Wayne Madsen Report: Washington warned in 2008 of coming Irish banking "perfect storm."

An October 9, 2008, cable from U.S. ambassador to Ireland Thomas C. Foley warns of an impending "perfect storm" for Irish financial institutions.

Future drastic budget cuts were predicted in the cable, which stressed that the Irish financial crisis was caused by "external events."

According to Foley, The Irish working people are now expected to make severe sacrifices because of the "external events," which are not that external, but can be drawn to the collapsing European Union bureaucracy in Brussels and its financial contrivance in Frankfurt and the international banking shysters in London and New York.

Of course, Bush was president and the Irish ambassador was appointed by Bush. Foley is a long time Republican and former governor Of Connecticut.

Ireland was a conservative poster child during the Celtic Tiger years. It had the lowest corporate income tax rate in Europe and was criticized by other European union countries for its tax policies. 

The Irish also had a housing boom that inflated the price of real estate.  When the real estate bubble burst, it crippled the economy and many Irish lost their houses.

Because the government had marginal tax revenues, it wasn't able to do much when the Irish recession started.

The existing conservative government collapsed and the new government has instituted draconian measures to qualify for an EU bailout.

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