Did you catch that bit of news during the week?
The bit where the IMF told the government that NAMA wouldn’t make the slightest difference to bank lending? That it wouldn’t increase lending by a single red cent, despite what Yehudi Lenihan and Batt Huffnpuff O’Keeffe told us?
Not a penny, my friends. Not a single penny will the banks hand out in extra liquidity to small businesses or to homeowners, once you’ve finished handing over your billions to support their bondholders.
Isn’t that nice?
Isn’t that a good, warm feeling?
I used to lie awake at night worrying about those international investors.
Yes, I used to tell myself. It’s true that they get a high return on their money because they’re taking a risk the thing will go belly up. That’s why they get such a good return, and why they’re such mega-billionaires.
Ah, logic, logic, logic.
Where’s my humanity?
These mega-billionaires are people the same as me. They have children to worry about, and flatulence, and receding hairlines, and male-pattern hardness.
So what if they’re mega-billionaires? They’re people with feelings, and it bothered me that they stood to lose on their gamble.
It really did. You don’t like to see a guy losing, even if he bet on a dud horse.
And that was why I cheered when Yehudi announced NAMA. I knew it wouldn’t bring lending back to the small man, but you know, the small man never expected much anyway.
The thing is, at least the international mega-billiionaires wouldn’t lose out on their bet, and that’s the main thing. Yeah?
Come on. It’s the least you can ask your great-grandchildren to give.
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