The truth hurts: Taoiseach was right
IT CAME as a surprise to me that Enda Kenny's comments about greed and excessive borrowing were met with such anger in recent days but as they say 'the truth hurts'.
As a nation we did borrow beyond our means, we became greedy like never before and we did become wealthy on credit. Now that the bubble has burst however it is clear that the people who were facilitated by 'generous'; financial institutions are the victims instead of those who should really be accountable.
It's clear why people are angry and in despair about their financial situation given that they, for example might have borrowed to buy a home and now are effectively trapped there forever as the value dwindles.
For these people their home was to be the biggest extravagance of their lives and was the only debt they would be comfortable accruing.
Kenny had a point though. What irked people so deeply was the suggestion as they perceived it that it was the ordinary person's fault. Surely he wasn't just referring to the small fries, he must have been digging at the high rollers more so?
We were caught up in the hoopla of the Celtic Tiger and told that the good times were rolling. How many people had their credit card and overdraft limits increased time after time without even applying for it. In our innocence we never saw and end to the gravy train. Seeing as the government didn't feel the need to effectively plan for the future why should we?
The wealth, as Kenny described it was all a farce. It wasn't real, but borrowed and the time of enjoying it carefree and indulgently was also borrowed.
We are still in a state of shock that it has all come to this. The vast majority of us just wanted a decent lifestyle and to own the roof over our heads. Surely that's not too much to ask?
So many people who were offended by Kenny's remarks never really led the high life. They paid over a less than healthy percentage of their income to cover their mortgage, often for a tiny property they queued up to purchase from plans.
I think at that point we should have listened to the alarm bells but if there were no alarm bells, only advice of ' buy now before prices go up' then how were we to know.
Kenny's previous assurances last year which said 'you are not to blame' were true but so was what he said last week.
If the problems we are experiencing weren't so complex then attributing the blame would be just as clear cut.
- DEBORAH COLEMAN
