Saturday, November 20, 2010
Today's lesson: Moral Hazard Irish style.
They say God created whiskey so the Irish don't rule the world. Well I dunno. But I do know when the Irish government guaranteed ALL the debts of ALL their large banks in our recent little world crisis, they sure set themselves up for a big headache. It should have been Irish crew cuts for all but the depositors. But the Irish are bailing everyone. Maybe there really is a pot o' gold at the end of the rainbow. For Ireland's sake I hope there is.