Sunday 11 December 2016

Banks caused our demise, not FF

Published 13/02/2011 | 05:00

Sir -- Blaming Fianna Fail for all our current economic woes is disproportionate and needs to be examined. The greed of the banks has us where we are today.

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One can argue all day whether the finance minister should have been keeping an eye on the regulator. But we trust people to do their jobs and obviously Mr Neary didn't do his. Of course the government did make mistakes and Micheal Martin has rightly apologised for them. I'll even go further and be more specific. Fianna Fail should have introduced a property tax for second and subsequent homes, as they were advised to do by two Bacon reports. People who never heard of the word 'portfolio' were buying up houses hoping to make a quick profit, thereby falsely inflating prices for those young couples who only wanted to buy a home. Likewise they should not have increased Children's Allowance by such a huge percentage in their effort to address childcare costs. This only fuelled the cost of childcare.

On the other hand look at the growth in employment, the improvements in infrastructure, education and welfare supports. Should Fianna Fail apologise for all the increases it gave in public sector pay and social welfare over the growth years? If that's the case, surely people are being disingenuous if they can't appreciate that adjustments have to be made now in the changed current climate. A case of eaten bread is soon forgotten I suppose.

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