This isn’t going to be a long post because I’ve said it all before.
The banks are going to get another22 thousand million euros of your money to bail them out of a fuck-up they created themselves through stupidity, greed and dishonesty.
The NAMA discount is going to be far deeper than Lenihan assured us and the Irish taxpayer will pick up the bill because, as any fool could see, the so-called assets are worthless. It will end up costing us another 40 thousand million euros and NAMA still won’t start the banks lending again
Furthermore, these assets will not recover their projected long-term economic value, for one very simple reason. They’re shit.
The purpose of all this gigantic theft of your mooney?
Simple. International financiers invested in these banks hoping to get a very handsome return. They took a risk, and the risk didn’t pay off.
But this government considers it more important to save these investors any pain they might feel as a result of their bad bet.
More important than you and more important than your children. More important than public services. More important than schools and health.
When people far better qualified than I am predicted all this a year ago, they were shouted down by the government and an assortment of ill-informed gobshites, yet now look where we are. Exactly where we feared.
There was no reason to save Anglo, and there was no reason to save the bondholders, except that this government didn’t want to offend the money-men who own them.
More NAMA on Bock