Biting the bullet on recapitalising the banks

TAOISEACH Brian Cowen was gilding the lily a bit on Thursday when he claimed we have landed ourselves in the tightest financial corner the globe has seen in a 100 years.

That was a time of three families living in cramped tenement flats in Dublin and if what we’re going through now bears any resemblance to those awful times, then the level of despair should be a lot higher on the Richter scale.

From the Taoiseach’s point of view it’s all about getting the message across that we cannot spend or borrow out way out of this economic crisis. In the 1980s the IMF was close to taking over the economy due to crippling debt.