Mad professors and Brian Lenihan corners

David Vines, Professor of economics at Oxford university, was on Today with Pat Kenny expanding on his article published in the Financial Times and Irish Times.

According to the good professor all is just fine and dandy in Ireland.

He accused the rating agencies of lazy thinking and being asleep at the wheel.

He accused listeners who criticised him as people who stand back and let things go wrong around them.

He describes as extraordinary the great expansion in Ireland in the late 90s and early 2000s.

He seems to be completely ignorant of the fact that that ‘great expansion’ was nothing more than a mafia pyramid scheme set up and operated by a cartel of politicians, bankers and developers none of whom have been brought to account.

He believes that Ireland will continue to expand and grow becoming ever more competitive despite the ongoing global crisis and, according to the professor, the Irish banking crisis is over.

I stand with admiration at the sorting out that was done in the recapitalisation of the banks in March/April.

I must have been out buying my cornflakes when that happened.

The professor’s article and interviews caused a wave of insane optimism throughout the ‘we’ve turned a corner’ morons in the political and banking sectors.

But the professor revealed his total ignorance of what’s really going on in our glorious banana republic when he was asked:

And are we over the worst of the banking debacle?

I’m not someone who has as close knowledge as others about Irish banks but it’s my belief from what I know that it’s now soldiering on now that that very important separating of the good and the bad happened in March/April.

Oh, right. He’s not aware that the Irish banking system is rotten to the core, that the Irish financial sector in general is infested with ruthless vermin who are facilitated and supported by a so called regulatory system set up by a deeply corrupt political system.

He’s unaware of the fact that not a single banking institution or official has ever been prosecuted for the countless thefts and frauds carried out over decades against defenceless Irish citizens.

So, just another Brian Lenihan corner then.