Property Developers went too far - Dan Rooney, US Ambassador

bloomberg.com/apps/news?pid=20601087&sid=aex_Esu9NYg4&pos=5

Well. Just a thought here…
You could start by not describing debt fueled bubble economies as “dynamic”, as if it were a good thing.

We’re shrinking at the fastest rate because we had the most imaginary money.

-Rd

Did you, for years and years, wonder at the source of the Celtic Tiger? (I did). Wasn’t it something of a boring denuement to discover all along it was just (cheap) debt? What! I thought it was much more complex than that!

Nope, it was just cheap debt. It was just so blindingly obvious. God I felt bit dumb. And it was only after the event. There was that guy who wrote the definitive book about the IRA, on the Late Late, and Bob Geldof, (on the Late Late too), praising the country, its educated young people, and even Bob saying, it wasn’t the banana republic he grew up in, but an economic utopia. Well, it was just a banana republic after all.

+1. And you know what, for so many years when it was being reported that we were amongst the richest countries in the world, somewhere in our gut we felt that things did not add up, only to be fed the usual “its the fundamentals” blah blah and still anyone with any sense would be dubious. Politicians tell lies and are not held to account and we know in our gut that they are lying, but still everything is glossed over. Our Grannies could tell us that things like Nama do not add up and still they get past our so called representitives in the Dail, why do we as a nation not trust ourselves?. We are a long long way from maturity… :frowning: