The banking crisis has been well covered in the media and people have made their feelings very clear about what took place. As usual the Government have failed to listen to the men and women on the street. The last acts of this Government were to sell our future and the futures of our children and to now leave us vulnerable to national asset stripping by foreign investors. Their legacy may well be ghost estates but the truth is that it will also be the creation of a ghost Government as they have jeopardized the potential of future Governments to govern and recover. Power has been handed over to new external masters. Hopefully we can renegotiate as we had deals made by a Government that was pass it’s sale date. It was acting without the support of the people. We are sure their will be much debate on how we can ease the pressures of the bailout.
The country should never have been put in this position. We are part of the euro and they would never have allowed us to collapse as the ripple effect on the devaluation of the euro currency would have been a risk too high for them to take. The bottom line is that the bondholders are gamblers and lost but unlike a traditional bookmaker our banks have with the backing of the Government decided to pay them back. Brian Cowen and Brian Lenihan launched a kamikaze attack on a nation. We also condemn the actions of Michael Lowry and Jackie Healy Rae in exploiting their positions of power for personal gain at a time when the country stood to lose so much. They should be brought to account and we beseech the people of their constituencies not to vote them back into any position of power again. When hardship comes knocking at your door, remember that these guys are riding into the sunset after pocketing millions from the Irish taxpayer.
Through all of this the one golden light for the people was ignored, the trusty Credit Union. How they have managed to keep the ordinary men and women, along with small enterprises/businesses afloat is a testament to their board and their staff. These people have their finger firmly on the local pulse and continue to be an essential part of the community. They have to be complimented for those members that do so much voluntarily and how they manage their costs. We can’t say big banks ‘take note’, as we no longer have big banks. The people of this country should continue to support their local credit union and help them to develop into an even stronger unit that may grow and offer the majority of services that were available in the main banks. The Government should acknowledge the work they have done and should consider giving them an unconditional cash injection so they can expand and extend their loan facilities. They are an essential element in financing education for most people. They are what makes Ireland great.
We propose that no politician is ever allowed to oversee the Department of Finance again. These portfolios have been filled by people who do not have financial backgrounds. It has been the equivalent of letting a farmer carry out open heart surgery on a patient. It makes no sense. A board has to be established and drawn from the financial industry, central bank and the financial education sector to oversee our budgets. Budgets should then be presented to the Dail for signing off. It is just the application of plain common sense.