Tuesday, April 19, 2011


Don't let any person, fictional or otherwise, tell you that Ireland has changed since the new government came to power. I think events over the past few days have kind of told us that. Continuing on with the failed policies of the previous government, the aptly named Moody's Credit Rating Agency downgraded Ireland's credit rating to Junk.
Ireland should not feel to bad, its citizens are either in the same category or fast getting there. There will not be to many loans granted in the time to come because there simply is no money. Not only were we saddled with the debt of crazy bankers, we also offered to pay back financial sharks to the tune of €35 billion not even covered by the previous governments decision to implement a jolly old state guarantee which has ruined the country for decades to come.

Of course Moody's are going to do that. I mean the same clowns that landed us in the mess are still high in banking circles in this country or hiding out in America. And what do we do with those we manage to run from their posts. Yes, you've guessed it. We send them off with €3million in their arse pockets. That's tax payers money. To a former chief executive of a bank who recently posted €12 billion in losses. A bank you and I own. A bank that may someday be coming after your home and your possessions. Rotten thing to be doing to a shareholder, isn't it?

But then at least some of us were lucky not to have actually bought shares when she was on the up and up. If it were my decision I'd have wound it up. It's not the first time its been at the centre of controversy. This Wiki article adequately portrays that. The tax-payer has bailed this institution out before in 1984 at a cost of €400 million. Loose change compared to the total today. And yet we'll prop it up, which does beggar the question, just how much will it be next time around.

What's going on here mirrors what has been going on Stateside. The main players who destroyed the lives of millions still run the show. Take an hour or two and watch Inside Job and tell me it's not a mirror here. Sure, every calamity has a patsy, a fall guy, a guy not smart enough to cover his tracks. We still await to see who that will be in Ireland.
With no accountability, they are for the most part free to continue on their merry way, free to continue to shaft anyone left, right and centre at will with no-one to answer to.

Of course Mickey Noonan will come back from Brussels one of these days with a new interest rate on the Bailout loan. Maybe even an extension to the fund too, just to tide us over. And they will paint it like they are the heroes of our time for the lowering. And it will be their turn to say 'we've turned a corner.' And they'll continue to blame the previous incumbents.
But at some point lads, you'll have to stand on your own to feet. It's then you'll be found out. We think we've had impact, I suggest we ain't seen nothing yet.

Airport anyone?

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