I discovered a link on Dan Cox’s insightful Bubblepedia site to Michael Lewis’ nicely researched nine page Vanity Fair business feature “When Irish Eyes Are Crying”.
The article doesn’t get to grips with causes, but is well worth the read.
To me, Ireland has come to epitomise the procession of bursting national real estate bubbles. This is not so much because of my own fourth generational Irish background as the relative simplicity of Ireland’s case. It was Europe’s shooting star and then it disappeared.
America’s story can be similarly reduced, but the US has become lost in its Babel of cacophonic opinion.
Lewis’ piece says: “Two things strike every Irish person when he comes to America, Irish friends tell me: the vastness of the country, and the seemingly endless desire of its people to talk about their personal problems.”
Vast and gushing. Ireland is simpler. It’s not debatable that she attracted business by cutting business taxes, and that she attracted real estate speculation by insufficient property taxation. Now she’s bailing out her banks instead of her people. It’s so sad, but it’s terribly representative. There are none so blind as those who will not see.
Maybe Ireland takes her advice from the cacophony?