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Former Irish leader Brian Cowen admits blame for Irish economic collapse

Said he often wonders what his government could have done differently

DARA KELLY,

IrishCentral Staff Writer

Published Wednesday, March 28, 2012, 8:17 AM

Updated Wednesday, March 28, 2012, 8:17 AM

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Former Taoiseach Brian Cowen

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Brian Cowen, the former Prime Minister of Ireland, had admitted that his Government should accept some blame for Ireland’s economic downfall.

The Irish Times reports Cowen addressed a closed event at Georgetown University in Washington last Wednesday. During his speech he said he often wonders what his government could have done differently.

“All in authority have to take their share of responsibility for our present dilemma, and I, taoiseach at the time and a former minister for finance, do so more than most,” Cowen said.

During his lecture which was over 8,000 words Cowen said the “understandable need” to find someone to blame often resulted in the complexity of the situation being oversimplified.

“Given what we now know, it is clear that serious mistakes were made in individual European countries, including Ireland.”

His remarks, which are the first time he addressed the issue since leaving public office only came to light this week.

“Governments make mistakes in good times and in bad times and I and others have apologised for those made by my government and for previous governments led by my party,” he said.

The former Fianna Fail leader said that in hindsight budgetary policy in Ireland following the economic crisis “should have leaned more heavily against the wind”.

The former Irish leader defended his Government’s introduction of the controversial banking guarantee in 2008.

“It subsequently transpired the banks were insolvent, but that was not known at the time.”

"Whether a narrower guarantee would have staved off an implosion of the banking system at a lower cost to the state is a matter for economic historians to ruminate on," Cowen added.

"We had to deal with this crisis in real time. Our view at the time was that we would get one shot at calming the markets."

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IrelandNorth | Mar 30, 2012, 07:49 AM EDT

"I apologise for wrecking the Irish economy!" Brian Cowan. "I apologise for fiddling while Dublin burned!" Bertie Ahern. I apologise despatching St. Patrick to repress native Irish paganism and spiritually sodomising your country!" Papa Benny & the Cardinals. "I apologise for stealing your country and coveting your culture!" Elizabeth Regina Secundus - Royal Brittanic Majesty. But we're still gonna stash out loot in tax free Cayman Islands. Have I left anyone out of the Hall of Infamy of Phoney Apologetics.

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Seanmor | Mar 29, 2012, 04:48 PM EDT

Former Taoiseach Cowen is but one of many government members who are collectively responsible for the financl misary their state in now suffering. During the golden but short lived spell of the Celtic Tiger, those in high office could have saved substantial amounds for the rainy days they should have anticipated, but they kept on spending as if there were no tomarrow.

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esatdigiwank | Mar 29, 2012, 05:53 AM EDT

"During his speech he said he often wonders what his government could have done differently". When the pigs' heads are stuck firmly in their troughs, they´'re not interested in doing something different..>>>>"it is clear that serious mistakes were made in individual European countries, including Ireland". Does Brian 'Liverlips know what role his predecessor in Finance had in de-regulation of lending between Fr, Ger banks with Irish banks so they could mutually screw one another better? This Kildare Soldier of Infamy who after all was made EU's Komissar for Internal Markets.>>>“It subsequently transpired the banks were insolvent, but that was not known at the time.” The banks had you FF dopes over a barrel at 3am making the guarantee of Liabilities knowing that you had scant understanding of economics, ran rings around you! Stay in Georgetown, pls don't come back. Oh, and are you proud of your kid brother now sitting in Parliament? Offaly b#ggers.

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RedBranch | Mar 29, 2012, 05:04 AM EDT

A certain Mr Paisley said in 2003, "Somebody told me the other day the reason Brian Cowen's lips were so thick was that when his mother was bringing him up he was a very disobedient young boy, so she used to put glue on his lips and put him to the floor and keep him there. That has been recorded in his physical make-up." Not PC, even a case of the pot calling the kettle black, but by God it gives me a rise seeing how things have panned out for BIFFO.

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Murph46 | Mar 28, 2012, 08:17 PM EDT

BytheBy-Right on read all about it in Michael Lewis's Book Read about it in Boomerang by Michael Lewis!

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LoyalCitizen | Mar 28, 2012, 02:29 PM EDT

He would feel the pain if he where charged with treason.

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eccles64 | Mar 28, 2012, 09:30 AM EDT

Brian Cowen, don't take any of the blame. All the blame must lie at the feet of the EVIL JESUITS who control Ireland and most of the World.

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