Parliament.

  9. At least six months before the bailout of Anglo Irish by these very clever, corrupt men and women, my eighty-year-old mother in-law was telling all of her family to take any money out of Anglo which she did herself. An eight-year-old woman with no UCD or Trinity education, no letters after her name; just a clever, wise woman who reads the papers and trusts her own gut. Stop calling the two Brians, the heads of the banks, the fund managers, Davys and all of the other players in this drama “idiots”. All of these “idiots” will die wealthy and their families will continue to occupy the ruling classes in Ireland long after your children have finally retired and returned to Ireland after working for thirty years in Canada or Australia. They will probably have to return to care for you as you are now too old to look after yourself and can’t afford a carer or pay the bill for a nursing home. While your son or daughter is looking after you because you are broken having had to work until seventy to qualify for your pension – the off-spring of Seanie, Liam Carroll, Johnny Ronan, Sean Mulryan and all of the other “idiots” will still be living in luxury and wealth.

    Darren Williams

  10. @ Darren

    Sad but true.

    Actually that makes me think of a presentaion I saw once where a guy was talking about the Fight or Flight reflex. According to him, if neither is an option humans have a tendancy to take a third option, Unconsciousness. The guy was saying that alot of drug problems and addictions come from this stae of Unconsciousness. In other words, with no where to turn and no where to go you’d sooner block out the world then suffer the reality of your seemingly unchangeable situation.
    It all sounded new agey at the time but sometimes I think about Ireland the way it is run and the way (some) people act, I can’t help but wonder if the guy hadn’t a point.

  11. Cest. That man you were talking to was right on the money, As was the 80 yr old lady, people charting their own course.
    We, the Irish are an awful shower of sheep, always seeking the opinions of others to make decisions.
    Did you ever notice people walking around Irish towns and Cities almost unfailingly answer their mobile phs with ” Where are you ? ” Is that infectious or habit forming environmental thinking,
    Just using it as a small example of transmittable unaware habit thinking.
    Alternatively a lot of people had so much blind faith, coming from the same source, that they believed the ” chancers ” would make it all go away.

  12. norma – “We, the Irish are an awful shower of sheep, always seeking the opinions of others to make decisions.”

    I see nothing wrong in seeking an opinion. Indeed it would often be preferable if the Over Mugs actually sought out qualified ones and listened to them. Jesus, if they’d even asked yer man in Limerick who’s always tapping away on the tinkernet, he could have even told them, for no ministerial salary.
    The problem as I see it is not asking an opinion in and of itself, but seeking an opinion as a form of defacto persmission. We won’t do anything until someone else does it first, and sure once something has been done first, even if it was a complete failure, there’s no stopping us. Shure weren’t we advised to do it… It not our fault!.
    Who knows, perhaps if Greece have a revolution and throw their chancers out of office, we might then give it a go.

  13. Cest. Probably worded that ineffectivly.
    No nothing wrong with seeking opinion, What i really meant was the persistent seeking out the renforcement of antiquated ideologies, Basically a lot of people did not want to take individual steps and measures, held onto bank shares, lost everything, many did so by following those with the blind faith in the gombeen system.
    Have they learnt anything though, I do not think there is any party presently fit for the purpose of turning something around out of all of this, But then back at the time of the last GE I was stunned at the people elected………….bit of despair.

  14. “We, the Irish are an awful shower of sheep, always seeking the opinions of others to make decisions.”

    Norma this is the great Irish custom of the kop out. Used by those paid to run the country. Consultants have made a fortune over the years…… how much I wonder?……. because our politicians and mandarins have been so spineless. It sits well with that other geat irish government tradition, procrastination. The art of putting things on the long finger instead of showing the courage and intelligence required in making a decision and standing over it. Sadly such a measure would be a step too far for the invertebrate half wits that run the public service and government.

    Rant over , the question remains ……. what are we going to do about it?

  15. Well democracy doesn’t work. I, like Churchill, believe it is a system begging to be corrupted, but it is the best system we have. Dictatorship would be fine, if we could trust those dictating to do the job in the best interests of the country and her people. We sit and watch Merchant Ivory or Poirot and see how the Aristocracy ruled over the people; beyond the law and always inside the circle. We are amusingly horified at the situation, but nothing has changed. Established money still gets people elected, and the corolary of that is that those elected will always be slaves to established money.

    There is no use just getting rid of the party in power. Look at Fine Gael’s golfing outing last week. The money just follows the climbers; the corruptable. Look at all the money that poured in behind the Nazis or behind George Bush. The only way to start again is total revolt. And this country is too tied to its fluffy duvet for that kind of action.


  16. I recall puffing a fag, listening to the radio when the bailout occurred. The reaction amongst our fourth estate was ecstatic “Britain, France and Germany aren’t too happy with us but we sure pulled the wool over their eyes!!! Chuckle, chortle!! No Northern Rock in our country, nosiree Bob!!! Guffaw!!” I was starting to seriously wonder about our press at that stage.

    In March 2008, before the bailout, the ubiquitous Jim Power of Friends First described as “ridiculous” claims that the banks weren’t well capitalised.

    Of course, at that time, our economy was still “unique” and would enjoy a “soft landing.”

  17. Nothing will change in this country until the process of getting elected changes. I weep to think of my own constituency (Healy Rae & O’Donoghue). As long as cash gets you elected, then corruption will be everpresent. As long as teachers and career civil servants (rather than engineers and scientists for example) run the country, we will never get anywhere. Was it on here that I read Neary graduated with a diploma in Latin and Greek? God save us all…..

  18. My observation is that the Irish in general are passive and lazy when it comes to registering their protest. All sorts of possible reasons for this: Legacy of British domination, Catholic “grin and bear it, valley of tears” shite, excessve interest in alcohol…..How come the French & Greeks protest & demonstrate when the proverbial hits the fan…. My own view is that to a significant degree we are a supine grovelling and (critically)a me fein nation with fuck all sense of the collective good. At your next social get together with friends / neighbours / relatives try to kick start a conversation around tax compliance, the obvious inequality in schooling, the prison system, public vs private health as opposed to……. Jedward, the price of drink, property or the possibility of a Meath / Louth replay…..Most people are clueless as to how other European countries on our doorstep actually manage to implement fairer solutions to these societal needs and could’nt really be arsed finding out. Civics / Ethics / moral philosophy needs to be mandatory subjects on the curriculum from here on in if we are to avoid manufacturing yet another generation of gombeen cute hoor greedy bastards with no regard for anyone else….

  19. Last week on Radio One, a guy from The Financial Times in London was praising the Irish for being as calm as we have been through this crisis. They rioted in Greece, they strike in France, and in his opinion there will be murder in Britain when they start to implement their tough measures in that country. And this “expert” was in awesome praise of how the Irish have just accepted the measures that the Irish Government has laboured on them. This is how the outside world sees us. Fuck me. If we are ever invaded again we will make the Vichy Government look like revolutionaries.


  20. Darren you have not been listening to our “Glorious Leader”. There is too much negativity about. The downgrading of the National debt to AA2 status should be seen as a victory for the Government and Ireland. Although we are up to our neck in shite. As yet only a few have gone under! Most of them are of no importance, the Golden Circle is still intact and shall pull through. Think positively “it will be all right on the night”

  21. And how much is it going to cost us to change the name of Anglo Irish to something that they hope smells of roses? Why not just go into the nearest junior infants’ classroom and let them pick it? The result would probably be better.

  22. i think its about time that the irish public are supplied with the following answers1/what members or td’s of ff have loans with any of the bank being bailed out by the tax payer and if so are these loans performing to their original contracts2/have the irish people any loans from these institutions also by the government and for what and how much and so on [these answers are essential because of conflict in the national interest and to the survival of irish republic3/why 7million us dollars of advice was not heeded and who advised the government to the contary and how much was their bill4/brian cowen to answer the Lehman bros and iceland answer he gave the people of ireland5/to name and present to the people publicly the person who aurthorised the wage increases that to most people have no understanding as to how they arrived at such figures for government in my opion and the peoples a gross missmanagement and abuse of the peoples money

  23. Cowen is one thing, but the real power broker is our pancreatic cancer patient Brian Lenihan who will be leaving all this behind. Well he has a 2% chance and I wish him well with his 2% because that is more than he has given the vast majority of the rest of us. Since he came to power he has consistently and brazenly stretched the outer limits of our understanding, if not our imagination as to what constitutes “normal” english. It is bit like listening to the garbled, out dated, communist lingo of SIPTU’s Jack O’Connor but raised to a factor of ten. The big mistake economists and financial commentators made, and continue to make, is, to think that NAMA or the bank guarantee of september ’08 was or is about making the best financial decisions, for the benefit of the country, based on the best advice available. The whole thing was and is a load of hocus pocus it was and is bluff and bluster dressed up in Mr, Lenihan’s unique barrister economic speak. It was and is nothing short of a very sinister, naked and successful grab for power.

    Lenihan was going through with NAMA/Only game in town, and his bank guarantee even if the Lord Jesus Christ himself came down off his cross and said; “STOP, my crucification is more than enough, there is no need to crucify the ordinary Irish person”. However, he would have been wrong as there most certainly was a need, as the economic blunders made by Ahern, McCreevy, Cowen require much slaughter of the innocence. They were so alarmed at their own bumptious decisions that Lenihan and Cowen, decided (in the cold light of months of planning, not in the heat of the moment) that nothing short of a power grab (NAMA) would put them in a position to cover up the myriad of FF’s crony capitalist jobs for the boys economic model of ruining the country. Merrill Lynch, were only a side attraction, pawns, drafted in and given several million for “advice” but they were not there to give “advice” they were there to give “cover”. NAMA is not a fait accompli despite what anyone says it must be got rid of. Nothing surprises me about Lenihan or Cowen his side kick. The only think I am surprised by is the Karma Sutra the government has been able to impose on the Irish tax payer who lemming like have decided to go obediently over the cliff, one by one, just as they are told to do. BTW the best and most accurate analysts, Matthews and Gurdgiev have been frozen out to the margins by the media while Morgen Kelly has been subjected to the same treatment as one James Joyce, ostracism. We deserve the treatment we are being administered. Maybe we can demand one of those tribunals down the road to find out why we allowed ourselves to be well and truly F***** by this pair. I am beginning to believe that deep down we must really believe we deserve it. They certainly believe it.

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