Anglo and Lehman
By Gavin Sheridan
A common refrain heard from representatives of the Government is that Anglo Irish Bank had to be saved in September 2008; else it would have brought the entire banking system down with it. Government ministers consistently and still come on air to tell us that Anglo was systemically important and that we had to save it. Just look at Lehman Brothers, they say, look at the disaster Lehman caused.
Yes Lehman collapsed. Is the US better or worse off as a result, two years later?
Ben Bernanke, the Fed chairman, has said something rather interesting in the context of Lehman:
“I regret not being more straightforward there because clearly that has supported the mistaken impression that, in fact, we could have done something. We could not have done anything.”
Bernanke told the Financial Crisis Inquiry Commission that any loan the Fed could have provided Lehman would not have stopped a run on the bank by customers.
“If we lent the money to Lehman,” Bernanke said, “we would have saddled the taxpayers with tens of billions of dollars in losses.”
So if the US government had saved Lehman, it would have saddled taxpayers with tens of billions of dollars in losses.
Except in Ireland, we did save our Lehman, leading to tens of billions of euros in losses for the taxpayer.
And what have we got to show for it?
Saving Anglo was in most Irish people’s minds was a total disaster and the only explanation why Lenihan and Clown nationalized was that they are completely incompetent or at worst they did it to save their Galway tent gombeen pals in the building industry
Either way they have destroyed our country and I believe they are guilty of treason!
At this stage at least a hundred people have taken their own lives as a direct result of the illegal actions they took .They have saddled me and the rest of the nations family’s with the debts of unscrupulous gamblers within the banks and the building industries
I refuse to lie down and just take it. We as a people must stand up and say no the corrupt bankers. The gambling and corrupt bankers and multi millionaire developers must bail themselves out and not expect the taxpayers of the nation to do so: The economic treachery of the current government must not be forgotten and in time the culprits and their cronies will have to pay the price for this treachery!
The ultimate result of the government’s bailout of their pals has been the socialization of private debts. In effect the plunder of the public purse for the benefit of a select few, a golden circle without any concern of the ability of the nation to service this extraordinary debt in the first place
No amount of media spin, with help from their lackeys in the pay of the government can fool all of the people all the time. More and more people are beginning to see through the lies we are been told on a constant bases by the clowns in Government and their supported agencies Like Anglo Irish Bank, and NAMA