Political Control of the Economy…

…can be a dangerous thing.

Morgan Kelly has an excellent op-ed in the Irish Times today giving his opinion on the NAMA (The National Assets Management Agency) approach to Ireland’s banking crisis and I think it is well worth a read.

I think he adeptly exposes the political calculations behind the current government’s response to the banking crisis without sounding shrill or irrational (as too much of the debate on this issue often becomes). Lenihan and Cowen are playing a dangerous game with Ireland’s economic well-being and unfortunately seem unwilling to change the strategy they have selected despite the preponderance of evidence that is confronting us.


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