“age of innocence” should that not be “age of reckless lending”
I think I understand why they called them ‘canny investors’. Because when the balloon goes up, they canny find them.
It all started with our government been totally hoodwinked by International Bankers. The lure of easy money was impossible to resist, even though it was coming from a fearful Elderly EU. Our government smoothed the passage for this money to thunder into the country; it came in so fast that the drains, sorry houses could not be built fast enough; house prices shot up. The banks saw great commission pickings etc they literally throw it out:
To people who could not afford the repayments when the honeymoon period expired e.g. Sub Prime Mortgages
To young people, who would be so restricted by repayments that starting a family could not be entertained until well into their thirties.
To solicitors whose word they would take in a time when religion and ethics were being frowned upon by everybody concerned. Politicians, solicitors, stockbrokers, bankers had no need to heed religious teaching etc. It was welcome to divorce, tons of contraceptives, abortion, stealing via loaded fees and trumped up invoices etc. All in positions of trust, are now their own Gods and do what they think they will get away with.
Multi million euro salaries were paid in Banking circles, Directors received Share Option millions through the current of property speculation.
And so on!
Did the government really allow this?
This money came from EU Pension Funds etc in the main. The same Government is possibly going to make contributing to a Pension Fund compulsorily. Why wouldn’t they? Their high salaries comes from the same pot of Gold. The higher salaries and gravy train of opposition deputies also rose. No objections there; money is money; no matter if it comes from hard pressed mortgage holders, EU Pensioners etc.
Then our politicians had the cheek to check the German Ambassador when he politely made veiled comments as to our over exuberance. A man who very visibly sees his nation’s investment going down the drain, which are seemingly blocked and the resulting floods are causing all sorts of disease:
Billions of EU Pension Fund invested in property which is rapidly loosing value.
Young educated people being roped into financial scandals, because being seen to be wealthy is the aim of society.
The Banking System itself being threatened etc etc
Our problem is we are swamped with money and we do not have the wherewithal to handle it
Martin Luther King junior said
Yes, there is something gone missing in the Irish charachter!
I’ve know things were going the wrong way for the last 4 years, well maybe that’s the way I see it cause it not the way I’d like to see it go …but really you know what I mean.
However. I didn’t have good enough reason to split myself and I certainly wasn’t looking for one.
Now, well I am not so sure. I am searching harder to see what are the pros & cons of the next 5/10 years if one is to stay. No matter what I can up with it, even if it be a positive scenario purely for myself it can not change the one undeniable fact, affect the truth of the matter.
There is no plan.
Don’t be fooled. Neither the Government nor Johnny individual have a great big plan B that will save all of us. It’s as simple as that. What’s is happening is going to cause a type of mayhem, as I expect most to react in possibly the same manner as they have always done and that is one of ultimate self preservation. That’s the same thing that got us into the bubble mania in the first place.
Come let’s be honest with ourselves there hasn’t really been any great big plan in the past part from “de growth”, “de jobs” & “de corpo tax”.
So it is with the is realization that I say. Get the out while you can, if you haven’t the cash in hand to take advantage of the opportunities, GO!
That social pain is going to be felt without any more EU epidurals by all.
So let me repeat, there is no plan. There has been no plan and there will be no plan, and even if we find a plan it will be too little too late. This is the reality.
Some would see this as pessimistic. Well reality is reality and I am fairly confident that my realization is accurate. I’ll gladly here the other side have to say, but boy if you can show me the “plan” that is our roadmap, our nations path our way to the Promised Land then I will surely listen.
I saw the report on the news but its unclear to me whether the judge is suggesting that Lynns activities may be worthy of a stint in the Joy or whether the fraud bureau or even the CAB could be asked to use their skills in unravelling complicated paper trails to assist in determining who owns what or who is owed what. Obviously its more likely to be the first option though.
IMO Lynn will be remembered in the same terms as DeLorean or the young Irish society guy in the 70s or 80s (name escapes me) who became very very rich and then very very broke very very quickly. I remember seeing a programme about him on RTE not too long back. Lynn is truly a modern day Icarus.
Patrick Gallagher was the 1970s developer chappie you are referring to. He died ( young) last year .
**Poacher turned gamekeeper wrote:
Yep, especially when you consider the accusations about signatures being forged
Missed that bit
Yes. One and the same.
Anecdotal news from the sister-in-law (a solicitor) is that conveyancing has become a world of pain, with the banks demanding to see every document and witness every signature. Whether the caution is a temporary thing or the banks will be following the rules from now on is still unclear!
Its not temporary at all , the banks have turned off the money tap in the past 2 weeks as they chase paper. Its a serious liquidity problem at present and will only get worse. The banks want to finish the reporting quarter with new systems in place to 'ensure’that this will not happen again.
One solicitor I know now signs and stamps everything in the branch of a major bank and gets them to verify the signature and send the docs on to the mortgage centre by internal post .
Watch out for persons in dark suits signing documents like mad at the counter and holding up the queues
The above is taken from a letter to the editor fom a solicitor
As reported in the Tribune