Madam, – Mike Mahon threatens to withhold his tax because he objects to it being used to bail out the banks (April 12th). I fear he is ill-informed. Far from bailing out the banks, we taxpayers are not paying enough to run the country. The Government is borrowing billions of euros to pay his pension and other social benefits.
That’s its legacy from the previous government, but we don’t hear much about it as it is a bit short of a decent leg to stand on. Fianna Fáil allowed the economic lunacy to develop but Fine Gael and Labour, by their silence, condoned it. While the boom was booming, not a squeak from any of them.
We are fortunate to have the banks as well-deserving scapegoats. But what do banks need above all? Customers. And who were they who queued up when the banks were shovelling it out the door, borrowing millions and signing 100 per cent mortgages? However, it’s great to learn that such greed and stupidity will not recur having been informed in your Business Section (same date). “Global banking regulation took a step towards convergence after a British commission proposed measures that will bring the country’s financial rules closer to the US”.
We are all well aware that the US has a perfect banking system. Lehmans? A mere figment of the imagination. – Yours, etc,