I’ve said this already, but it’s worth repeating.
There was no need to rescue the Irish banks. Instead of pumping billions into them, and even nationalising one of them, the government could have started up its own clean bank, unburdened by bad debts, and let the rest of them collapse.
Instead, it has poured billions of your money into them, and is now taking over all their bad loans, at a price higher than they’re worth.
This means that you and I and every other taxpayer in the country are paying huge amounts of cash in taxes and levies to protect the interests of a very small number of very rich people.
This NAMA business is nothing less than the transfer of billions out of our pockets and into the wallets of the super-rich both here and abroad. What’s even more galling is the fact that it was totally unnecessary.
I’ve been saying this here for the last six months, but Vincent Browne puts it much more succinctly in this article. In the years to come, when the schools are short of teachers, and hospital wards are closed for lack of nurses, and crime runs wild for lack of police, just remind yourself why this is happening.
Remind yourself that there’s no money for extra nurses, or special needs teachers, or police on the beat because Brian Lenihan and Brian Cowen decided the super-rich needed it more.
Elsewhere, Brian Lucey asks the hard questions about NAMA