On this morning’s Marian Finucane radio programme * a discussion began about the culpability of former Taoiseach, Brian Cowen, for Ireland’s economic mess. From former minister, Mary O’Rourke, came the familiar routine of “we all had a party, so no one is at fault” and then Eddie Hobbs offered the view that the ordinary person couldn’t be expected to understand an economic bubble and that those he calls “gatekeepers” failed to warn the general public.**
Eddie is wrong. Anyone with normal intelligence, a basic education and a little interest in their surroundings could see that – whatever about the wider world – Ireland was headed for a fall. Failing to see this required enormous stupidity or wilful blindness. It was a topic of discussion among ordinary people, many of whom could see that the property boom was a scam, bound to end. These ordinary people held on to their savings and/or didn’t borrow to buy property.
Eddie is right, however, to blame “gatekeepers” for failing. The term usually refers to media workers but Eddie included public service economists. Two points need to be made. Firstly, the distinction is correctly drawn here between people who are paid to think, write, speak up and manage and the rest who are merely expected to do these things. It is the difference between citizens and those whom society expects to do a particular job because they are paid for it. Who are these people? Clearly, elected politicians, advisers, civil servants, economics professionals, journalists, producers and researchers are included but so too are public commentators, lecturers, teachers and managers – particularly managers in banking and finance.
Secondly, nothing whatsoever has been done about this failure. Let’s be blunt: If an electrician or plumber failed to perform to the point of wrecking the house, they’d hardly be let continue. (Well, in view of the dangerous buildings now coming to light, that may be a topic in itself.) In the case of those paid to think, write and speak up … Nothing! They are all still there. They did not do what they were paid to do and they are all still there. They are known to be useless and they are all still there.
They didn’t fail to perform some difficult task. There are many failures trying to find cover in the fabrication that Ireland’s economic crash came as a surprise. It bears repeating that only a complete fool could have confused a building boom with a productive economy and only the wilfully blind could have failed to see the bricks and mortar evidence accumulating across the country. (That some did see the problem but remained silent is a different kind of failure. ***)
It is simply implausible to suggest that some kind of recovery could be achieved while so many of those paid to think and to manage are demonstrably unable or unwilling to do their jobs.
** At about 11.00 mins. into the programme.