Paul Krugman on Ireland

[canicemcavoy]

http://www.nytimes.com/2010/03/08/opinion/08krugman.html

"In Ireland, regulators looked the other way in part because the country was trying to attract foreign business, in part because of cronyism: bankers and property developers had close ties to the ruling party."

He sums it up as: irrational exhuberance, cheap credit, a no-lose situation for the banks, and a complete failure on the part of regulators. Nothing anyone with their eyes open for the last decade would have failed to see.

But no, of course it was impossible to see it coming. As Bertie said: "Lehman's testicles were everywhere."

 

[shanegl]

If only the merchants of doom weren't so sensationalist, we might have taken them seriously.

 

[agentino]

Did this article slip through the net or what. It is really well written and there would have been a lot more about it except for the Church scandal and the holiday I feel.
There is a synopsis of the banking inquiry in reality