I am working on a very short 2/3 minute NAMA infomovie with my limited time and hope people can help.
I need as many short to the points “factoids” about NAMA and whatever else you can come up with so list them here.
My aim is to highlight the madness in a very simple and hopefully metaphorically humorous manner. So example of one kind of to the point “facts” that would flash up on screen every few seconds could be,
I need to sum up as much information as simply and quickly as possible.
I obviously haven’t the time to trawl through NAMAwatch so I rely on the sharpest of pin wit and generosity of your mind.
All creative and factual input greatly appreciated.
Is it Capitalism (picture of Adam Smith?)? Is it Socialism (Picture of Marx?) No - Its NAMANISM (Picture of some of our scumbag elite)
NAMA rewrites Irish Contract Law - Financial Institutions may enter legally binding contracts with absolutely no risk attaching to their actions. The other party on the other hand is stuck with a mortgage for life.
NAMA is MAGIC (Image) - it will turn ghost estates into Carribean cruises and Algarve golf holidays (Cue picture of Seánie Fitz golfing it up) - meanwhile Joe 20 or 30 something is stuck in his rain sodden negative equitied home (cue image of semi-d with bars on te windows and FTB couple inside)
NAMA is how many Croke Parks full of money worth of debt?
NAMA is dole queues
NAMA is emigration
NAMA is extremism
NAMA is death in hospitals and mental collapse via the non-education system
“If these assets end up being worth 30 billion [euros], and we paid 60 billion [euros], the fact that we did it with a note with a low coupon is besides the point.” Karl Whelan–UCD economist as quoted in Wall Street Journal
“They are going to be involved in selling and developing property, as a government, for many years.” (same source)
“Gross government debt including NAMA [National Asset Management Agency] liabilities will rise to over 110% of GDP by the end of 2010 [77% excluding NAMA]. . . . As recently as the end of 2007, gross government debt was just 25% of GDP. The rise in debt is likely to push the ratio of debt interest payments to revenue above 15%, one of the highest among Fitch-rated sovereigns in the ‘AA’ range, reducing fiscal flexibility.” Fitch Ratings Inc.
Anglo Irish is not a high street bank, it does not deal with small businesses, it never courted the general public. why are we bailing it out. who benefits etc…
If they couldn’t see Lehman brothers coming, how can they tell what anything will be worth in ten years time.
The models NAMA are using to calculate housing market in ten years time are based upon markets that had property tax. Ireland didn’t have property tax and as a result the slow release of property during the bubble was pure manipulation as empty property incurred no cost to the seller as long as prices rose.
There is still no true figure on the amount of unused and unsold stock that ultimately will determine prices in the housing market. If you can’t measure it, you can not manage it!
77 bn is the value of the loans, including 9 bn in related loans, (helicopters etc.) I don’t know what portion of the 77 bn is rolled up interest.
The current market value is allegedly 47 bn. Nama is paying a premium of 7 bn, ie 54 bn.