Still total failure to realise that Euro is a massive millstone around Ireland’s neck … and also that current elections are essentially municipal/local not really sovereign, IRL is subordinate to wishes/orders of ECB and Germany.
Not only that, even more damaging is NTMA’s failure to understand that Irish debt is being priced as risk-free (like Treasuries/Gilts/JGB etc) by markets when it is actually risky and can (and will eventually?) take marks against it; so are missing opportunity to refi the entirety to >30yr …and be ready in background with alternative currency (ERM in reverse).
Yup. Then FG got in and pretty much followed FF’s policies that were already in place.
And now we have an election where everyone is following FF’s playbook and offering everyone a great big pat on the back, because sure aren’t we all great lads altogether?
Maybe SF will be different, if/when they get in (feels like “when” rather than “if” at the moment), but I don’t see anything to suggest they’ll be more responsible than FF or FG. And a lot less, in many respects.
I think some of the real damage was done with the regulator, and I agreed with the banking inquiry’s assessment on this.
To illustrate my point, there was an investigation some years back, where an Irish central bank employee expressed concerns about the rapid expansion of Irish Nationwide’s loan book around 2000/1, but they were effectively silenced when the regulators office was setup. My thinking is that much of this was political in nature.
I don’t think the Perfect Storm of regulatory failure, economic ignorance, auction politics, unhealthy relationships with developers and ‘No bank left behind’ policy would have existed under a non-FF government. Sure they were offering some of the same sweeties, and voted for the guarantee, but it was Fianna Fáil were at the wheel, and had they paid any attention to any critical voices they could have avoided some the the worst effects of the recession.
Well I went all the way down to the bottom of the ballot which I gave to FF. I even put the Agit Prop Trotskyite ahead of the them in the preferences. And the Trots would put me in a concentration camp if they got power
They inflated one tyre, told us without it we’d all be rightly stuck, stole said tyre and unicycled into the horizon.
It was a Bluff-out not a bailout.
The Bailout by the logic of the day and as you propose above was supposed to come round for us all, means justifying the ends, again when it was justified at the time, but it was only for the clowns at the top, unicycle, only show in town, i.e. Circus.
I nearly puked up my breakfast reading this earlier. Completely ignores crucial elements of the debate and amounts to little more than another propaganda piece for the department of finance. The IT is a truly awful newspaper.
Nobody at the time had any clue how much the bank bailout would cost (which Lenihan got laughably wrong), how much property prices would fall (which Lenihan got laughably wrong), or how much the economy would contract (Lenihan was dead before that leveled out). To credit Irish politicians as the hands that steadied the ship is beyond ridiculous. Noonan’s miracle strategy was to defer a few quid of the bailout payments, hike property prices back up through the roof to try to fulfill Lenny’s insane predictions, and boost the leprechaun economy – aptly named 'cos only the little people pay tax.