Friday 24 February 2017

John Crown: If our bankers had been doctors they'd have told us all to smoke

The Taoiseach needs to tell the Germans their banks' mad gambles were to blame as well, writes John Crown

WHILE I believe that Taoiseach Enda Kenny's comments at Davos have been exploited by those with political axes to grind, the remarks themselves were inaccurate, and the venue chosen to utter them -- the World Economic Forum -- was unfortunate.

Simply put, it would have been wrong to suggest in front of an audience of world leaders, creditors and potential investors that the cause of our Republic's economic decline was collective population madness, even if it was true, which it actually wasn't. Well, not completely true anyway.

If our decade-long credit- fuelled financial binge was due to a form of collective delusional thinking, as the Taoiseach suggested, then it was a malady that was largely caused by the very financial professionals whom we trusted to protect us from any incipient monetary madness. If our bankers had been our doctors, they would have been selling us cigarettes, while reassuring us that smoking was good for you.

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