AIB - are they for real?

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umop3p!sdn said:
The bank guarantee and subsequent bailouts were most certainly a public sector decision.
Do you see now what happens when the public sector interferes with free market capitalism? Those banks should have been left to default. Instead, thanks to the public sector, everyone gets to pay.
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I think I've heard it all now. Public Sector ultimately responsible for effects of bank calamity. Priceless.
 
Not true. They were a political decision - a Government decision.
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I would classify the government as public sector. They're certainly not private sector!
It was their decision to interfere, and look where we are now.
 
I think it was there decision not to interfere, regards regulation of the banks, that has us in this mess.
If a banking system is essential to our economy (and it obviously is), the MOF should have been all over the regulator when concerns were raised about the property boom.
Cowen met him twice in 4 years, I believe.
 
Shawady said:
Were there also external experts paid to advise the government?
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Advisors advise. And we don't know what advice was given because the Gov won't release the papers. Ministers decide.

umop3p!sdn said:
I would classify the government as public sector. They're certainly not private sector!
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Most people don't classify the Govt as public sector. See http://en.wikipedia.org/wiki/Public_sector

umop3p!sdn said:
It was their decision to interfere, and look where we are now.
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So are you suggesting the Govt should have sat back and waiting for the entire banking system to collapse?
 
And have you given much consideration as to the possible impacts of the collapse of the entire banking system on our society?
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Yes, I have. There would be chaos and riots as people lose their money. (The share holders have already lost out) There might even be expulsion from the Euro. Then, once that's out of the way we can rebuild and carry on. Not a nice solution.

However, this is better than being eternally in debt to the EU/IMF. Better than being forced to give our money to the banks. It's better than a long, long drawn out debt by a thousand cuts. What way do you think Ireland will be in five or ten years time? - You'll be wishing we'd let the banks fail then. When the ESB, phone network and our other public utilities have been sold off. When there's 40+ children to a class, when there's no hope of a hospital bed, and going to hospital is a death sentence anyway etc, etc... Oh, and we'll still be in debt.
 
See
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That just links back to your earlier post in this thread.
I'm wondering how you would classify the government, if not public sector?
They are paid by the state.
 
I would say ministers and TD's are part of the Public Sector but as public representatives ther are not categorised as part of the civil or public service.
 
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