Tuesday, July 15, 2008

Capitalism Eats Itself

If I owed the bank a few million, what would happen? If the bank owed me lots of millions, what would happen?

Commentators on Newstalk and RTE this morning all seemed to be saying that Sean Quinn buying 15% of Anglo Irish Bank was 'a vote of confidence' in Irish banking. The Quinns themselves say they are "highly impressed with Anglo's ability to outperform the banking sector".

I hope to god I am allowed my opinion, even if it is from Kerry.

Piffle. Hogwash. It looks like protecting ones own interest.

But of course we must not talk down the economy.

Witness the other amazing story - the Monaghan Gold Rush. Where was the South Sea? Maybe not relevant. My local credit union has more chance of mining gold than Mr Conroy.

Oh the Irish Stock market.

Cash is king again, my bank manager told me so.

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