Kilkenomics 2012: Max Keiser & Pat Kenny

The full uncut Pat Kenny Rte show from Kilkenomics 2012 Friday 2nd November

Pat Rabbit (Irish Minister for communication & Resources)
Max Keiser
Pat Kenny
William K Black (Former US bank regulator and criminologist)
David McWilliams (Kilkenomics organiser & economist)
John McGuinness

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Christopher K
Victor Garcia

27 gedachten over “Kilkenomics 2012: Max Keiser & Pat Kenny”

  1. Max and Bill speak truth and it is so important to listen to them. Well done again to David McWilliams for having another Kilkenomics ­čÖé

  2. If Pat had done a modicum of research he'd know Max uses that "rape" analogy every day and saying that kind of talk is not permitted in this "juridstiction" is a dirty uncomfortable lie. Bill Black FTW. WTF the Irish radio producer attempting to tiptoe in the high heels, hasn't she heard of hush puppies FFS? Pat Rabbitte is about to explode.

  3. …any video of what happened next with Max turfed off stage?

  4. Thanks for posting this, very good. Will part two be up soon?

  5. There are many good Jewish people who stand for human rights but there is also some truth in stereotypes. The crooked bankers aren't all Jews however.

  6. Everybody blames someone else, Irish banks under Irish gov regulation borrowed this money. No body put a gun to their heads saying borrow now or we shoot. As the borrow increased the ECB, IMf, Germany and the bank of England warned Ireland to watch its borrowing. But developer fever had set in.

  7. Still think guys the property developers should bore the brunt of the blame, huge amounts of money were borrowed from Irish banks – who borrowed from other international banks / money lenders. The irish government provided no regulation probably due to the backhanders being received from developers and inevitable happened, the average guy in the street could not afford to pay for over inflated property – the bubble burst.

  8. I'm not sure if Pat Rabbitte is laughing or sleeping through out this video.

  9. good to see the politicians trying to blame everyone else

  10. Guys the loans were made to a state – Ireland- not some crack addict living in a slum desperate for a fix, thou I suspect the crack addict would have more financial sense. All was going well until property developer greed and a government who I suspect took developers backhander's started to over borrow. They were warned by the IMF, ECB and god help us the Bank of England that they were over borrowing but nobody listened.

  11. Is it Just me or was David Mcwilliams completely ignored by Pat Kenny in that debate ….??

  12. Please dont follow the blame papertrail carefully laid by the Irish government and the Irish banking sector. But do listen to the secret recordings of the AIB senior bank officials. It was not the EU or ze Germans that caused Irelands collapse, it was our wonderful IRISH bankers who lied and laughed about it, its all a game for them plunging Ireland in austerity. These guys lied, they were screwing the country who would have to pick up the tab for bails outs, none will ever see jail…..

  13. the rape analogy is extreme, but there are real impacts on people's lives that mirror a real assult or home invasion, it's an inappropriate analogy but not as inappropriate as some might think. The impact of imposed job loss on a family, the impact of multi generational unemployment and poverty on communities and impact of unnecessary austerity on countries has dire and tangible effects.

    A loan is a two party agreement, risk is priced in at a premium, this idea that the lender is the one who's been jilted when they are as, if not more, financially sophisticated than the borrower even if it's a country is nonsense. Bail out the borrowers, QE for
    directly to the people instead of to institutions, collateralise credit card debt and have central banks buy that to get rates down to 1%. These ideas are not any more ridiculous than what you see the ECB doing now. The unequal access to credit is the single biggest inequality issue of our time, if you're a high net worth individual then you can borrow virtually unlimited money almost free and put it in places with real yields that potentially do absolutely nothing to contribute to the real economy (Warren Buffet style borrow, slash and burn anyone?) with the expectation that some central bank or government will bail you out if it goes sour. If you're a regular individual and you need to buy a car to get to your manufactoring job that actually does something for real GDP then you pay orders of magnitude higher interest, nobody will bail you out when you default and that debt will follow you for years. If you're really poor and are in genuine need of credit then chances are you'll be pulled into a payday loan type of deal where you could end up in a cycle of borrowing to live at annualized interest rates that can exceed 100%.

    I don't think there's much evidence that default rates for these types of loans would be much lower than those at the investment bank end of town if the interest rates were comparable. This would still end up having the effect of massive corporate welfare, except that it would be bottom up and companies could only access it by catering to the needs and desires of society at large and would result in much more money going into the parts of the economy that actually employ people.

    I think in the future access to credit will be seen as a human right. Certainly the effect of the ability to borrow money for people in developing economies that were formerly denied this through entities like the Graneen bank has been truly marked. These people have suffered from paper barriers that prevent them participating in traditional credit markets, where they don't have fixed addresses, identity documents or proof of income. This is an area where new fintech is can and likely will step in to fill the gap. The point though is that the amazing success stories of people who have been leant money in these developing economies is that ground up access to credit can change lives and invigorate economies.

    Just one man's opinion, I just don't see objectively how it's more reasonable that private financial institutions and governments get access to this free money and individuals don't.

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