NAMA Millstone Will Sink Ireland

If the government continue to press ahead with the current NAMA proposal, it will bankrupt the country. When are they going to realise this?

There was no need to rescue the crooked banks. They could have been allowed to fail, and the government could have set up a clean, unencumbered bank. It would have hurt the shareholders, and that’s a pity. I feel sorry for them, but now their shares are wiped out anyway, and they were, after all, gambling with their money.

This NAMA idea is quickly revealing itself as the most dimwitted in a long series of blunders by a government unable to think. NAMA will have to pay the banks more than their toxic assets are worth, and in the process, double or even triple the national debt. NAMA will suck money out of public services like healthcare, education, policing and firefighting so that a few billionaires can sleep easy in their beds, knowing that the Irish government will protect their interests.

Last week, Michael Somers, chief executive of the National Treasury Management Agency warned the Public Accounts Committee that the whole thing is heading for disaster. Remember, this is the man who’s expected to run the agency, and he thinks it’s a crock of shit. He expects legal battles every step of the way. He doesn’t know how the assets will be valued. He doesn’t even know how he’s going to set it up, he said, and neither do his staff, because they’ve never done anything like it before. They don’t have the expertise to do this.

Lenihan is still in denial, and refuses to listen to what his foremost expert is telling him: What Dr Somers was pointing to was that despite the enormous media speculation there is an awful lot of practical work to be done here.

Wrong. What Somers was pointing to is the fact that this plan will fail. No more than a hundred developers are responsible for the insane borrowing that has endangered our very survival as a nation. 100 traitors. And these hundred traitors will have a field day in the courts if NAMA tries to take over the assets for anything approaching their true present-day values. Because our legal system is so obssessed with the protection of property rights, these cynical, wealthy bloodsuckers will fight tooth and claw and will care not the slightest for the fact that their actions are destroying this country.

Why would they when they won’t have to live here? Why would they care about the Ireland they raped, as they relax by their swimming pools in some Portuguese golfing resort, using your money.

Why would the bankers and international investors care that nurses and firemen have suffered wage cuts to bail them out of the trouble they brought on themselves?

Who will suffer in all this? Not the bankers. Not the developers. The ones who will suffer are the ordinary workers.

If and when NAMA goes wrong, it will drag this country under, and we might never get our heads above water again. Don’t underestimate how dangerous the NAMA proposal is. It will finish us as an independent country unless the government gets sense now.

You could wake up any morning to discover that our new government is in Berlin, but on reflection, maybe that’s not such a bad thing. At least the Germans have principles and ethics. At least they know how to organise a country. At least they can do things instead of just talking about them.

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Elsewhere, Brian Lucey asks the hard questions about NAMA .

Previously on Bock:
National Asset management Agency Takes on Bad Debts of Banks
The Language of Bullshit
Paying For The Celtic Tiger
Property Speculators and Treason
Irish Government’s Budget Deficit

8 thoughts on “NAMA Millstone Will Sink Ireland

  1. What’s disturbing, is that even when FF are gone from Government, the new shower won’t change anything about this. That really bothers me as it (NAMA) will be the one thing that will destroy this country and FF, along with all their privileged sycophants and masters will be well away in some foreign place while we will get face-to-face with the blood-spilling fall-out. And there will be blood; lots of it.

  2. If we woke up tomorrow to find that our Government sits in Berlin, would it be a bad thing?
    Maybe Declan Ganley is right!….. “The United States Of Europe”.
    Well, it’s certainly worth discussing as much as any of the bull I’m hearing on my doorstep.

  3. Declan Ganley!!!!……talk about jumping into the fire.

    That well-funded fundamentalist fucker would have his right wing buddies imposing Dana-Sharia law on us while selling the place off lock, stock and barrel to the Yanks. Want a few NATO bases set up here to “bail us out” then Lord Ganleys’ your man.

    I’d rather take my chances with the Germans. No tent cities in Dusseldorf or Munich, same can’t be said of Philly, Sacramento or Phoenix….just three cities which are already sprouting up Grapes of Wrath type shantytowns.

    Incidentally and back to point. Lenihan stated the other morning – in his best Daddy impression – that we were being praised left, right and centre for this NAMA joke initiative, most of all by the German Finance Ministry who were, he claimed, about to copy the idea.

    The night before I’m watching EuroNews. Angela Merckl and her Finance Minister are emerging from a meeting where they have told the bwankers just how much those banks will have to pay to re-structure their loans and they can hold the toxic assets because the German taxpayers weren’t having it. I heard about a 20 year plan for which, once again, the banks will pay. Don’t know much about how all this works, but it sounds like a far better option than the risk our silent-drunk is having us take with McNAMAra’s bond.

    Then again, sure what would the Germans know…..they don’t have a Barrirster running their countrys finances.

  4. I’m glad to see someone else using the word “traitor” to describe those pigs that rapped Ireland. I’m not an economist, I know very little about finance but what I am is a keen student of history. If these times were the middle ages and a group of traitors did what the developers have done to this country, they would quickly be introduced to a short rope and a long drop.

    Have we become so soft as a society that we not only allow treason to go unpunished but reward it? In my opinion, the bankers should have everything they own confiscated and then be thrown onto the street so that they can beg for change from the people they wronged. That, I believe, would be a punishment far more suitable than anything in our “justice” system.

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