Monday 29 May 2017

End 'rule by rich' at General Election

Your report of comments made by the now secretary general of the Department of Finance, Kevin Cardiff, to US officials in October 2008 that Irish banks were not in need of a bailout underlines once again the fact that senior Irish figures simply did not have a clue what was happening.

They did not understand the massive structural flaws in both the world and Irish banking system. They took wrong policy decisions, not least the decision to buy bad assets rather than inject equity funds into the banks. Only now have they managed to publish legislation that gives them some control of the banks, and meanwhile bankers squeal for their bonuses and civil servants take theirs as given.

The culture of rule by the rich goes on. Irish people will have one chance to destroy this system that has resulted in mass misery and elite preferment.

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