A blog dedicated to tracking the continuing decline of housing markets throughout the USA. It is a long slow decline. But, decline it will. The speculative episode was simply unsustainable. With special attention to the Washington, DC area. Please join in the discussion.
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The Irish government is either cunning, reckless, or both
Posted on October 06, 2008
In an effort to prevent a run on Irish banks, the government of Ireland recently guaranteed all deposits in Irish banks. This guarantee is either cunning, reckless, or both.It could be cunning because apparently the guarantee is enticing many British citizens to move their money to Irish banks, thus giving those banks a larger deposit base. This larger deposit base makes them better able to withstand the credit crisis.It could be reckless because Ireland has a bigger housing bubble than the U.S. did at its peak. Also, deposits in Irish banks are so large compared to the size of the small Irish...
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