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The Irish catch on too slowly

  • 21-12-2010 1:29pm
    #1
    maninasia
    Registered Users, Registered Users 2 Posts: 4,633 ✭✭✭


    So just looking at latest Primetime developer expose, yet again the media and the public catch on to some obvious scandal or glaring problem months or years after it has been predicted. It seems we are always a penny late and a pound short when it comes to copping on to something.


    - The banks were giving out loans for property development equal to over twice Ireland's GDP by end of the boom (unheard of in any other country), nothing was said about this at the time

    - The bank guarantee, hardly a peep out of anyone until Sept 2010 (two years after going into force and) even though it was guaranteeing private debt equal to twice Ireland's GDP and many of the original bondholders have been paid back in the meantime

    - Developers were openly 'boosting' the value of their assets pre-Nama yet NAMA still overvalued their loans, nothing was done

    - Developers switched their loans into spouses names, a completely legal and predictable target that has been used by other businessmen over the years, yet NAMA and the government failed to deal with this problem at the start which obviously puts a big hole in their plans, again been going on for almost two years, only now being debated!

    - The Croke Park agreement was signed even though it was obvious that a part of the savings needed to fix the economy could only be made by reducing salary expenditure, salaries being a huge part of government expenditure, now of course people are complaining about this


    So is it the case that the general public is at fault for not educating themselves quickly enough about how the world works? Are these issues too complicated for the 'common' man or not?
    Is it they are too trusting?
    Or is it the media that is too slow or too incapable in investigating these things when they actually happen and not giving them enough coverage?

    What is the reason for this?
    Failed to load the poll.


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