Bill O'Reilly gets Ireland's economic crisis all wrong
By: Patrick Roberts | Published Friday, November 26, 2010, 11:40 PM | Updated Friday, September 9, 2011, 9:56 PM

'The luck of the Irish has run out.. the primary problem is that the European model of providing cradle-to-grave entitlements is no longer sustainable"
So
Bill O'Reilly diagnoses the Irish financial meltdown in his weekly column.
It is a classic right-wing analysis of what allegedly happened.
Unfortunately, it is completely wrong.
Ireland had no great debt until it assumed the $100 billion or so that the banking system delivered to it when it collapsed.
By socializing that debt, in other words, making the taxpayer responsible for it not the greedy and out of control bankers,
Ireland then hit the skids.
But it was a capitalism problem to begin with Bill, not a socialist problem.
The banks were like 'Girls Gone Wild' loaning money from European banks then reloaning it to ever more gullible Irish clients who spent and spent and built and built until.....
Well you know what happened next.
Now the banks, who took all the rewards want to avoid the risk too and stick the taxpayers with the bills.
And gullible Ireland has gone along with the
IMF in making sure that it is all repaid with the bankers covered.
There is a reason why countries like
Canada and
Australia did not fall into this near economic collapse like Ireland, the
U.S. and other countries did.
They had good government oversight of their banks.
That may be a form of socialism Bill, but I'd gladly undertake it if it made the ordinary taxpayer keep his money and stop it falling into the hands of greedy bankers as is happening in Ireland.
58 Comments
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Switch to the desktop site to post a comment.cillowen | Jan 04, 2011, 11:58 AM EST
that o'reilly moron should not be taken seriously. he's the car-wreck people stop to look at each night. we have too many rubber necking sheep to feed the fox beast.
sirpeter | Jan 02, 2011, 03:10 PM EST
Hi, sirpeter - what do you think about this? I think it's correct Patrick.
maireadinmelb | Dec 15, 2010, 05:02 AM EST
I dont have O'reilly there are many other broadcasters in the world, many of whom base their reports on fact not fiction like Mr O'Rielly and Ms Palin!!
hancock | Dec 13, 2010, 01:12 AM EST
They would still have Palin. Sorry about that.
hancock | Dec 13, 2010, 01:11 AM EST
tHEY WOULS STILL HAVE pALIN.
MrSinatra | Dec 12, 2010, 03:52 AM EST
so you blame capitalism? nonsense. think about it, why did the gov't back the banks? anyway, what would you do in your life if you didn't have o'reilly?
maireadinmelb | Dec 10, 2010, 02:54 AM EST
again Maloney, not able to continue a rational adult discussion!!
maloney | Dec 09, 2010, 08:21 PM EST
hancock, don't ask seano to do the impossible. He's having a hard enough time pretending to be two people. The only way he can pull that off is one of them is female.
hancock | Dec 07, 2010, 11:42 PM EST
Hey Sean, get back to me when you ghrow up mate.
maireadinmelb | Dec 07, 2010, 04:56 AM EST
Didn't say I liked the fact that we sell the uranium but you did appear to not be aware of the fact that we are having an economic boom, in our mining sector! We are not close to bankruptcy like some countries, probably all the good stimulus spending on public infrastructure and schools!! IF you had enough oil you would not need to control the economic oil market the only reason you are in IRAQ!
seanomelbourne | Dec 06, 2010, 09:50 PM EST
Hancock sounds like a drone.
hancock | Dec 06, 2010, 04:23 PM EST
Australia isn't even a real country yet. Do they still have the English lady?
Monsoonman | Dec 06, 2010, 12:29 PM EST
You exist because you were part of the british empire and allied with the US, didn't you learn anything from ww2? You would have been a slave state of Japan if the US didn't come in and bail you out. Since then you have been under the US skirt, from where YOU can pretend you are an independent country. But we know who you will call upon if a bully comes knocking. BTW: Isn't it just a bit hypocritical that you export uranium for use in nuclear weapons? Aren't nukes bad for children animals and all living things? Jes axin'. The US would be self sufficient in fossil fuels if your liberal ilk that took over our government, would allow us to exploit our massive reserves which they put off limits.
maireadinmelb | Dec 06, 2010, 03:46 AM EST
BTW we exist because traditionally we dont go butting our noses in other peoples business! Until conservative governments decided to follow you lot into conflicts irrelevant to our survival!!
maireadinmelb | Dec 06, 2010, 03:45 AM EST
Not to mention all our uranium that powers the nuclear weapons trade!! Some Gold, and loads of natural gas! But you the self sufficient USA (ha ha) don't have to rely on anyone else!!!!
seanomelbourne | Dec 05, 2010, 08:00 PM EST
We have oil Mman we've been sucking it out of the ground for nearly 100 years Not a Chinese missile in sight.
Monsoonman | Dec 05, 2010, 02:45 PM EST
No one would have to "invade", if you had something of value to take, suppose oil was found under the great barrier reef and china decided to exploit it all, do you think they would listen to you or fear you, without the US behind you? Think upon this carefully: If it wasn't for capitalism/democracy there would be no liberalism. You exist because others are protecting you and paying your way. Go to china and be a liberal.
maireadinmelb | Dec 05, 2010, 02:12 AM EST
Cant complain about totalitarians and China when Wikileaks is closed down by the US government! No one wants to invade Australia we have our capitalists ready to sell the natural resources! We only need us protection because we send our troops out with US troops. IF we kept them at home or on peace missions they would minimise the danger!!
Monsoonman | Dec 04, 2010, 08:18 PM EST
Of course Lad, you are starting to see the saul alinsky thugs who have seized the reins of our government and your girl Hillary is one of them. They will use threats and coercion to get their ends and they hate wikileaks because it exposes them: WikiLeaks cables reveal how US manipulated climate accord...Embassy dispatches show America used spying, threats and promises of aid to get support for Copenhagen accord....Now isn't that nice Lad, they knew it was a farce but they tried to force others to submit to their nefarious accord. Wikileaks is a treasure trove. Oh yesterday hillary announced she would never seek another elected office after she was through as secretary of state, I wonder why? H
seanomelbourne | Dec 04, 2010, 05:24 PM EST
Our ports are open to all U.S. naval vessels much to the chagrin of us mere mortals.I read that the state dept. has warned Columbia university students not to twitter Wikileaks as this may affect their job prospects, smacks of a little totalitarianism what say thou?
Monsoonman | Dec 02, 2010, 06:57 PM EST
You want the protection you gots to takes your medicine. Give us a base or two, let us install a few nuke silos. Open your ports to our nuclear armed submarines and warships and voila! You have an economy that allows you to have socialist values, without having to pay for yor real defense. Do you think totalitarian regimes like red chna, russia, north korea, iran, or any islamofascist country would allow you the freedoms you now enjoy? But try, maybe you can negotiate a better deal with the chi-coms.
seanomelbourne | Dec 02, 2010, 05:48 PM EST
The U.S. have secret communication bases in Australia making us a nuclear target.No bases no target.
Monsoonman | Dec 02, 2010, 11:26 AM EST
If you want the USA umbrella of protection....you will follow us into war, or help pay for your own protection.....Or make an alliance with someone else.
maireadinmelb | Dec 02, 2010, 04:24 AM EST
May not have lost a battle but lost the war!!! hence communist Vietnam!! If every rule is made to be broken why are you so upset with Obama?? Oh thats right only conservatives are allowed!! Thankfully we have had minimal deaths in these conflicts does not change the fact that our government blindly followed the usa into wars that we should not be involved in!!
seanomelbourne | Nov 30, 2010, 10:34 PM EST
Be graceful Maloney you lost in Vietnam the french had to work out a strategic withdrawal for you and they knew how to surrender in Vietnam I love the way the fascist right try to rewrite history.You were just a grunt in Nam you wouldn't have a clue if you were fighting a rearguard action ask your disgraced commanderS Westmoreland or Haigh.
maloney | Nov 30, 2010, 01:06 PM EST
Once again, the American soldier never lost a battle in Nam. It was politically expedient to leave, driven by the media & left wing college crowd now in control of our govt. They are communist because of people just like you, not me. I want our troops out of Iraq & Afghanistan. That doesn't mean Yemen & Iran should be left to do as they please. The Aussies were shoulder to shoulder with the American G.I.? There were a lot of American shoulders that never saw an Aussie anywhere to be found. Rooland can count all the roos & cockatoos & still doesn't come close. The USA has lost more military personel than rooland contributed. By the way, in Nam we were told to get permission to return fire, every rule was meant to be broken.
Monsoonman | Nov 30, 2010, 11:09 AM EST
Population of Australia: 23 million Population of United states: 310 million
maireadinmelb | Nov 30, 2010, 04:16 AM EST
Our little country, it is almost the same size as the mainland USA!! Get your facts right!! Vietnam, another loss, another war that conservative australian government followed the usa into!! Great example!! What was the point of that one, to stop Vietnam becoming communist? THey are communist aren,t they!! IF you say that america did not lose in VIetnam you may as well say that Germany did not lose in WW 1, cause they signed the Armistace!
hancock | Nov 29, 2010, 11:59 PM EST
Australia isn't even a real country yet.
seanomelbourne | Nov 29, 2010, 11:01 PM EST
Maloney do you mean MacArthur when he wanted to nuke China? and was replaced by Eisenhower.Maloney wants to rewrite history The U.S. made what is called a strategic retreat, when the last helicopter was taking off from the embassy the North Vietnamese were bulldozing the front gates.I remember Colin Powell lying to the U.N. about mobile chemical factories for which he later recanted facts! boy facts! Monsoonman is correct about ww2 if were not for U.S. intervention who knows what the outcome would have been. By the way the Aussies stood shoulder to shoulder with the U.S. in every major conflict for the last 70 yrs.The majority of Americans/Aussies want their troops out of Iraq/Afghanistan. like the Vietnam war with the passage of time why are we there
Monsoonman | Nov 29, 2010, 10:31 PM EST
Lad, lad, lad....You know as well as I do, your little country would be swallowed up by one of the giants in your neighborhood unless the US was protecting you. The rest of the world would be speaking German and Japanese if it wasn't for the US. Tour Europe and see all of the Yanks buried there who gave their lives so that you could have EU's and be socialists...But fyi, America spends 885, billion a year on basic military expenditures to keep you from becoming a possession of the chi-coms that is about 4.3 % of our gdp. You on the other hand spend about 1.3% of your gdp on your defense which means about 20 billion. Gives you more discretionary money to feed and house your illegal aliens. Suppose America wasn't around to protect you?
maloney | Nov 29, 2010, 06:50 PM EST
More lies from rooland. So bitter you can't measure up. I see your still able to chase roos at your leisure instead of speaking Japanese & eating rice. For someone who claims a military background & professes to know everything, you sure don't have a very good grasp of military history. If the President had not stopped his General, North Korea would be part of the free south. America never lost a battle in Vietnam & left because the people couldn't handle a little violence on the telly. I do believe rooland to be free other than being filled with socialists who can't protect themselves but run their mouths like they were war heroes, thanks to the good old USA. Your betters the Brits owe us their freedom to boot. I don't waist my time arguing with socialists who never acknowledge the truth.
seanomelbourne | Nov 29, 2010, 05:21 PM EST
They make up stories to cover up their inadequacies. The U.S failed to take Korea got your ass kicked in Vietnam ran out of Somalia with your tail between your legs and likewise when you invaded Lebanon and scurried. some protector of the "Free World you turned out to be.
maireadinmelb | Nov 29, 2010, 04:33 PM EST
Why are we in Iraq and afghanistan, cause George threatened that "your with us or against us" and at the time we had a dunmb ar*e conservative Prime Minister who took it seriously!! So yes we are fighting wars for america, what do we hope to gain from either conflict...... just curiously, what does america hope to gain??? And again you need to stick to the argument children resort to such insults when they have nothing else worth saying!!!!
MikeRock | Nov 29, 2010, 02:51 PM EST
Mr. Roberts, Are you proud of the fact that the I in the acronym PIGS stands for Ireland? I'm not.
maloney | Nov 29, 2010, 09:04 AM EST
maireadinrooland, drink more coffee & try again. Your post makes about as much sense as your twin brothers. Rooland fighting for an American president who doesn't like or care about you isn't to smart of rooland. I'd go home if I were you. Your token effort doesn't do much good anyway. Save it for a real American President.
maireadinmelb | Nov 29, 2010, 05:02 AM EST
IF the USA carried Australia we would be broke too! Anyway our government spends too much money fighting AMerica's wars!
maloney | Nov 28, 2010, 09:49 PM EST
It's been so long since rooland & the rest had to depend on themselves, they don't even know what it means. The Tea Party is less than 2 years old, dunce. So how in the hell are they responsible for anything? Always remember & never forget, if America were to ever loose it's place in the world, you will still be below it. How low can YOU go? When the Tea Party & a few other groups take back control, we'll see who it was that shot themselves in the foot. lol By the way, my tootsies are doing just fine, it's my back that's killing me, from having to carry you.
Monsoonman | Nov 28, 2010, 07:03 PM EST
There you go again Yank, confusing the issue with facks. Why couldn't you leave well enough alone and just blame all of the financial woes on the big bad banker boogeyman......Lad: All democratic countries ride free on Americas protection, how much of their gdp does Australia and Canada spend on their defense? If you really had to protect yourselves from the dangers in this world, I believe you would have very little left over for anything else. So take that into consideration when you lecture us on how to conduct our business.
seanomelbourne | Nov 28, 2010, 05:37 PM EST
Australia!! big country small population where main street trumped wall street. You may be a big country with a big ego but not smart enough.You have voted to put the bankers back in control. Your personal snipes will not cure your broken economy,legislative control will, as i stated previously you would rather back the tea party and loose your place in the world how sad.How often must you shoot yourself in the foot before it hurts.
maloney | Nov 28, 2010, 12:43 PM EST
Look to other countries doing well. Ireland was doing well during the Tiger. Look at it now. Corruption & everything free will sink any country in time, Nothing free lasts forever. Roberts is an idiot.
citizen69 | Nov 28, 2010, 12:29 PM EST
Well said Mr Roberts.
TheYank | Nov 28, 2010, 08:09 AM EST
We have both a fiscal and banking crisis. It's not quite right to say Ireland had no debt before the banks' debts were taken onto the state's books. The govt is spending about €19bn more than the €33bn it takes in. That's what the austerity program aims to repair.
maireadinmelb | Nov 28, 2010, 04:43 AM EST
Socialist solutions you say.... mm I think our government did something like FDR did, built infrastructure, you know like schools!! Kept people working, kept people spending, kept people paying taxes!!!
maireadinmelb | Nov 28, 2010, 04:41 AM EST
Small country small mind, Nice in theory, but Ireland is small country and its problems seem remarkably similar to big Country problem, ie AMerica. So again, look at other countries who have not gone bankrupt, where people have jobs.... but no you want to learn from an amateur like Palin, Good Luck!! BTW seen our dollar lately???
mhichil | Nov 28, 2010, 12:30 AM EST
Guaranteed deposits from outside ireland did the banks in, the loans had no real collateral, the government policy , or lack thereof, made all this possible. Its a worldwide problem with money, do not take it personal. Re evaluate your chips and get back in the game. The only mistake is thinking you, individually and collectively, are dependent on this kind of commerce. You CAN make the profiteers life miserable.
seagreen | Nov 27, 2010, 11:18 PM EST
Bill O'Reilly... Top punter in the league while he was at Marist college. Marist did not have a football team at that time ! His mouth is overloading his ### again... Thats right Bill, all of the socialist truck drivers, construction workers, waitresses, tire changers, toll collectors,supermarket employees,and convienence store workers took down Ireland, with their irresponsible decision making on financial matters that that have brought things to where they are now! Just like in the US. If they had let responsible and perceptive professionals who have been trained to manage and oversee these vast amounts of capitol investments, we would be in much better shape.Right !
hancock | Nov 27, 2010, 07:29 PM EST
The Irish have nobody to blame but themselves.
maloney | Nov 27, 2010, 07:02 PM EST
Small countries, small minds.
Monsoonman | Nov 27, 2010, 06:28 PM EST
The road to perdition Lad? You can't compare podunk countries like canada and austrailia to america, there is no comparison. They have simplistic socialist solutions to their problems. I think we already plowed that ground when you informed us Austraulias illegal problem was 10,000 per year and you generously housed and fed them all. While americas illegals run into the millions and we are being swamped by them.
seanomelbourne | Nov 27, 2010, 05:59 PM EST
You can obtain your wisdom by asking the the Aussies and Canadians for their template to control greedy grubby Wall street bankers. But there lies a dilemma You would rather listen to Palin or De Mint and all they will do is take you down the road to perdition.
maloney | Nov 27, 2010, 05:38 PM EST
Seems to me there was a little problem with homes being a little pricy. Oh, what about all the empty homes every where in Ireland. Have I not heard about the dole going to non Irish, along with your jobs?
Monsoonman | Nov 27, 2010, 04:01 PM EST
So where do you lefties go to get your wisdom? So O'Reilly and Limbaugh are full of BS and spread nothing but lies, do you suggest we get all of our information from right here, Irish Centrals editorial staff? Or Al Jazeera? Huffington Post? msnbc? NPR/PBS? Just where does your truth emanate from?
forflann | Nov 27, 2010, 01:49 PM EST
doesnt this sound familiar, like the bank bail-out the U.S. government just handed out? Are bankers every where greedy,money hungry cheating "jerks"?
maryjohanna | Nov 27, 2010, 01:16 PM EST
Couldn't agree with you more. I can't for the life of me cannot understand why anyone would listen or pay attention to what Bill O Reilly has to say. He is a horrible opinionated loudmouth who yells over people and is totally lacking manners and is uncouth. He says he is of Irish origin can't say that that claim makes me proud.
hollabackgurl | Nov 27, 2010, 12:31 PM EST
It was crony capitalism, which you could also call socialism for the rich, that caused Ireland's downfall. A small group of rich wheeler-dealers, out to enrich themselves, at the nations expense. O'Reilly is wrong in just about every way he could be. It's repulsive to see him try to make use of Ireland to make a point that's based on a lie, but it's typical of him.
maryosullivan | Nov 27, 2010, 12:22 AM EST
Basic Rule NBR1 ... if OREILLY says it it can't be true [ PS ; he probably gor his "information" from the drugster Limbaugh]
maireadinmelb | Nov 26, 2010, 11:52 PM EST
Not only does Australia have good regulation or corporations law! It is not socialism, it is just a recognition that if you don't run your business you will loose, the taxpayer will not pick up your debts!! It's about having Responsibility as well as having Rights!!