The Fianna Fáil Banking Crisis
On Bailout Tuesday last, the government told us how much of OUR money it was giving to the banks. Anglo Irish Bank, a small business bank is set to get the largest bailout, €18billion.
Much of the debate now focuses on how to deal with Anglo. Let it go to the wall or prop it up. It’s argued that letting it fail now would cost more to the taxpayer. “It’s too big to fail”.
This is a worthy discussion, however we need a bit of perspective here. Why are we bailing it out in the first place???
The government is gaining praise internationally because it is making the “tough decisions”. Bullshit!!
Maybe if Fianna Fáil and the PDs hadn’t let this happen in the first place, we wouldn’t have to bail them out.
People within banking have been saying since 2004 that the system was rotten. Easy credit allowed billions to be lent out with little chance of that money being returned.
Even in 2007 Michael Somers, then head of the National Treasury Management Agency (NTMA), told an Oireachtas committee that Anglo was in trouble, so he was reluctant to deposit money with it.
Somers was one of the brightest people working in government yet nobody would listen to him. Fianna Fáil didn’t have the balls to stop the madness before it was too late. And of course, 2007 was an election year!!
So, maybe FF have it right this time, maybe bailing out Anglo is our only option. BUT, who gave us this option in the first place? Who sent us down this one way street?? Fianna Fáil, and don’t you forget it!
