Ghosts of FF
• The report by Fionnan Sheahan on rising support for Fianna Fail on October 18 makes one nostalgic. Back when Fianna Fail was in power, non-existent regulation allowed banks to lend without basing such loans on their deposits.
A laissez-faire approach to governance also allowed developers to leave us with an enormous housing oversupply . Finance ministers released dangerous (yet popular) Budgets, despite warnings from the European Union.
What was the result? Crash. Of course, the spectacular economic freefall didn't just occur in Ireland. It was a global phenomenon. Fianna Fail could never have stopped Lehman Brothers from collapsing, right? However, the volatile characteristics of the Irish economy made us particularly vulnerable to this crisis.