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Magnificent Irish Bastards

October 2nd, 2008

Brilliant!:

Earlier this week, Ireland acted to quell depositor fears by extending a version of FDIC to six major Irish banks. Dublin agreed to guarantee all deposits in a variety of account types while charging the banks for the insurance. That stopped any hint of a bank run … at least in Ireland. However, British depositors began moving their money out of British banks and into the now-guaranteed Irish institutions, potentially creating bank runs in the UK. Now depositor guarantees may have to be enacted throughout the EU…

…

This isn’t the first time this year Ireland has presented itself as a thorn in the EU’s side. The BBA’s anti-competition complaint could get the EU’s attention, but it’s also Orwellian in the extreme. Ireland has made its banks more competitive, and the BBA wants Dublin to knock it off and operate in a monopolistic fashion. Perhaps that’s understandable, but the BBA should stop with the Newspeak — “Competition is anti-competitive” — and admit that they want protectionism from competition.

Oh yeah…that’s good Guinness flavored squishy!

(via Hot Air)

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  1. teqjack
    October 2nd, 2008 at 13:37 | #1
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    related: German and other European leaders eat "blame America" words for [mortgage] banking failures -

    Oops - Don't Blame America

    We now know that it was French finance minister Christine Lagarde who begged Mr Paulson to save the US insurer AIG last week. AIG had written $300 billion in credit protection for European banks, admitting that it was for "regulatory capital relief rather than risk mitigation". In other words, it was underpinning a disguised extension of credit leverage. Its collapse would have set off a lending crunch across Europe as banking capital sank below water level.

    Query: how many outlets of the MSM here will bother to mention this?

  2. Stymphalian Bird
    October 2nd, 2008 at 15:28 | #2
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    Dont trash the irish after all if it were not for them we wouldnt have police oficers named OHERA and OMALLEY and we woulnd have ST PATRICKS DAY
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