DO we really want to learn the lessons of the economic crisis? Politicians say they do but their actions suggest otherwise. They certainly want all the easy stuff. We've had no end of guff talked about the banking commission in recent weeks.

But when it comes to walking the walk, as opposed to talking the talk – such as on a property tax – the main political parties don't want to know.

On balance, it is probably the right call to have a commission of investigation into the banking crisis. We have already had two reports in this area – from Regling and Watson and also Central Bank governor Patrick Honohan. Both were excellent, cutting to the chase about what went wrong. But there is probably an argument that there needs to be greater scrutiny about what went on in the banks, as opposed to failures of government and regulation.

The commission of investigation will address that. But we shouldn't expect to learn a whole lot more than we already know. The big banks were completely in awe of the Anglo Irish model and threw billions after billions at property developers playing catch-up with what has turned out to be the most dysfunctional bank in the history of the state. Normal controls and procedures went out the window. Traditional staid, boring and reliable banking was jettisoned in this rush to the bottom, as banks chased huge profits and employees chased massive bonuses.

The commission of investigation's findings will obviously be a lot more detailed and extensive than that quick assessment. And it's important that the exercise is carried out. Having it down in paper in black and white is not just cathartic. By putting it in a report, it gives it an authority and a gravitas and is there for future generations to reference.

Finance minister Brian Lenihan was correct to resist opposition moves to extend the commission's remit to include the political decision making that led to the guarantee and the nationalisation of Anglo Irish Bank. Otherwise where do you draw the line? Should the inquiry also cover current decisions being made in relation to banking by the government? And, unlike the banks, the government is answerable to the Dáil and the Dáil is answerable to the people. A further undermining of the Dáil's powers, just because it is politically expedient and may cause embarrassment for the government, is definitely not what is needed.

It does seem that, in the former Finnish civil servant Peter Nyberg, the commission of inquiry has got a serious operator to run the show. He will no doubt produce a comprehensive report as to what went wrong.

But has the political system got what it takes to ensure that such mistakes are not replicated? The jury is certainly out on that one. In a general sense, one of the major causes of the economic and financial meltdown was the failure of the political system – mainly, but not exclusively, the government – to shout stop and take tough decisions instead of pandering to vested interests and focus group research at the height of the boom.

There would have been uproar if a government had insisted on tightening up lending regulations or if a property tax had been brought in to take the heat out of the market. But we now know that is what was required. A property tax is one of the few measures that actually might have worked in heading off the bubble if it had been introduced a decade ago.

A property tax has two advantages. It broadens the tax base and provides – unlike stamp duty revenue which fluctuates with the market – a steady and predictable stream of income. It also acts as a disincentive to investment-related property purchases which had such an impact in driving up prices during the boom.

Every country in Europe has a property tax. So either we have a monopoly of wisdom – a difficult case to make given our current travails – or, as usual, our political system is ducking the hard issues.

The government, under pressure from its deputies, has shelved the possibility of a property tax in the upcoming budget – which means it won't happen in the lifetime of this government. It's ironic that so many of the backbench Fianna Fáil TDs bemoaning Brian Cowen's supposed lack of leadership, are completely failing to show any themselves on this issue.

Fine Gael and, shock of all shocks, Labour, have also signalled their opposition to any property tax. The Greens favour a site valuation tax as a means of taxing property. That's a legitimate stance but it will take a couple of years, at least, to implement such a system. And that's a luxury the state coffers just don't have.

As during the good times, the reason the political parties are opposed to a property tax is entirely political, rather than economic. They know that however much it might be needed, a property tax would be hugely unpopular with voters.

So, it seems that little has changed, despite all that we have been through. You can have as many inquests, commissions of inquiry, independent reports and committee investigations, examining what went wrong. But it will be utterly pointless – a waste of both time and money – unless politicians are willing to develop the necessary backbone to do the right, rather than the popular, thing.

scoleman@tribune.ie