Originally Posted by
adogwithabone
Nama is only a sideshow. The real decision that affects everyone was the goverment guaranteeing the deposits in the banks. These deposits were, to a large extent, used to fund property loans. The ability of the banks to refund these deposits depends on their ability to realise the value of these property loans or to secure loans from other sources based on these property values. In a nutshell, what this means is that the goverment turned every single person in this country into property speculators when they guaranteed those deposits.