The Irish economy was nearly destroyed in the 2000's by FF's populist approach. Early measures were well meant, tax incentives to develop rural towns, and student accommodation. We all know where that dose of populism lead us. The structures of the state were inadequate to protect us from the low interest rates that came with joining the euro.
A number of provisions have been introduced to protect the economy from political irresponsibility in the future. The tax base has been widened, there is enhanced oversight of the insurance industry, (no more owners borrowing against insurance company reserves to gamble on the stock market), and the banks. There are limits on bank lending for property purchase. After all it was property that nearly ruined us.
Now after 8 years of retrenchment the economy is recovering again. Certain people have lost out, unfairly in many cases. Those trapped on high variable rate mortgages are indeed in a difficult position through no fault of their own, although it is as a consequence of their own decisions.
Time for populism to make a comeback. Its first outing is lead by well meaning people in a good cause, but in 10 or 15 years time when we sit in the wreckage of Ireland's next bust wondering how we made the same mistakes all over again, this is where it started. The central bank is being undermined, the structures meant to protect us from undue economic exuberance are seen as obstacles to what we want. The first steps always look reasonable.
A number of provisions have been introduced to protect the economy from political irresponsibility in the future. The tax base has been widened, there is enhanced oversight of the insurance industry, (no more owners borrowing against insurance company reserves to gamble on the stock market), and the banks. There are limits on bank lending for property purchase. After all it was property that nearly ruined us.
Now after 8 years of retrenchment the economy is recovering again. Certain people have lost out, unfairly in many cases. Those trapped on high variable rate mortgages are indeed in a difficult position through no fault of their own, although it is as a consequence of their own decisions.
Time for populism to make a comeback. Its first outing is lead by well meaning people in a good cause, but in 10 or 15 years time when we sit in the wreckage of Ireland's next bust wondering how we made the same mistakes all over again, this is where it started. The central bank is being undermined, the structures meant to protect us from undue economic exuberance are seen as obstacles to what we want. The first steps always look reasonable.