Madam, – When Noel Ahern was, according to his letter (April 12th), repeatedly warning against the inflationary dangers of 100 per cent mortgages during his period as Minister of State, did he not think of having a word with his brother? But then, if my memory of this period is correct, one of the loudest voices criticising those advocating a more prudent approach to the economy, was his self-same brother! Far from newspapers criticising those who were “talking down the economy”, they were merely reporting the constant rhetoric from the political party and government of which he was a member.
Before he continues with his attempt to rewrite history, he should reflect that he was a member of government in this period, and should he bother to look up the meaning of “govern” in the dictionary he will see that it is defined as “to control and direct the making and administration of policy”. – Yours, etc,
Madam, – Noel Ahern’s attempt to blame others for the mess we are in (April 12th) would be funny if it were not so serious.
He states, “There was considerable awareness in the Department of the Environment at the time of the inflationary dangers of these mortgages. Excess credit by definition is inflationary and it was obvious then and now that financial institutions giving 100 per cent mortgages did so in the hope, belief and expectation that the values of the properties would soon rise and protect their loans.”
In other words, it was the lenders who pulled the roof down on us all and the government was powerless to prevent the catastrophe.
Did Mr Ahern never hear of “light-touch” regulation?
Does he not know that this was the policy of the government he was a Minister in? Methinks that this excuse would have bombed at Nuremberg too. – Yours, etc,