Saturday, April 3, 2010
Halligan’s hairshirt rant #693
Twelve months ago, credit downgrades and a deeply alarming fiscal deficit prompted bond investors to include Ireland in a group of fiscal stinkers known as the PIGS â€“ standing for Portugal, Ireland, Greece and Spain. A year on, the Republic isn't quite
"British economists of international repute have been writing letters to newspapers arguing that we can avoid addressing the UK's shocking fiscal problems because to do so would be "to accept as binding the view of the same financial markets whose mistakes precipitated this crisis in the first place. This is irresponsible nonsense. Financial markets didn't cause this crisis. What caused it was fraud, dire political leadership and a lack of genuine regulation." Slack jawed at this nonsense in a national newspaper. "Financial markets didn't cause this crisis"????