Consumer debt forgiveness law ruled out -> rte.ie/business/2010/0517/mortgage.html
Ahern considers reduction of bankruptcy period -> irishtimes.com/newspaper/ire … 00405.html
Debt-hit families thrown a lifeline -> herald.ie/national-news/debt … 82836.html
report here -> lawreform.ie/_fileupload/Reports/irDebt.pdf
Nama for the little people finds backer in global giant -> irishtimes.com/newspaper/fin … 47684.html
Of course this has nothing to do with this, no siree bob, **Citigroup Posts Loss on Credit-Card Securitizations **(August 4, 2008) -> bloomberg.com/apps/news?pid= … refer=home
What’s interesting is the way Dermot Ahearne stated the problem as being “we can’t interfere because that debt is owed someone and we’d basically be robbing from that person if we cancelled debt” - rather than put it as “we’re not going to assume the debts on their behalf” - which is what the real NAMA was.
Not that I was ever in favour of NAMA for the people, but the minister’s response nicely confirms - if you needed confirmation - how he and his ilk see the role of the people:
Load them up with other people’s debt, and lecture them on the absolute necessity of them paying down their own debt.
Debt monkeys is right.
Do you know you’re right, these fucking thicks think its 1800 and they’re the landed gentry manipulating peoples lives on a whim and a turn of a cards at the tables. “Doff your forelock you minion of Rome” a few ugly demonstrations outside ( or inside) their constituencey offices would sort that out and put manners on them or better still outside their homes and lets see how they feel when put upon.
The law reform part of debt forgiveness is what this country needs…This load of £@#* would not have the balls to actually hold the banks and their excessive lending practices accountable.
As I stated in an earlier post, helping people get back on track should be the goal; not changing the laws means that there’s basically no hope for people in this mess, nor is there moving on…
Personally I don’t even think anyone in the dail is actually capable of passing legislation that would actually benefit the people of Ireland and not just the (political) elite.
Can we have a ‘Sick to the stomach’ smiley please?
Slavery:the forcible use of one person to serve the purposes of another.
So the government will use the tax system to force me to hand over my money to people in debt and I wouldn’t have a say in it.
By saving the banking system was the government not also saving those with deposits in those banks? This would mean they were in effect helping those who were prudent and saved rather than spent and got into debt?
Balltrox, they could have stuck with a simple deposit guarantee scheme rather than the full guarantee… Like any other sane and rational fucking country…
Many people on here (canny savers, no doubt ) have argued that all that was required in Sept 2008 was a simple deposit guarantee.
However, why should people who foolishly lent their money to reckless financial institutions have received any bailout?
I’ve some sympathy with what you say, but bear in mind who would be demonstrating outside their offices. Quinn workers, demanding regulatory requirements to be set aside to preserve their jobs. Folk in negative equity, demanding a bailout regardless of whether they were actually unable to keep up loan requirements.
There’s a reason why the only spot you find a critical mass of Right Thinking Folk is the internet. We’re just not a cohesive group. On the other hand, bankers are a cohesive group. Developers are a cohesive group. ICTU are a cohesive group.
(What do you mean, I’m labouring the point? Oh, alright. )
There’s actually a point to what you say. There was no particular reason why the State should not have left the guarantee at the level it had when those deposit accounts were opened - which I think was something like 90% of deposits up to €20,000. Canny savers should have known that this was all that would be protected, and split up their deposits accordingly.
Dont recall the Minister making too much a fuss over the debt forgiveness programme of Fianna Fail in respect the state provided funds to that party - nicked by Haughey courtesy of Bertie’s blank cheques or Pee Flynn’s purloining of 50 grand from them courtesy of a cash cheque from Tom Gilmartin… just leave it there…
Check out the Minister’s 'vocational and ‘patriotic’ approach to politics and high office. Well … actually its ‘just a job’.
Page 30 of the pdf file will take you to the pragmatic world of Dermot Ahern… well everyone needs a job
Sounds reasonable now but in 2008? Essentially you were talking a Kent Brockman moment where we were wondering whether it was time to grab a rock, crack open your neighbour’s head and feast on the goo inside… Paradigm shifts take some time, especially for the larger morass…
Fair point and, if memory serves, it was a context where the UK had made changes to its deposit guarantee. So the ‘nothing to see here, our banks are well-capitalised’ line faced a real challenge.
But does this mean we also have to extend a degree of understanding to the general bank guarantee? As I understand it, much of our problems flow from that. Once the taxpayer guaranteed all debts of Anglo, nationalisation became the lesser of two evils - on the grounds that we’d be picking up the bill anyway. Once we nationalised it, the taxpayer similarly had to take on whatever horrors would arise later.
But, bringing it back to polaris’ point, is it fair to say that if you put your deposits into Anglo - or INBS or whatever - and took whatever interest they were paying, you can’t completely wash your hands of how that interest was raised.
Which, I know, consequently raises that question of what productive use a body can put spare cash into. In the current climate, even a big lump of euro in Rabobank won’t protect us from the gathering zombie attack.
Time to send for the professionals.
There is a photo on page 13 which shows a number of people with their arms around each other cosying up for a photo op.
Amongst the characters are Dermot Ahern, Turlough O’Sullivan (IBEC) and Dan O’Brien (Economist)
Its only lacking someone of the calibre of Seanie fucking Fitz for it to truly be the moneyshot
EDIT - is that also Mark Fitzgerald of Sherry Fitzgerald
Fuck me that photo should be posted up on walls all over Dublin.
This is how your world works folks