Technical difficulties and, frankly, my own stupidity, prevented me making three points I thought were important on Primetime last night.
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First was the nature of the problem: banks have liabilities in the form of loans that might go belly up, and homeowners have the other side of that balance sheet with their [...]
Also tagged Add new tag, Business, Financial services, Interest rate, Loan, Mortgage, Short, United StatesPublished in today’s Sunday Independent.
Recovery is not reform. The government’s intended path to recovery is
a mixture of borrowing, pay cuts, and spending cuts. All recovery
plans treat the symptoms of a downturn. Global aggregate demand has
been buoyed by injections of capital by governments. There is evidence
the medicine is working. Global recovery looks in sight. Reform
however, is [...]
Cross posted at the TASC-blog.
It is almost never correct to sacrifice a present benefit for a doubtful advantage in the future. Ireland’s political classes understand this truism at the genetic level. In a world where less and less seems predictable, Ireland faces multiple uncertainties: we cannot afford to splurge on one by neglecting the other.
The [...]