Spare a thought for the Irish

The Celtic Tiger is no more, brought down stunningly by the 2008 global crisis. All those years of strong economic growth and sky-high housing and building prices and new construction was halted and ended, resulting in a crisis that many of Ireland's people still seem to be having difficulties understanding and getting over. Michael Lewis, Vanity Fair writer and author of The Big Short: Inside the Doomsday Machine and The Blind Side, wrote a lengthy piece that examines the Irish crisis. It's a sad story, with Lewis showing a sympathetic side whilst also describing in definite detail how the Irish helped cause their nation's economy to implode. Unlike the US and the rampant greed and duplicity behind its notorious subprime mortgage scheme that led to the global crisis, the Irish spending was less cynical and driven by more genuine optimism. Case in point, the Irish bank executives who benefited greatly from the rise in housing purchases invested in their own firms' bonds and stocks. This isn't the same as the heads of major banks and financial institutions in the US who walked away from the crisis chastened but with tons of cash. If there are any bankers in the world who deserves a little sympathy, it should be the Irish ones. But the biggest lesson in the article is how people who saw the housing boom for what it really was and who actually spoke out were ridiculed and derided. In the end, they were right but rightly so, there's no schaudenfraude.