People of Ireland need an explanation of the crisis

Only an Oireachtas committee inquiry into the banking collapse will persuade the public of the need for severe fiscal actions, writes Colm McCarthy

25th July, 2009

The public seem to hold bankers, developers and politicians mainly responsible for the current crisis. Siren voices have been raised proposing that the public should be spared the pain of cutbacks and tax increases, and that those responsible should ‘‘pay for the crisis’’.

This line of argument will not survive contact with reality. Insolvent banks and bust developers are in a poor position to pay for anything, and the total annual...

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