So what’s a tragedy?

31st March, 2010

I took the Order of Business for Fine Gael today in the Seanad. A momentous day with lots to say.

Yesterday was such a vast day, with huge numbers suggested with dreadful consequences. But two points stand out for me. Firstly, the effect of yesterday will be to double our national debt. Secondly, Anglo Irish Bank will absorb nearly €Tragedy40 billion of our money in the coming years.

I made the point that the FT recognised the plan but said that two criteria must be met. They are that the loss to taxpayers is minimised and the issue of bank losses are settled. The editorial of the FT concludes that this is not the case. So, why is this plan been implemented?

It’s because the interests of investor classes are seen as too powerful to challenge. Their interests must come before the tax payer. I heard a lot of people use the word tragedy yesterday. Tragedy had 3 phases. Hubris, we saw so much of this in 2006 and 2007. Folly, we saw this yesterday in the set up of NAMA and the delay in doing anything.

And then? The fall. I just hope, hope so much, that yesterday made the fall of this government nearer and more certain.