"The banking system collapse in Ireland is worse than in the UK.
"You should be very grateful that the Sassenachs are responsible for your banks incidentally.
"Being a sovereign and independent nation is great fun up to a point but if you can lumber somebody else with the cost of the banks that’s a pretty shrewd move."
Sunday, January 31, 2010
Quote of the day
Colm McCarthy, respected economist and chairman of the Republic' Special Group on Public Service Numbers and Expenditure (wittily retitled "An Bord Snip Nua") said this during an economic conference in Edinburgh:
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3 comments:
Just a taste of our collective irresponsibility and immaturity as a nation I'm afraid.
I'm embarrassed.
Rory
In ROI's case its the taxpayer who's the somebody elsewho carrying the cost of the banking industry. Colm McCarthy's report was highlight ed on Newnight Scotlan on Thursday last as the way to go in terms of expenditure review for Scotland. In fact what they never reported was that his review (which cost €300K) was panned by ministers in the south and that few of his recommendations are in Budget 10.
For the record 25% of the bad loans are outside the ROI including NI and as far a field as Dubai!
Joe,
It was the Irish banks who loaned irresponsibly, the Irish government who egged them on with ridiculous claims like that from our 'leader' that the boom would go on forever.
Like it or lump it most of the Irish middle class went along for the greedy ride.
Reap the whirlwind. I've no pity for the Irish bourgeois, I'll save it for those who deserve it.
B.T.W I've no mortgage, no car, no property, nothing to lose and I feel fine.
Rory
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