Ugly truth about Frankenstein Nama
The public mood is turning against the bank-bailout agency as whatever strategy it adopts it cannot win, warns John Drennan
Any analysis of the Nama Trojan horse should be guided by the response of Colm McCarthy to a recent polemic about the virtues of a Nama for ordinary homeowners.
McCarthy's dry observation that the only two problems were "the State is bust and the banks are bust but that outside of that it's a very good idea", was a harsh reminder that economics really is a morality-free zone.
The jury may still be out on whether Nama is even a good, let alone a moral idea, but it is increasingly unpopular.