An Examination of the Political and Economic Crisis in Ireland
I very much enjoyed this documentary. I find it insightful. A citizen of Ireland who worked as a foreign correspondent returns home and looks at his country with some perspective.
It’s easy to see the very similar problems in both the United States and Ireland. In both cases, the government baled out the banks without asking any serious questions nor taking into account the actual value of the bank loans. In both cases, a real estate bubble that was clearly propelled by speculation was considered to be a safe and continuing source of prosperity for the country. And in both cases, the taxpayers wound up footing the bill, while unemployment doubled and services were reduced.
In other words, the well connected walked away and discussed with great seriousness their loss of reputation and minor financial irritations, while the great majority of the nation’s citizen’s suffered for their crimes.
This is, of course, a business ethics issue. We should live under the same law. It would appear that investment banks live in a different world where obedience to many laws is optional and should they break the few left, they are only fined. We, the public, live under a different system.
Ireland The Rise and Fall of the Economy, Real Estate, Development – YouTube