Friday, December 26, 2008

Ireland's botched bank job? I hope David McWilliams is wrong this time

I really, really hope David McWilliams is wrong when he condemns the Government's bank rescue as a botched job which "will plunge Ireland into a much longer recession than is necessary" in this post on his blog.

"Make no mistake about it: our money will disappear in the next 12 months," he warns. "Irish bank shares will continue to fall steadily as the extent of the dire loan book is revealed and we, the taxpayers, will be asked to stump up again and again."

What scares me about this is that McWilliams was right, well before the event, about our current crash. And both the Government and the financial system are still being run by the people who steered us into this iceberg in the first place.

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