818154 We are a relatively young nation, immature you might say. When we got a bit of luck with wealth in the 90's & early 00's we (Fianna Fáíl) had no idea how to manage it properly. The banks blindly loaned out cash to any Tom, Dick or Harry and everyone rode the crest of the wave. Yes - people got greedy. A couple of holidays every year, new cars, extension to the house etc. But not everyone is an economist. That's why people elect a government with a Finance Ministry.
When you think back to the history involved in Ireland gaining its sovereignty and independence, it really is galling that a series of blundering, politicians have crippled the country with their avarice. Cowen, Lenihan, Coughlan et al should really do the honorable thing and step aside. The thing is the damage is so far gone that no new elected government, no matter who it may be will be able to do anything about it. The country is screwed for at least a generation, probably more.
The Republic of Ireland (some will argue with the terminology but you know what I mean) no longer exists as a sovereign entity. It is owned by a bank in Frankfurt. The banks here have to borrow money at 8% and can only lend it out at 5% so they are effed. Therefore a bail-out is inevitable to save the currency. Paying back the interest on this bail-out will take every cent of income tax we give the (so called) Government for years to come. Therefore the gov. has no money to run the country from one day to the next so we don't exist as a country any longer. This is a fact as per Morgan Kelly - Prof. of Economics, U.C.D. We are gone. Ireland is gone.
p.s. My heart goes out to those poor people in Limerick and Cork. Our own little angel is 3 months old and I don't know what on earth I would do if anything happened to her or any of my kids. God oh God what a **** day.