I was not aware about this. I mean, the fact that Ireland has 20 top economists. But yes. And even more: they published a letter in the Irish Times, stating that the only way to clean up our local banking system is through nationalization.
We read:
We consider that nationalization will better protect taxpayers’ interests, produce a more efficient and longer lasting solution to our banking problems, be more transparent in relation to pricing of distressed assets, and be far more likely to produce a banking system free from the toxic reputation that our current financial institutions have deservedly earned.
Now, these economists are keen on the fact that the crisis has been good for the prestige of Irish academics on the first place. In the Tiger years nobody was seriously warning for the impending trouble, except the chief economist of AIB Bank –as far as I can remember -. Yes, there was a housing bubble. A big one. But this bubble was accepted by everyone. Everybody was cheering with our former Taoiseach (dirty) Bertie. Denying the inevitable.
And suddenly we find the same people back at the other side, producing gloom and doom.
Oh my…
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We read:
We consider that nationalization will better protect taxpayers’ interests, produce a more efficient and longer lasting solution to our banking problems, be more transparent in relation to pricing of distressed assets, and be far more likely to produce a banking system free from the toxic reputation that our current financial institutions have deservedly earned.
Now, these economists are keen on the fact that the crisis has been good for the prestige of Irish academics on the first place. In the Tiger years nobody was seriously warning for the impending trouble, except the chief economist of AIB Bank –as far as I can remember -. Yes, there was a housing bubble. A big one. But this bubble was accepted by everyone. Everybody was cheering with our former Taoiseach (dirty) Bertie. Denying the inevitable.
And suddenly we find the same people back at the other side, producing gloom and doom.
Oh my…
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