Sir, – Most commentators seem to agree that Enda Kenny’s comments at Davos would have been much better received had he added a few adjectives.
For example he could have said “some were responsible for excessive lending and received excessive bonuses”. He could have added “some were responsible for governance and regulation but were negligent or incompetent and received big pay-offs and pensions”. He could even have said “some were responsible for excessive borrowing but many are now working with Nama and most ordinary citizens are forced to pay their debts”.
But to be really seen as honest he could have said: “Most of the few people responsible have given the country and its citizens the two fingers and few of the many politicians or members of Government are prepared to do anything about it!” – Yours, etc,
Sir, – The Taoiseach is reported to have made the following comment during a discussion at the World Economic Forum: “But what happened in our country was that people simply went mad borrowing. The extent of personal credit, personal wealth created on credit was done between people, banks, a system that spawned greed to a point where this went out of control completely with the spectacular crash that you mention.”
He would have reflected the truth of the situation if his comment had been as follows: “But what happened in our country was that the accepted rules of prudent banking were widely ignored by the banks and other financial institutions in pursuit of profit, coupled with a total failure by public agencies charged with regulation of the financial sector to effectively control these institutions. This activity led to rapid price inflation, particularly in the area of housing, with people needing, and being encouraged and facilitated, to make unsustainable borrowings to fund mortgages.”
It is outrageous that the citizens are blamed for the greed, improper behaviour and failures of the banking and regulatory agencies; but it is not unexpected since it is the citizens who are required to foot the bill. – Yours, etc.
Sir, – With regard to the recent “mad” comments from our Taoiseach Enda Kenny, speaking at the forum in Davos, maybe he had the quotation by Mark Twain in mind “When we remember that we are all mad, the mysteries disappear and life stands explained”.
I think that clears up the confusion on why we all went mad during the Celtic Tiger years. – Yours, etc,