Posts Tagged ‘Irish Economy’

Bunch of Bankers

September 30, 2008

 An Tanaiste Brian Lenhihan: champion of the elite

While the US government’s grand plan to rescue the economy was rejected Ireland’s banks and building societies are the envy of the world this morning. The Irish government has guaranteed the safety of deposits of up to €100,000 in all of the country’s financial institutions. Hooray!! It’s reassuring to know that the banks who have been ripping us off for years have been assured that our hard earned money will bail them out of crisis. Hail to Brian Lenihan our minister of finance!

I am no John Meynard Keynes and I may not fully comprehend Macroeconomics as much as I’d like to but I think there is a dreadful injustice in this plan. While our hospitals and schools are crumbling, projects for infrastructure have been put on hold and public services constantly curtailed our tax money is being used to shore up the large financial institutions. I understand financial stability is crucial to maintaining a healthy economy but it seems glaringly obvious to me what this assurance means. It means, as always the government is helping the rich to the detriment of the poor.  The assurance is worth €400 billion which is 10 times our national debt! It’s a figure we can’t even afford. I would prefer to see our tax payer’s money going into our economy not into the greasy pockets of rich bankers. It’s yet another reflection of the injustice of right wing capitalist politics which is strangling the weaker members of Irish society.