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Labour grandees have not learned anything from crisis. 4% is the result.


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leftsoc

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A few days go, Ruairi Quinn , on Pat Kenny casually asserted that no-one could possibly want a state-owned bank. He said the last time we had such a bank was ACC, and FF micro-managed loans to individual farmer supporters.

I never heard that said of the ACC, but thats not the point. The last state-owned bank was actually the ICC, the Industrial Credit Corporation.

Quinn, along with Phil Flynn (Bertie and the Provos' favourite baner/trade unionist) set the ball rolling for the privatisation of ICC. This eventually happened in 2002, and ICC became Bank of Scotland (Ireland) an entity which bear almost as much responsibility for ditching normal banking standards as Anglo Irish. And yet Quinn , ex-leader of Connolly's Labour Party, still can't see that the privatisation of ICC wasa horrenduous mistake.What would Irish-owned do for a bank like ICC now, with no mandate except the encouragement of domectic businesses.

These grandees are stuck in the early 1990s , at the end of history , and have not learned any leson from the Irish r international crash. It might as well not have happened at all for all the difference it made to the deivered by Quinn, Rabitte and Gilmore. They may mouth platitudes against 'neo-liberalism' but essentially they cannot think putside its paradigms.
 


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