John McGuinness (Carlow-Kilkenny, Fianna Fail)

It is true that we made mistakes, but it is untrue that we could have prepared in any real way for the fact that we were going to do so well. Infrastructure development of all types everywhere follows success as, initially, do mistakes. Nobody can prepare for something that may happen, the extent of which is unknown, by spending money yet to be earned. It is disingenuous to suggest otherwise. Countries such as Dubai, India and Russia are still desperately trying to improve their infrastructure and grappling with the effects of wealth, with varying degrees of success, and they all have low wages or vast natural resources, or both. Nor is it true that inflation, the fall of the stock market and rising interest rates are problems faced only by this country. They are worldwide problems. They affect us, but there is little an open economy can do about that except stand and fight and that is what this Government and country are doing.

Low-skill manufacturing has moved to low-cost countries. It always does. That is economic reality, not Government mismanagement. It is also an indication of how successful we are. It was inevitable that our agriculture sector would be pressed by international market forces to consolidate and rationalise. That has happened. Now agriculture and the food companies reliant on it are reaping the benefits. If Fine Gael members wish to believe the sub-prime lending debacle, the fall in the dollar, the increase in the price of oil and China's voracious appetite for raw materials is the responsibility of Fianna Fáil, they may do so, but I doubt anyone believes them. I doubt they believe it themselves, but they have come into this House in the hope of persuading the public that it is the case. That unworthy task, that three card trick, has now been exposed.

See this speech in context