Peoples Economy David McWilliams Day 6 Q&A

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Questions Asked.

Andy >> (All): Hi David. I’m just curious about your referendum idea: what makes you think the “democrats” in Europe will listen to a referendum on the bailout when they refused to listen to the Lisbon Treaty ‘No’ votes? .

Alan >> (All): I was watching the week in politics last night, Gerry Adams is stealing your ideas

Vicky >> (All): On your show on Sat a texter indicated possible Chinese stake in our banks – do you think this is good or bad

liam >> (All): Also interestd in China.  I have the impression its far more about hedging their bets using the Euro than any interest in Ireland

Felim >> (All): re TWIP it was put to Adams that ECB emergency funding meant we were dependent on goodwill on EU. Is that a fact?

Karl >> (All): A common counter-argument to structured default/restructuring is that the country wouldn’t have funding or as Vincent B says ‘what happens if they say no’. What is your reply to this?

Mairt >> (All): Should we be very worried that there is only 4.9 bn left in the Pension reserve fund? Where has it all gone?

Mick >> (All): Did you kick John Gormleys ass last week for implying on Vincent Browne Show, that it was your idea that caused the banks to collapse and economy to go into a tail spin.

michael garrahan >> (All): there is a lot of confusion regarding personal deposits in the guarnteed banks, especially deposits in excess of €100,000-in your opinion are they safe under the ELG scheme?

Peter >> (All): Credability is the problem when asked about if we default. Why has nobody suggested China as a way out? They have trillions of dollars and we should be partnering with them for renewable energy in return

naomi >> (All): Hi David, how do we, the people, get whoever ends up in power to act on the advice you and many of the other peoples economy economists have being offering? I am not inspired by anything I’ve heard from any party. Fine Gael seems like more of what we’ve had to date

AlanM >> (All): is it not too complicated a question to send to people? Is it really a yes/no?

kieran >> (All): hi david. just want to ask who will pay back back the short term ECB & central bank funding which is around 180billionliam >> (All): get Liam Casey on the job 🙂

Daithi >> (All): Will default be a choice or what situation would force us to default?  Does it come from people that are struggling or does it come from a book that won’t balance in 3/4 years time?

Eamonn OConnell >> (All): High proffesional fees (GPs, solicitors, etc.), electricity prices, etc. contribute to a high cost economny here, but if the new government manage to bring down the cost of living here, and essentially

Kourosh Ghorbani >> (All): will the pension fund be replaced? how could they possibly do that?

Bryan >> (All): I know that you have advocated for the use of Irish diaspora before, especially in America, so in that case, do you see a possibility of any Irish politician or government lobbying for more American investment in Ireland? Since there is a rumour about the Chinese investing in Ireland, is it possible that the Americans could see this as somewhat of a threat and respond in kind so to speak?

Felim >> (All): Would a default/restructuring ‘wipe out the middle classes’ as suggested by many commentators?

Mark >> (All): Who has the Back Bone to make the hard decissions though?

Vicky >> (All): agree with Mark cant see any of our lot having the guts to go rogue

Mark >> (All): It sounds like the shinners are the only ones suggesting we do what you are saying

Eamonn OConnell >> (All): David, he didn’t blame you. He said the banking guarantee was your idea, which it was.

liam >> (All): @Mark, yeah, well they are probabyl right.  Whether you vote for them is another matter, and Adams doesn;t actualy seem to know what he’s talking about most of the time.

Peter >> (All): A lot of other mums put their money into Bank shares, Ireland’s biggest and safest companies. A lot of people were advised by the Banks to do this

Eamonn OConnell >> (All): Property tax or increase in VAT as Fine Gael propose?
Peter >> (All): depositos were looked after, large shareholders – pensions funds, insurance companies etc all got out fast and probably made money, bond holders were looked after but thousands of Irish people holding Bank shares have been burnt, no mention in the media about this

liam >> (All): Can we get a link to the Argentine and Swedish interviews?  Much appreciated!

cathal stack >> (All): Hi David-in the short term would you move your money to a foreign currency now, and if so which one?will the euro collapse soon?

Eamonn OConnell >> (All): My finished question: High profesional fees (GPs, solicitors, etc.), electricity prices, etc. contribute to a high cost economy here, but would reducing these costs deflate our economy, and reduce our ability to pay our debts.

Hubert Jennings >> (All): Where is the pension fund invested at the moment? Surly a large amount of it must be already in our banks!

Dan >> (All): If Angela Merkel gets her way re everyone in Europe becoming a mini-Germany in a fiscal sense, do you think this is sustainable? We’ve already given up control of monetary policy and have seen one-size-fits-all doesn’t work, surely the same will happen with fiscal?

Peter >> (All): Opening the vote abroad should only be given to those that pay tax (or something to Ireland) The shinners will have power if America was opened up for the vote, their campains over many years have them better known than any of the established parties here

kieran >> (All): Its been said by ff politicians that if we impose losses on bondholders it would be bad because some of them are credit unions in ireland.Is there any truth to this?
Alastar Mac Aongusa >> (All): Is there a good economic history of Venice, how it worked, and where it went wrong?

Noreen Bowden >> (All): One point on the emigrant vote – few countries limit by time. Limiting vote to 5 years would be nearly as undemocratic as the current situation. We need all our citizens to engage.

gcoffey >> (All): The papers this morning mention the beginnings of a jasmine revolution in china. How would this affect China,s future economy and our involvement in it?
steve scott >> (All): Do you think personal debt will become a big problem for next government? ed >> (All): How about people like you?

Andy >> (All): The problem with O’Leary is that he tends to negotiate with action rather than with the threat of action.

Peter >> (All): Opening the vote abroad should only be given to those

clickoxo >> (All): Why dont we send in a reciever to banks like wedo to other companies? We would then have cntrol but not be responsible for their debts?

gcoffey >> (All): what should we do with our deposits?

Seana O Rodaigh >> (All): I’ve always voted but feel there is no party out there who can sort out this mess – can the oireachtas be suspended?  Situation is beyond emergency.

Stephen Cummins >> (All): What would happen if Irish tax payers decided not to foot the bill by not paying mortgages/taxes. It would force the Governments to come up with a new plan 🙂

Nollaig >> (All): Goldman Sachs sucessfully argued last year that ABN Amro were sophicated investors when they bought bonds and thus could incur haircuts. Why hasn’t we tried this route and has our legal industry let the country down in not challenging goverment decisions.

Felim >> (All): Just a comment here, no question. I am also outraged that billions is being repaid on our shoulders to nameless people. At least a defeated nation knows the face of those with whom they make reparations. It is a clear case of corporate and state interests trumping the rights of the citizen.

Paul >> (All): Credit Unions- Brian Lenihan claimed last week that if we burned the bondholders we would be burning small depositors in Credit Unions. discuss.

Noreen Bowden >> (All): @liam @peter Just one point on requiring payment of tax in exchange for vote – it’s profoundly undemocratic and would further disadvantage the poor. As for SF vote, you can’t disenfranchise because you’re afraid (with no evidence!) of who they might vote for.

DK >> (All): Credit Unions will survive and grow again. I speak as a Supervisor in a small credit union

Noreen Bowden >> I’m totally for emigrants voting – it needs to be wider than just those who left five (or any other arbitrary number) years ago. All emigrants should get the vote – it’s vital to underpin our relationship with our overseas citizens in the future. Our 1980s emigrants are still out there, and some of them still care about this country.

DK >> (All): David as part of the bigger picture do you think UniCredit will collapse this year and accelerate the demise of Euro zone?

Giada >> (All): @Noreen, 5 years is a good amount of time. when you live outside a country for longer you mightn’t know what’s going on really and also you don’t participate actively/pay tax, so why shoyuld you decide for the residents of the country you don’t live in? 5 years is fine

Rob >> (All): Is there a pension crisis unfolding witht eh “investment” of the NPRF in the banks, and the ongoing retirement of the baby boomer generation

Steve >> (All): Is China setting it self up for a Property bust in the next  10 years??liam >> (All): @Noreen Bowden, 100% with all you say, I was that Immigrant:)  discusion for another day 🙂

liam >> (All): BTW I know people who will fly back here, at their own expense to vote (probably fraudulently) on Friday

cathal stack >> (All): do you know who the main bondholders are/were in Anglo Irish Bank?? if not do you have suspicions and what are they?refreshing to hear such direct and frank answers from you,in contrast to canvassers!

Rob >> (All): Is there a pension crisis unfolding witht eh “investment” of the NPRF in the banks

kieran >> (All): If the status quo is maintained by the next government is there a risk of society totally collapsing (like 1930’s germany)

kevin >> (All): Thanks David, as per usual good stuff. 🙂

Seana O Rodaigh >> (All): think it’s bewleys hotel tonight?

DK >> (All): Go raibh maith agat David

Rob >> (All): It was moved to D4 hotels

Nollaig >> (All): thx david

Andy >> (All): Thanks David, great  session…

Steve >> (All): Thanks  David

Stephen Cummins >> (All): Thanks David

cathal stack >> (All): inter-alpha,rotschild,bilderberg-what do you know about them??tell me all

Eamonn OConnell >> (All): great forum. We done to the McWilliams’ team

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