MCD head honcho calls for nationalisation of the banks

In a article in the current issue of Hot Press, the renowned concert promoter, who is behind the Oxegen Festival, among other major concert promotions in Ireland, the UK and Europe, is highly critical of the performance of the Government in responding to the financial crisis.

"They have made a lot of mistakes. Clearly it was wrong to increase VAT when Gordon Brown was reducing the VAT rate in the UK," he says. "It was wrong also to allow in internal appointee as CEO of the Bank of Ireland."

He is critical in particular of the performance of the Minister for Finance, Brian Lenihan. "Unfortunately I don't think he's the right man for the job," he observes. "He hasn't got the necessary qualifications to deal with the current crisis and his performance has been like a rabbit caught in the headlights."

He also argues for a ban on overtime as a way of creating jobs, and adds that "people in the lower income bracket should suffer no increase in taxes. Also there should be no cuts in education because that's an investment in the future that is essential."

Denis Desmond's article is part of a major feature on the economy in the new Hot Press, with contributions from artists Jinx Lennon and Eleanor McEvoy, as well as concert promoter Peter Kenny, chairman of the Sports Council Ossie Kilkenny, CEO of FM104 Maragret Nelson and former Minister for the Arts, Michael D. Higgins.

In his contribution, Peter Aiken argues that "Enabling new businesses to get off the ground and helping existing businesses to get through the current crisis will be vital because steadying the drift towards unemployment has to be the single biggest factor in our recovery.

"Ireland has to get real," he says. "We're in competition now against every other economy not just in Europe but in the world. We have to be competitive.

"With what's been going on with the banks," he adds, "I was reminded of the Bob Dylan when he sings: "Steal a little they throw you in jail/Steal a lot and they make you king."

In their articles:

Ossie Kilkenny controversially suggests for a reduction in the minimum wage, which he argues is 25% higher than elsewhere in Europe;

Michael D Higgins states that we have to decide "whether the project is about reviving the corpse of the failed neo-liberal system or doing something radically different";

Margaret Nelson reveals that she has banned the 'R' word from the FM104 offices;

Jinx Lennon observes that he's surprised there "isn't more righteous anger on the streets";

and Eleanor McEvoy says that "there's a role for music in the recovery."

All of this and a lot more, in a controversial series of articles on how to address the recession and the upcoming budget in the new issue of Hot Press.

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