Remember this?

Brian Lenihan said the bank guarantee scheme was “a necessary first step” and “the cheapest bailout in the world so far” compared with bank rescues where “billions and billions of taxpayers’ money are being poured into financial institutions”. “It allows us to move on and examine other questions which may have to be addressed to […]

Failure Is Good

Way back in September 2008, I wondered what had become of free market philosophy, as the US government scrambled to rescue crumbling banks. Two weeks later, Ireland guaranteed bank deposits and bondholders. A lot has happened since then. Back in 2008, I asked what happened to the belief in creative destruction. I’m still wondering. Capitalism […]

Arithmetic of Hope

NAMA has prepared a ‘draft business plan‘. Or rather, the ‘interim NAMA team’ prepared a business plan, since the bill creating NAMA is not law yet. The interim team thinks NAMA will make a profit of €5.48 billion by 2020. It will do this while receiving €12 billion in interest, and paying out €16 billion […]