"When Irish Eyes Are Crying": Michael Lewis On Panicked Politicians, Feckless Bankers And Billion-Dollar Bailouts
Michael Lewis's piece in Vanity Fair tells the tale of the staggering bank losses and subsequent bailouts that precipitated Ireland's bankruptcy and IMF rescue. There's a hint of paddywhackery here and there (did you know that the Irish like to drink and still believe in fairies?), but Lewis tells a story better than anyone and he hits all the right notes with this one: panicked politicians, feckless bankers, corrupt developers and a real estate wasteland. More than anything, Lewis recounts Ireland's version of the now familiar tale of private gains for banks and public losses for you know whom. But, nowhere else are so few being asked to pay so much for the crimes of their banks - in this case $35,000 for every screwed Irish citizen, including the yet-to-be-conceived. If you have a few minutes to set aside for some great writing, this is the piece.
When Irish Eyes Are Crying
by Michael Lewis
First Iceland. Then Greece. Now Ireland, which headed for bankruptcy with its own mysterious logic. In 2000, suddenly among the richest people in Europe, the Irish decided to buy their country—from one another. After which their banks and government really screwed them. So where’s the rage?
See more of these photos in the following slideshow: