Stephen Donnelly: Ireland's Ralph Nader

Nader was vilified and heavily criticised
at first, but his book transformed the car
industry in America.

The first Chevy Corvair launched in 1960 was a roaring success. Jack Kennedy was President, Elvis Presley was on the radio, and America was fighting the Communists in the dark corners of Eastern European cities. It was a sleek designed power grunt of a machine, with swing-axle suspension. That meant that it needed a significant tyre-pressure differential between rear and front tyres, which resulted in a dangerous amount of over-steer. In lay mans terms, that means that when you turn the car left, the wheels turn much more left than you had intended. There was a significant danger of 'tuck-under', where the left front wheel in a left turn could essentially flip under the car, causing an accident.  Many people died as a result, though the car industry was unperturbed - driver error, was the response. If you drive at a safe speed, you're fine.

NAMA: Rebadging Failure as Success

Photo Credit: Google Images

Fintan O'Toole calls out the economic failure in Ireland in today's Irish Times (and, incidentally, in The New York Times also) and in particular those politicians who hold the country up as an example to others. The debt has soared, public services have been slashed, and quality of life has deteriorated for all but those who have emigrated in the last five years. Things are admittedly pretty awful, and made worse by rich men in expensive suits praising the country for its prudence and fortitude.

NAMA was actually designed to do this.  Its model works thus: you have a property worth $50m, for which a developer has a loan of $100m, you pay the bank $20 for the loan, re-capitalise the bank for the $80m shortfall (i.e. repay the German inter-bank lender) through off-books sovereign debt, then sell the property for $30m, making (ahem) a $10m 'profit'. So NAMA then is a success, because it drove a profit from its loan book. The State, meanwhile, is crippled.

Anyone can be successful if they are allowed to define the rules for success themselves.  Small minds are destroying this place.