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Governments to blame — not the markets

THE “markets” are not the problem, as some people suggest. It is governments that have broken all the rules by spending billions more than it can afford and bailing out failed financial institutions.

By pursuing such reckless spending, governments are rightly being punished by the “markets”. Otherwise, why pay tax at all if we can just borrow and spend ad infinitum?

It is a popular trick for politicians to place the blame elsewhere and the “markets” are an easy scapegoat. But it is government and banks that merit our anger — not the “markets”.

Weak politicians were bullied by the banks — not the market.

If the market was allowed to work, we would not be spending billions on these very banks.

We face a bleak future not because of the markets, but because of the poor policy decisions made by our elected representatives.

AW Lally


Herbert Avenue



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