With the Dail debate playing in the background, some notes on what Brian Lenihan insists is not a bail-out.Professor Morgan Kelly relates an incident at a conference he attended:
‘Bankers are well known for getting carried away during bubbles which is why governments appoint central banks to keep an eye on them. You probably think that [...]

Sometimes something happens that takes one breath away. It makes it hard to speak, never mind coherently. The Government’s bank guarantee proposal is one such. It constitutes a fundamental capitulation, not to the logic of the ‘free market’ nor to the necessity of state ownership, but to a uniquely Fianna Fail policy of propping up some [...]