Ten years on and we still don’t know what a tracker mortgage is, despite all the financial water under the bridge, the collapse of the banking system, and the taking into receivership of the state. We are financially illiterate in large part. And nobody seems to be doing much about it.
A number of years ago I found myself, in collaboration with Constantin Gurdgiev, in the back of a taxi, in Dublin, with a US journalist. We were spending the afternoon taking taxis at random, with the journalist asking the taxi his or her views and knowledge on various financial and economic concepts. A piece subsequently appeared which noted that so bad was the financial mess we’re in that Irish taxis were capable of discussing credit default swap pricing and the arcane of ratings agencies, which was seen to be in some way better than the usual fare of weather and football