Via Irish Central – Famed journalist says taxpayer is the real loser in bust:
Discussing the Irish taxpayer, Lewis said he was surprised by how much the Irish have had to endure.
“It’s incredible what they have put up with. The casual observer, as I was as I traveled through Ireland, was that the Irish actually enjoy suffering. They have gone out of their way to suffer and they have put up with an extraordinary amount,” Lewis said.
“The problem with the Irish is that you can push them and push them and push them and they will take it and take it, and one day they will snap and go wacko on you and that seems to be what has happened in Ireland.
“I think eventually they will have no choice but to default on their debt, but it won’t be called a default. It will be called something much more polite than that, like a restructuring.”
Here is the video: Michael Lewis on What Caused Ireland’s Downfall – CNBC.com