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The Road to Financial Ruin

By Pat Gallinagh - 2011

The "Celtic Tiger" prowled and growled for a decade and promised even more
Convinced its prosperity would never wane, its bankers lent galore
Throughout the country land developments sprung up like mushrooms in the dark
And financial ruin seemed as distant as New York's Central Park

As most, the Irish are as vulnerable to lurid call of the Sirens of Success
And Brian Cowan's government was deafened by the sound of speculation to excess
But the Celtic housing bubble burst and in its wake left chaos throughout the land
With bankruptcies, foreclosures and unemployment marching hand in hand

For it made no difference if there were no buyers for what was built
The tax laws made it tempting for developers to borrow money to the hilt
For they felt if you built a village, the rich would surely come
And snap up any vacancies as safe investments which didn't seem so dumb

The rising path from poverty to plenty is a two-way street
It can be difficult ascending but much easier to retreat
Especially if you ignore Isaac Newton's basic law
That what goes up, must come down as the world has clearly saw

Free markets, tax cuts, and deregulation are part of the litany of greed
And Social Darwinists tell the rich to be oblivious of those in need
For you'll be only interfering with Nature's iron laws of life
Let the weak and unfortunate perish, while your money fends off strife

But greed can be addictive and more is never enough
Even when you've yachts, limos and mansions filled with lots of glitzy stuff
Conspicuous consumption keeps one reaching for more things
In hopes such acquisitions that happiness and contentment from it springs

The "Luck of the Irish" is a legend almost as old as time
The fact that much of it has been bad hasn't quelled the poets' rhyme
Few recall it was from Cobh in county Cork that was the Titanic's last port of call
As it set sail on its fateful voyage that ended deep in Neptune's frigid hall

Luck like any other trend has a way of running out
And when it turns against you, it's best to back away and turn about
But the tendency for those who enjoy the risk more than the win
Is to keep on rolling the dice until they're left but with an empty tin

This crisis like all the others in time will surely pass
The values that St. Patrick taught will return alas
Love of family, hard work, thrift and to live within your means
Will spare you from some of the problems that from materialism streams

Ireland has been through far worse disasters and still managed to survive
Invading armies, famine and despotism could not stop freedom's steady stride
A Celtic pride, the will to live and the strength to fight for what is right
Will spur the Irish people to banish financial recklessness from sight

As the tide of indebtedness begins to slowly to recede
It's hoped the Irish have learned the lessons their forbearers did much heed
That you should make good with what you have and try to save a little
Pay with cash and borrow less and when facing extremes, stay near the middle.

Author's Note

This poem was based on an article in the New York Times by Ross Douthat entitled "Ireland's Paradise Lost" and several newspaper and magazine articles chronicling the financial crises Ireland was faced with in 2010 and how the European Union and the government of Brian Cowan were dealing with it.

More of Pat's Poetry