Friday 19 April 2019

Our bank bailout bill just doesn't add up

The final cost of the US bank bailout is €65bn. The ESRI just announced our bank bailout will be €73bn.

America has a population of 350 million people. We have a population of four million people.

America allowed Lehman Brothers to go bankrupt, even though it was systemically important -- as the subsequent stock market crash proved.

We rescued Anglo Irish Bank, even though it was not systemically important. We now know it was purely a gambling medium for the country's greediest people.

Per head of population, Americans now owe €185 and 71 cent each for the greed of its banking fraternity. By contrast, we now owe €18,250 per head of population.

In spite of these staggering numbers, the Government, which promoted this level of greed and which is now passing the colossal bill to the taxpayer, the public sector, the unemployed and poor, refuses to accept any responsibility or admit how badly it got it wrong.

They are still in power, still deciding the fate of a country they have broken.

To borrow a recent notable quote from a highly offended individual of delicate sensibilities: "I find this, more than anything, to be beyond the Pale."

Jarlath Challoner
Portlaoise, co Laois

When will the public-sector unions realise that the Government simply cannot row back on pay cuts?

It would much better if unions expended their energies on things that can actually be changed. Specifically, there needs to be a focus on reducing consumer prices.

There has never been a satisfactory explanation as to why prices in this state are so much higher than in Northern Ireland. To begin with, why is it that shipping costs between the UK and Ireland are among the highest in the world, thus contributing to higher costs for all imported goods?

Since the Government shows little or no interest in this area (no doubt because it is infested with vested interests), it is surely an area that unions could pursue for the common good of all rather than engaging in Quixotic efforts to achieve their own narrow ends.

By reducing prices they will effectively increase the real incomes of their members, which should be their true objective.

JOHN STAFFORD
Dublin 16

Irish Independent

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