I was struck by this letter to the Irish Times
Madam, – We put our money into the banks. They charge us for holding it. They charge us when we use it. They gamble with it. They lose it. We repay them for losing it. Why? – Yours, etc,
AVRIL HEDDERMAN, Stillorgan.
The above makes a lot of sense. The immorality of it is staggering. Irish citizens are being asked to bail out German and French banks all of whom took known risks. All the while we the Irish people had no say in what Anglo and the rest borrowed. I think it's obscene.
There were two further things that struck me around this injection of bank capital. One is the proposed amalgamation of ILP with AIB after the profitable bits of ILP are flogged off. Do we need cash that badly that we sell the golden hen that lays the eggs? It would certainly seem so.
Secondly we also have seen the markets reaction to this stress test, and obviously the markets don't believe in the results, otherwise interest rates would begin to fall. I cannot help but go back to 1992 when George Soro was betting against the GBP being forced out of the then ERM. He gambled and won and I'd be willing to bet that he is doing the same thing with Ireland today, nearly twenty years on.
The sickening thing politically leaving aside the financial quagmire we are in was watching Michael Martin in the Dail taking the moral high ground over the Moriarty tribunal findings and trying his best to blacken the new FG/Labour government, whose present ministers were in government when the second licence was awarded to Denis O'Brien's consortium. I hope Irish voters will have long memories well into the future on the FF political skullduggery that has been going on for the past thirteen years and who are the cause of our present financial mire.
Meanwhile the voters of Tipperary continue to astound... If this is genuine it beggers belief. Taken from Michael Lowry's Facebook page
" Deputy Lowry, I hope you will stay in Government!! You are my one and only role model in that Government and you are the one reason I have always wanted to become a TD.. Please stay my role model and stay up there in Dáil Éireann!! :)"