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Going cheap
Read more about: Economy 
At today’s share prices, the government could buy Bank of Ireland and Allied Irish outright for €1.16 billion. That’s less than the cost of the €1.5 billion that it’s now not putting into Anglo Irish, but still more than it proposes to put in as preference shares to the two institutions. Yet with Gordon Brown now converting preference shares to ordinary shares, the market looks at the Irish banks and sees the same thing coming with the Irish plan. The Dail has serious issues to debate tomorrow. Let’s hope for a debate worthy of the dire circumstances.
Banks going cheap are not the only things going cheap these days. Exploitable labour has not been as cheap for a hundre3d years hence the call for wage and pension reductions. Also foreign imported goods (even food) were never as cheap as they are now.
The reason for all this is simple. We have a glut in all these areas. How many people can name all the banks we have in this country today. I have never seen so many banks for such a small population. We have a glut in the labour market due to the collapse of the trade union movement and the con-job called the EU where all are equal but big business is more equal than the rest. You need only look a the amount and sophistication of toys being bought for two-year-olds these days to see the glut of manufactured goods we have become accustomed to.