Friday 23 March 2018

Infinity and beyond

• I was disappointed to read Financial Regulator Matthew Elderfield talk of "preserving Ireland's reputation" as being of paramount importance and more valuable than all other considerations. It is disappointing because we expect a little scientific judgment from the regulator and not certitudes such as this.

There's a long history of people declaring that their special interest is valuable beyond human imagination. We had Pee Wee Flynn telling us no amount of money was too much to spend on preserving Irish. We had the FF cabinet deciding to guarantee all banks for unlimited amounts of money because they just knew the banks needed to open tomorrow.

America under FDR created bank holidays so the US could decide which banks to save and which to let go but our soldiers of destiny needed no such time for analysis or consultation. Anglo "had to be saved as the developers would bring down the other banks".

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