Did they not know or did they conceal the truth?
23/11/10 15:24 Filed in: blog
The desperate news of financial meltdown in Ireland raises the question of how Western European economies, including our own, apparently turned from boom to bust so quickly.
Those of us without a degree in economics wonder how on earth we were persuaded by our political leaders that our economies were stronger and more resilient than they had been for years. The Irish Parliament in Dublin
Ireland was “booming”, The UK economy was supposedly the strongest it had been for years (reflected by the pound reaching the two dollar mark) and the Euro was buoyant.
Meanwhile, the Prime Minister was wearing his white dicky bow at a lavish City of London financial dinner telling them about his pride in their achievements.
Then, apparently from nowhere, came the financial meltdown.
- The sub-prime scandal became the ‘credit crunch’.
- The ‘credit crunch’ quickly became a recession.
- Then the talk was that it was the recession for 70 years.
- Now we are told the recovery is stalling....
Financial rescues have been needed for Greece now Ireland.
With outstanding timing, I started Ken McEwen Public Relations just at the time that the ‘credit crunch’ was metamorphosing into the worst recession for decades, so these early months are etched very clearly in my mind.
I would still like to know why our politicians were talking about strong economies right up to the point where we suddenly realised that their financial feet were made of clay.
If they genuinely did not know it is worrying. If they did know and didn’t tell us then it is even more worrying.