If you would like to submit a contribution to our Readers Blog section then follow this link. Be sure to include your full name, address and contact number otherwise your submission will not be considered for publication. We will contact you prior to publication.
THE magnitude of the consequences of repeated government incompetence in major financial management is truly frightening.
The cause is clear. There is an absence of independent fundamental analysis and deduction at political level. The politicians appear to be transfixed by advisors most of whom seem hidebound by conventional analysis and solutions.
Objectivity is absent. Basically banks are shops that sell and buy money — no more than that. They can go bust. The utter loss of nerve and stupidity of the Oireachtas in guaranteeing bank deposits last autumn in the mistaken belief that there was no alternative, is a damning reflection on most of our elected representatives. Where has common sense gone?
Let the banks go bust if they need to. Then the state can buy the Irish retail operations of AIB and Bank of Ireland for a pittance and set up a pair of new Irish national banks, publicly owned with no bad debts.
Our money could then be put to work for us rather than squandered in the current plan where the National Asset Management Agency (NAMA) will in effect complete the logic of last autumn’s mad bank guarantee decision at enormous damage to the physical and social fabric of the Irish nation.
Brian Lenihan should have consulted Richard Bruton to discuss the good bank transformation ideas with a view to implementation. Lenihan should abandon his mad scheme before it is too late and ask Bruton and Ruairi Quinn to direct him out of the financial mire even if he has to do this in secret.
The political authority of the government is so weak that only a general election can give a valid mandate to do what is necessary. TDs should not assent to this latest of the series of colossal mistakes made by recent governments.
Kick out the finance bill. In there no FF or Green TD with the requisite courage? Kitchener was right. “Your country needs you.”
Dr Bill Tormey
© Irish Examiner Ltd. All rights reserved