NO matter what spin the government ministers attempt to put on NAMA and its decision to prop up Anglo Irish Bank, the Irish economy is in tatters.
Generations will be asked to pay for the Government’s insistence that the taxpayer bail out Anglo Irish Bank, and others who, to a lesser extent, followed their unusual lending practices.
Well in excess of 20 billion euro is to be pipelined into Anglo, a bank that contributed more than its share in bringing down the Irish economy.
Now they are to be kept afloat, and who is to say that when cash rich again, thanks to taxpayers, it will not repeat the same mistakes.
This is the very bank that loaned monopoly money to developers, builders and speculators, with no questions asked. The very people facilitated, and the bank’s hierarchy, will, unlike the ordinary Joe Soap, see little impact on their personal lives.
Sure, they will be questioned by the fraud squad, but that will be no more than a talking shop.
Thanks to clever lawyers, their properties and investments abroad are more than likely ringfenced and untouchable.
And with Anglo Irish Bank due a windfall from the Government, the very same clients, with existing loans wiped out, will return, not with cap in hand, but to a warm handshake and handed out more wads of cash to embark on their next mission
The Fianna Fail party must shoulder a lot of the blame for our current crisis.
Unfortunately, they are scheduled to remain in power for the next two years, which means the very people who got us into this mess, will continue to be nicely positioned to protect their patrons, and be photographed rubbing shoulders with them again at sporting, social and cultural events, while the rest of us dig deep into our pockets to fund their activities.
Some of the big wheelers of the last decade will probably join our tax exiles, and like many of those who enjoy that status, continue to spend more time in their homeland than the average family whose only relief from daily worries and stresses is the annual two weeks vacation abroad-if they can afford it.
How much more can the public take?
