The best Fuck ever

[Alec Horan]

Could be worse.

Its not a famine or a war or a plague.

Lets keep everything in perspective.

[ninebythree]

Its not a famine

Maybe if it was a famine , that Bono tosser might try get us a few bob from other countries


nbt

[adogwithabone]

If the Government had not guaranteed deposits last September, people with money on deposit would have rushed to withdraw their money fearing a collapse like Lehman Brothers in the USA. If a lot of these deposits were withdrawn in the space of a few days, the banks would have collapsed for certain.

I blame the last Government for the whole mess. The 'boom' was fuelled by outlandish property prices and absolutely no control on credit by the Government. Banks lashed out money to whoever wanted it. Thus practically everyone in the country was living beyond their means, on credit. Ahern actively encouraged that and told everyone that the good times would last forever - UTTER RUBBISH!!!. Now it'll take years, maybe decades to clean up the mess.

I agree with you. I am not saying that the decision to guarantee deposits was wrong just that I think that few understand the full implications of it.

[luther]

As we are all now property speculators, courtesy of the Goverment

Everybody with a few €€€ to invest over the last good few years is a property speculator because of greed............. nobody forced them into it.........

Unfortunately, the government, the banks, and in particular the financial regulator allowed it to happen.......

Sometimes people do need to be saved from themselves.........

To go back to the beginning and absolute basics, the property market in this country became over inflated because people inflated it by paying over the actual market value for property, the banks gave people the money to do this and the financial regulator allowed the banks to give it..........

[anitasizzle]

Remember that mantra? I'm sure people overheard it being said back in the heady days of the Celtic Tiger, but no one cared, maybe because later hopefully meant decades from then, surely not now Why? Credit was being passed around like candy: house prices were going up like balloons and everybody wanted to do one better than their neighbors, so if that meant going to the Credit Union and taking out a loan to go to Spain, wait to Thailand, your brother and his misses just went there. wait a minute you can't take the misses to Thailand, you'llhave to send her and her ma to Spain. You need a bigger loan, feck it, remortgage the house, Emer and her fella did it .and you need new a plasma tv.

Look at those bad loans that NAMA just brought as GOLD in the bank, and make sure their value never goes down

[adogwithabone]

Remember that mantra? I'm sure people overheard it being said back in the heady days of the Celtic Tiger, but no one cared, maybe because later hopefully meant decades from then, surely not now Why? Credit was being passed around like candy: house prices were going up like balloons and everybody wanted to do one better than their neighbors, so if that meant going to the Credit Union and taking out a loan to go to Spain, wait to Thailand, your brother and his misses just went there. wait a minute you can't take the misses to Thailand, you'llhave to send her and her ma to Spain. You need a bigger loan, feck it, remortgage the house, Emer and her fella did it .and you need new a plasma tv.

Look at those bad loans that NAMA just brought as GOLD in the bank, and make sure their value never goes down

I am somewhat surpised to find myself agreeing with everything that Anita has to say. It is the responsibility of the Goverment to control consumer credit through the Central Bank. I think that we would all agree that they failed miserably in this regard. I believe that this failure is down to one man, Bertie, and the corruption charges hanging over him. I always thought that Bertie worked on the principle that if the people were gorging themselves through easy credit, they would be less inclined to want to see the truth. Someone asked me once, what was the difference between Bertie and Charlie Haughey as I had met both a few times. Having thought about it, I said that Charlie, at least, tried to do it with some style. Unfortunately, while there are many good people in Fianna Fail, there is a rotten core that they have never managed to exorcise.

[experienced punter]

NAMA = Banks bail-out on backs of PAYE Workers...

[Smarty]

I'm afraid all NAMA is doing is to keep the property prices at an inflated value.

This can not be good for the country in the long term.
As those "Foreign Financial investors" so sought by Cowan and co wont invest in our property sector until they feel that it is at actual market value.

The head of the Icelandic financial dept was interviewed last week.

He said that although the Icelandic banks crashed last year it has brought a reality to the market and he said that Iceland's financial sector is starting to recover

[anitasizzle]

Banks make money selling debt/bonds, and if Irish banks are thought to have bad debt/bonds no one is going to buy their loans, lest foreign investors and the truth be told those foreign investore are what make the world economies go round. Money as Debt-Debt is Money

For whatever reason the world economy is built on debt-if banks are to give out cunsumer credit than they need money and where does that money come for? selling off previous debt to fund new debt. Irish banks are sitting on loans/debt that foreign investors don't want to buy because it's deemed as having no value=bad loans. When the government buys these loans it is also setting a value on them which then can be speculated on the open market.

You've got a chance to go back having GOLD in the Central Bank's vaults (77billion euros in properity) now it's up to the Irish people to insure that that value doesn't decrease-if there's a time when you really need to be ''we the people of the Republic of Ireland, together we stand, united will fall'', is now and then.

[Westsidex]

the gov thinks that bailing out the banks and getting credit rolling again is going to solve the economic crisis.It wont because;-

(a) we have become too uncompetitive.Ireland has simply become too expensive.

(b) we neglected our domestic industries and no the ppl we relied on (foreign investment) are pulling out.

(c) we will learn nothing.No point in NAMA if the gov or banks dont learn from the issues that created the crisis in the first place,namely over inflated prices leading to an over indulgence by banks in giving credit.They simply run out of cash reserves.These ppl who charge for handing you a slip,charge for you taking your own money out of a machine and whose profits have being enormous,
have run out of cash.Astonishing.

Westside.