Wednesday, February 18, 2009

'Excessive Debt' Disorder

As if we needed reminding at this stage of the game, the EU Commission has come out today and told us that we are suffering from an 'Excessive Debt' Disorder. Unfortunately, our political masters are struggling to to come up with a remedy; a cure that will be unpalatable.

I often wonder if it ever occurs to those that control the State purse strings that you have to save for a 'rainy day' or does this euphemism only apply to the 'little people'?. Without savings, the future is bleak.

Does it ever occur to these people that a prevention is better than a cure or that, instead of leading us down an undignified road to penury, they could (and should) have done something about it. Was anybody keeping watch?

As we cling to wit and comedy while trying to dodge the recessionary bullets, it is disheartening to listen to the mitigated words of all parties to the debacle. It seems that the culture of the vulture will be ingrained in our corporate legacy for some time to come. Unless of course, it is acknowledged by those concerned, NOW.

Then, and only then, can they start putting in place a system that does not feed the greedy and unscrupulous. You can't right a wrong until you admit that it was morally inappropriate in the first place.

1 comment:

Pat Quirke said...

The Pension reserve Fund was to be our rainy-day money. If this is not a rainy day, then I do not know what is. Unfortunately, it has been raided to prop up banks, some of which should have been let fail. It could not have been worse than it is at present!