Palin-tology (III) Saturday Night Live (II)

Sarah Palin v Katie Couric in real life was good. Tina Fey’s take on NBC’s Saturday Night Live was fabulous.

I am off to the Northern Ireland Economic Conference in the morning. The word is Brian Lenihan is not turning up. He gets a bye ball as there is ample evidence the Irish government is engaged in the current financial crisis and the Dail is engaged in a detailed and important debate about the states future.

There is an OFMDFM speaker scheduled although you would wonder what either the First or Deputy First Minister could say to an audience with its mind on the regional economy. 

I am still meeting very many people who ask me when I think the Executive will meet. Ask SF I tell them. I’m Irish, I care about policing, justice and the Irish language but have no idea what they are up to or how their actions protect partnership, promote equality or furthers the cause of Irish unity.

Before I hand over to Ms Fey, I think its time to say the feeling on O’Conall St is that McCain – Palin lost the election this week.  

When is a bank an Irish bank?

When is a bank an Irish bank?

That is the question on everyone’s lips after the government stepped in to underwrite ‘Irish banks’. The answer came this lunchtime from Finance Minister, Brian Lenihan on RTE:

The Government has stepped in to guarantee the entire Irish banking system. The development covers the six main Irish-owned financial institutions: AIB, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent (which owns Permanent TSB), EBS Building Society and Irish Nationwide.

The deal means the State will guarantee all the debts and deposits of the banks and building societies.

The scheme announced this morning does not apply to the liabilities of Ulster Bank, National Irish Bank or Rabobank, which are all supported by large overseas parent banks. Deposits of up to €100,000 in Ulster Bank, First Active and IIB, have already been guaranteed by the Government.

National Irish Bank, owned by Denmark’s Danske Bank, said it was also covered by the Irish scheme. Rabobank comes under the Dutch scheme which guarantees €38,000.

Will this lead to a run on the internationally owned players in the Irish market?

I guess only time will tell. One thing for sure they look much less competitive today then they did yesterday, and all through no fault of their own.

Market mess

Anglo Irish Bank stock bounced back this morning on foot of the Irish Government’s decision to underwrite ALL deposits in Irish banks.

London is in an all together different place as are the exchanges in New York, Asia and the rest of Europe. The next 18 hours could turn out to be momentous indeed. One thing for certain. When the dust settles an EU wide regulatory solution will be needed. More about that at another time.

I wrote about how rotten our politics were here yesterday. I’ll add republicans the US Congress to the list of self serving public representatives. It is hard to phathom the hypocrocy of those who said their feelings were more important than the future of their nation’s economy.

Off to do a day’s work for a New York listed PLC!

Blogging Councillors

The press made a bit of a story out of the SDLP’s newest member on Belfast City Council having the temerity to express an opinion in public. Cllr Niall Kelly gave his assessment of the SDLP’s recent electoral performance in Fermanagh on his blog, The Belfast Stoop.

What a wonderful breath of fresh air. A young, energetic councillor expressing himself intelligently and coherently on his own blog. I am not going to pass judgement on whether it was wise of him to speak so frankly about the internal organisational challenges facing his party, but in general terms I do want to congratulate him for trying to open politics up and encourage discussion beyond those who turn up for party meetings and even beyond party members. Blogs like his are a fantastic way for ordinary people to get involved in political debate. They are a direct route to the voters for any good public representative and should be encouraged and supported.

Northern politics has for too long been the stuff of ‘high level talks’ and ’secret meetings’. O’Conall St stands square firm behind anyone looking to shake off the cobwebs of inner circles and caucuses.

In the States Barack Obama is revolutionising politics by bringing ordinary people into his campaign. He encourages discussion and debate in public. At this is not just true of politics. Some of the most creative and successful companies in the world are open houses for opinion. Google and Microsoft actively encourages their employees to blog and discuss the issues of the day and in their industry in a responsible way. Indeed Weber Shandwick is no different and so I am here writing these words along many other colleagues – bloggers around the world.

Young Cllr Kelly is one of the first of a new breed of Irish politicians to get this.

Irish banks in major fall

Banking stocks have plummeted today on the Irish Stock Exchange. Globally markets are falling and it is clear the $700 billion US bailout and the numerous state interventions are not halting this crisis.

Dow Jones reports Irish closing prices as follows:

ISEQ Overall Index ends -13% at 3,291.5 amid a sea of red on international markets, with government bailouts of Fortis, Bradford & Bingley and Hypo Real Estate Holding offsetting any benefit from the announcement of a $700B rescue package for US financial institutions, traders say. Allied Irish Banks ends -17%, Anglo Irish Bank -46%, Bank of Ireland -20%, Irish Life & Permanent -38%. Ryanair -11%, Aer Lingus -5%. Traders see more weakness Tuesday as they say the market has lost touch with fundamentals.

Rotten Politics

Alex Maskey delivered another spectacular display in political denial on the Politics Showthis Sunday as Peter Robinson talked all though in Fermanagh.

The more this stand off continues, the more convinced I am that both Sinn Fein and the DUP are driven exclusively by selfish partisan interest. They are classic examples of using power for the few not the many.

But what about the people?

Both parties have done their best for example to turn the debate about the future of selection into a sectarian ‘them and us’ when in fact it is an issue which transcends community and if anything splits people along socio-economic lines.

Nor have they displayed any interest in tackling the current fuel poverty crisis, the gaping whole in public finances, the need to urgently reduce our carbon footprint or sort out the planning system. All issues which can’t be boxed off neatly into a community stand off.

A friend commented to me that politicians in NI are smarter then people give them credit for but smart does not mean good.

All the bread and butter issues aside, the acid test of all this has been the absolute failure of the DUP and Sinn Fein to tackle the elephant in the room – sectarianism. Both parties rejected the ‘Shared Future’ policy and neither are interested in progressing any debate which could lead to a cross cutting anti-sectarianism policy which could seriously change things here.

But then why bite off the hand that feeds you?

The Conservative Party Conference

Last week we shared our thinking on the Labour Conference. Here is the considered Weber Shandwicktake on this week’s conservative gathering in Birmingham. I guess the point we are trying to make is that they will have much bigger issues to discuss then the UUP – Tory love in.

Whilst Gordon Brown’s government has suffered through the Northern Rock, data loss and by-election sagas since last September, David Cameron’s Conservatives have gone from strength to strength. Taking their cue from Brown’s election U-turn, the Tories have since delivered landslide local election gains, a Conservative Mayor of London and the first Conservative by-election gain for 26 years. Given the Conservatives’ strong position in the polls, it is hardly surprising that Cameron is approaching this year’s Conference baying for a general election.

Yet while some within the Party may be allowing themselves to get carried away, key insiders acknowledge that widespread enthusiasm for ousting Labour has yet to be matched by public enthusiasm for a Conservative government. The main aim for the Conservatives will therefore be to convince onlookers that they are both fit and prepared for office.

Adhering to tried and tested wisdom used by both Margaret Thatcher and Tony Blair whilst in Opposition, the Conservative leadership is expected to steer clear of making hard commitments which could alienate some voters in the run up to the next election. This year’s keynote Conference speeches from the Shadow Cabinet are therefore more likely to represent attempts to maintain the current momentum through broad promises of fresh thinking, increased efficiency and accountability.

Birmingham’s past and future will be the theme for the Conservative Conference this year. Speakers will use Birmingham as a case study to showcase their plans for the future. The Shadow Cabinet will also take time out during the Conference to perform voluntary work in and around the Birmingham area.

Conference Agenda

As with the previous Conferences under Cameron, the days will be arranged around key domestic and international issues. However, unlike last year, there is no time for a guest speaker on the agenda. It would seem the Leadership sees this year’s Conference as too significant to allow the focus to waver. Similarly, there has also been markedly little time allocated to Boris Johnson to set out his vision for London, as the emphasis is instead placed firmly on the Shadow Cabinet.

Sunday’s first sessions are dedicated to the Conference theme of Birmingham and to celebrating the past year’s electoral successes. After this, and a short interlude from London’s Mayor, it will be down to business as the Party looks to woo Britain’s disillusioned electorate. Shadow Defence Secretary Liam Fox will outline plans to repair the links between the country and the armed forces, followed by an account of the Conservatives in the nations and regions, where Labour are fast losing ground. Monday will begin with a look at the economy as George Osborne and his team are expected to attack the Government’s performance during the credit crunch. The afternoon session will examine the NHS at 60 and care for Britain’s older people, where the Government have recently come in for criticism from groups such as Help the Aged. Tuesday’s agenda will expand on the recent Conservative pledge to “mend Britain’s broken society”. Shadow Secretary of State for Children Schools and Families Michael Gove, Shadow Home Secretary Dominic Grieve and Shadow Secretary of State for Work and Pensions Chris Grayling will outline their visions to transform the school, criminal justice and welfare systems, as well as strengthening the family unit

Wednesday will bring the post-election vision to a crescendo, as Chairman of Conservative Policy Review Oliver Letwin and Shadow Minister for the Cabinet Office and Shadow Chancellor of the Duchy of Lancaster Francis Maude confirm the Conference’s intentions in the bluntly titled discussion “Preparing for Government”. After a nod to the environment and international issues from Shadow Secretary of State for Communities and Local Government Eric Pickles and Shadow Foreign Secretary William Hague respectively, David Cameron will rally the troops in what is, most likely, the penultimate Party Conference before the nation goes to the polls.

On the Fringe

Each year, the fringe agenda offers businesses and other interested groups the opportunity to influence the direction of the Conservative Conference as front bench representatives join the experts in discussions relevant to their remits. This year’s fringe agenda is dominated by the “broken society” theme, and will feature a number of events looking at reforming the schools and welfare systems, improving skills, regenerating cities and supporting Britain’s poorest communities. On Tuesday, Shadow Secretary of State for Work and Pensions Chris Grayling will address the subject directly in a session entitled “Fixing Britain’s Broken Society”.

The agenda also provides an opportunity for discussion on headline current events. On Monday, for example, former Shadow Home Secretary David Davis will be among the speakers proposing solutions to the problems of gun and knife crime. Tuesday’s session on “President Obama or President McCain: Who should a Tory vote for?” threatens to split opinion over the Party’s historic ties with the Republican Party.

Traditionally, the fringe agenda provides an opportunity for Conservative Party members to speak candidly about the Party’s policies and direction. Though most of the events look to be safe bets for the leadership, Monday’s afternoon session “The NHS at 60: Time for Retirement?” may raise opinions that sit uncomfortably with David Cameron’s pledge to make the Conservatives “the Party of the NHS”. Also on Monday, Chairman of Conservative Policy Review Oliver Letwin will be challenged to answer the doubters in a discussion entitled “How progressive are the New Conservatives?”. In a fringe programme largely bereft of danger spots, it will be important for the key figures to perform well in these sorts of discussions, in order to dispel doubts over their future ability to govern.

Ireland the talk of the World Wide Web

The first-ever audit of what consumers say in online blogs and forums about holidays on the island of Ireland shows that nine out of ten visitors describe a positive holiday experience. The audit, commissioned by Tourism Ireland, looked at 5,000 freely-expressed opinions about holiday experiences here across social media sites, such as Tripadvisor.com and Blogspot.com, in 14 countries.

The most popular topics in online conversations are about holiday activities and accommodation. When discussing activities, people are most likely to praise our dramatic landscape and natural attractions, to comment on our attractive castles and historic ruins. When commenting on accommodation, the staff and the quality of service, cleanliness and the quality of our food and drink are what people are most interested in discussing. Our people come in for regular praise for their attitude to foreigners, their friendliness, helpfulness and openness.

The few negative opinions offered generally concern elements beyond the control of the tourism industry such as the weather and the difficulty of driving on the left. Some contributors take issue with the general cost of items here, although others compare our food, drink and accommodation costs with other European countries and don’t rate the island of Ireland as expensive. The study has identified some areas of feedback where improvements can be made by the tourism industry, such as extended opening times for visitor attractions, better management of overcrowding at our most popular tourism sites, and improved noise control in city centre accommodation. 

Commenting on the research, Mark Henry, Tourism Ireland’s Central Marketing Director, says: “We are now in a world where word of mouth – be it good or bad – is accessible by potential customers globally in an instant. Today a satisfied customer does not just tell 10 others about their holiday experience, potentially they tell 10,000 others.

“Tourists are increasingly reliant on social media sites to inspire and inform them about holiday choices – much more so than on ‘traditional’ sources of information such as holiday fairs and guidebooks. Our research highlights that the excellent holiday experience most visitors have here is one of our tourism industry’s greatest assets, while at the same time emphasising the importance of high levels of customer service in generating further growth.”

The research findings are published in The Wonderful World Wide Buzz report which can be downloaded at www.tourismireland.com

Bring back the building society

Bradford and Bingley will probably have been nationalised by the time you read this. Another sign that irrespective of what deal is struck in Washington, the crisis in our financial markets will continue for months if not years and the tax payer have to dig deeper to protect homes and savings. B&B demutualised and floated on the London Stock Exchange in December 2000. In fact over the past decade nearly all the big building and mutual societies have abandoned their roots and headed for the stock market to serve a new god.
 
I know there were attractive business arguments for this mass embrace of global capitalism. The international money markets looked strong and stable. The cost of credit was falling and customers believed they could do much better with a big global bank then from a relatively small mutual society. But lets face it the big winners were the banking executives who over night inflated their salaries and were awarded attractive stakes in the ‘new banks’.

So what are building societies and why are they different from banks?

A building society is a mutual organisation. This means that instead of having shareholders, it has members who collectively own the business and are also its customers. The main examples of this type of organisation in the UK are co-operative societies, mutual insurance companies and building societies. Members have the right to vote for directors regardless of how much or how little money they have with the society.

Large businesses like banks may enjoy economies of scale. By having more customers and so lower unit costs, they might appear to outperform building societies in attracting customers. However, this is not always the case.

So why do people choose a building society over a bank?

Each building society invests its profit back into the society’s business. Unlike banks, mutuals do not pay dividends. In other words – your money works for you, not for some rich kid in the City. This enables the building society to offer competitive rates of interest on both savings and mortgages. It sets the rates it pays savers at just less than the rate charged to borrowers. This margin gives the society a profit. Many analysists believe this offers customers a much better deal.

Surely the time has come for governments in Britain and Ireland to support the recreation of mutual societies which are capable of supporting communities and which rely on people, not markets, for their future.

Customers choose to do business with a building society because many find them more personal, approachable and more trustworthy than banks. An independent survey during 2007 found significantly higher levels of saver and borrower satisfaction with customer service in building societies.

Given a crisis of confidence is at the heart of the current crisis, surely a trustworthy system which can support home owners and encourage a viable property market is a much better option then waiting up all night to see if some legislators in Washington DC are going to agree to save the world or not.

This would be funny if it were in the movies. Unfortunately it is all too real.

Paul Newman RIP

Paul Newman died today. My late mother would be in bits to hear her favourite blue eyed male was no more.

Mr Newman was the only Hollywood legend I ever met. He filmed part of The Mackintosh Man on my late grandfathers farm outside Oranmore in Co Galway and there was no keeping my mother and her baby son (me) away. He signed a photo for the baby and took tea with the family in the production office (my Nana’s front room).

As far as I know they were on location for a few weeks and the man himself graced Ard Fry for a good part of that time in late ‘72 or early ‘73. The film which did not turn out to be a classic was directed by John Huston and also starred James Manson.  In the trailor below Newman can be seen jumping out of an old ruin called Ard Fry House, which is was brought him into our lives.

I’ll dig out the photo tonight and put it somewhere safe.

May he rest in peace.

Ed: The picture from Flickr is of Newman canvassing for Sen Eugene McCarthy in 1968 duiring his failed attempt to win the democratic nomination for the presidency. The screen legend consistently opposed wars during his adult life.