40 developers and their banker mates are responsible for the majority of the Hole.
You are an utter bastard Gleeson
don’t come blaming us when it’s your fuggin job as a banker to spot this shit.
FF and their cronies
bastards the lot of them
and now they say
ah sure we were all at it…
seething with anger I am at this shit from one of the chief culprits.
the rot started at the top and these fuc*ers threw money at people
these bastards sold the dream and primed the pump and now want to start including everyone in the blame.
You couldn’t make it up !
I was seething when I heard this. Then that anger abated and eventually I returned to my normal apathetic self. I have given up, I now officially do not care. My spirit is broken. Anyone who now stays in this country is consigned to be ridden by these bastards for the rest of their lives. It is utterly,utterly depressing. The media will not ask the hard questions,even if they did, half the country aren’t listening. These bastards have it all sewn up and will make sure YOU pay. If the Greens had any principles they might stand up for what is right,but unfortunately they abandoned their principles when they joined the perpetrators of this travesty in government.
I do not intend to stay around to witness this grand conspiracy to bleed ordinary people dry.
Fuck off Dermot Gleeson, you are a traitor!
I thought it was all because of Lehman Brothers and International Factors. You’re going a bit off message there Dermot.
Fianna Falsehoods will not be happy
He is frankly, quite right to say the public were partially to blame - but not quite in the sense that he means it.
If the public are to blame, it is for voting yes to Maastricht back in 1992, which brought us into European currency union and ultimately set the seeds for the property bubble.
This stuff really makes my blood boil. I can’t believe a former Attorney General could come out with that.
Gleeson needs to take responsibility for his actions. Banks need to take responsibility for the actions of banks.
You’d really fcking swear that guarding against irrational optimism wasn’t on the banks’ agenda, that credit control committees were a new idea. The banks job was to avoid the shit that we are in. The bankers paid themselves a fortune, kept creaming off the top and lived in a world where all their brilliant friends tod them just how brilliant they were. Well you’re not fcking brilliant anymore.
The most disappointing thing is how little responsibility the architects of the disaster will take for their actions.
We made mistakes? Why always pointing the finger at others? Do none of these f*ckers have a back-bone?
How about somebody coming out and saying “I am ashamed, I acted unwisely, I paid myself more than I deserved, I colluded in the deceit, I did not live up to the trust put in me, I was not competent to do the job I accepted, I allowed incentivised bank officials to ruin families lives, I have lessened the prospects of thousands of Irish children, I have ruined the old age of many hard working Irish men and women, my actions have cost lives through the health cuts being imposed to prop up our broken financial system, I will never forgive myself, I find it hard to sleep at night, all my illusions of self grandeur have been shattered, my wax wings have melted, I have done my country a disservice, I will emigrate like the thousands I have damned, I accept that I cannot push my responsibility onto others, I accept that I had responsibilities to borrowers and shareholders alike, I am so very sorry”.
If it wasn’t those 40, there would have been another 40. The rate is the key influence on the property market. The rates were too low, so the market exploded. And then imploded when the inevitable crunch arrived. Simple as.
Why should he say it if he doesn’t believe it? In any case, even if he did make the above bizarre speech, it would change precisely zilch.
DISGRACE and SOCIAL OPPROBRIUM are strong and effective weapons against wrong behaviour. All these guys socialise in higher circles and in well to do neighbourhoods. Their reputation is everything to them. They define themselves by the respect other people have for them. The fact that Gleeson is even talking at Glenties is wrong in that it denotes him as a person worth listening to. That status should be gone and all should know it.
Gleeson used phrases such as ‘soft landing’ and ‘nobody predicted this’ Now, he knows that is simply not true. He is lying. Was the phrase ‘soft landing’ ever used before in economics?
I have to comment on this - he is right to a large extent.
NEVER in the past few years have I heard any one complian about how “they” (the government) was giving way too much money to people.
Here in the US, I always here people give out about how “we” (the government) are giving out way too much money to people.
In a nutshell - that is the problem. My own parents and neighbours won’t turn in people they know commiting fraud (Social welfare) becuase they fundamentally do not understand that “they” means “me”. If they can get it, let them at it…kind of an attitude while at the same time if my dad though someone stole from him there would be blue murder.
In Ireland - and all over this forum - we call the Government “they” - if the electorote were even semi educated this would never have happened…but they are not!!
It would change a huge amount.
An admission of guilt & responsibility would show at least that they recognised they’re actions or in-actions led to the current state of affairs & it would be an signal that they weren’t just going to continue doing exactly the same shite for the rest of the life of this Government.
Right now we have ‘whack-a-mole’ reactions, because there is no admission that their policies got us into this situation.
To an extent, there is a grain of truth in what he says.
Every adult in the State who borrowed an excessively high multiple of their (and potentially their partners) salary in order to pay way over the odd for what, by international standards, were mediocre houses or apartments is partly responsible.
Every adult in the State who didn’t take some time to research what potentially was/is the largest single financial transaction they will make, to determine the balance of supply and demand and find out if the hype that was shoveled out into the market was backed up by the statistics or not is somewhat responsible.
Every adult in the State who failed to haggle on their purchase and allowed themselves to be sucked into a bidding war with someone they had no proof existed is culpable through their gullibility.
Every adult in the State who borrowed recklessly and participated in the “label frenzy” and consumerist “willy waving” that characterised much of the 00’s has a case to answer.
That said, every lender in the State who was an equal counter party to each transaction is equally guilty.
Now, as to ""There was too much optimism and not enough scepticism; ", perhaps he should address that comment to one Mr. B. Ahern, TD c/o St. Lukes, Drumcondra who may wish to make a rebuttal that might include some rope and a short hop.
It is always used just before a crash. That is because it is always used just before a downturn. Sometimes, it is just a downturn, sometimes it isn’t. It was relatively clear to anyone who looked around the world that this wasn’t going to be just a downturn and if it was, it wouldn’t be long before there was a crash. You don’t have to fully subscribe to debt-deflation theory to see that huge levels of debt will have an effect at some stage.
That’s bullshit! Why hasn’t Germany had the mother of all property bubbles seeing as they have had low in terest rates for way longer than us?
Low interest rates don’t make a property bubble inevitable.