National Asset management Agency Takes on Bad Debts of Banks

I’ve said this already, but it’s worth repeating.

There was no need to rescue the Irish banks.  Instead of pumping billions into them, and even nationalising one of them, the government could have started up its own clean bank, unburdened by bad debts, and let the rest of them collapse.

Instead, it has poured billions of your money into them, and is now taking over all their bad loans, at a price higher than they’re worth.

This means that you and I and every other taxpayer in the country are paying huge amounts of cash in taxes and levies to protect the interests of a very small number of very rich people.

This NAMA business is nothing less than the transfer of billions out of our pockets and into the wallets of the super-rich both here and abroad.  What’s even more galling is the fact that it was totally unnecessary.

I’ve been saying this here for the last six months, but Vincent Browne puts it much more succinctly in this article.  In the years to come, when the schools are short of teachers, and hospital wards are closed for lack of nurses, and crime runs wild for lack of police, just remind yourself why this is happening.

Remind yourself that there’s no money for extra nurses, or special needs teachers, or police on the beat because Brian Lenihan and Brian Cowen decided the super-rich needed it more.


Elsewhere, Brian Lucey asks the hard questions about NAMA

No to NAMA

52 thoughts on “National Asset management Agency Takes on Bad Debts of Banks

  1. “And for this €20 billion the State will get nothing. Yes nothing. Nothing at all. No shares, no payback, no revenue from a bank levy. Nothing.”

    Kinda like the big fat nothing Shell owe us for all our natural gas.

    This whole generation of politicians stink like last weeks nappies.

  2. Who cares? If they don’t blow it on the banks they’re only going to end up wasting it on something else that’s pointless, like the elderly or the disabled etc.

  3. “they’re only going to end up wasting it on something else that’s pointless, like the elderly or the disabled etc”

    Christ almighty … what a lovely sentiment.

  4. Instead of raining riches on the rich, could they not just have given everybody in Ireland a thousand quid voucher, redeemable only in one weekend in establishments of ill-repute and debauchery, such as pubs and brothels.

    That one weekend of decadence would single-handedly stimulate the economy back into life. Or not, I’m not actually an economist and haven’t thought this true. Be a great weekend though, either way.

  5. If everyone takes their dosh out of the fucked up banks they fail, get co-ordinated people, and show the government real democracy in action.

  6. I was being serious. Who needs old people? Seriously, what good are they for? All they do is fill up hospitals with their bitching and moaning, and if that’s enough, they seem to have made a hobby out of getting in your way when you’re trying to walk along the street. When I turn 70 I’m going to do the graceful thing and move abroad.

  7. Why don’t you just go now? You could always punch a few women and drown a few babies before you leave.

  8. Hellfire; hope the sun keeps shining on your future plans to move abroad as an OAP yes, its very graceful to end your days in Nirvana, hope you know where it is, Hope the staff there are quicker at changing your nappies than they would be on planet earth.

    However, I digress, yesterday I had to attend a meeting, where the primary subject was that european suppliers, and i’m talking across the board of business retail sector, are finding it impossible to get credit insurance for any business in Ireland, As a country we are so discredited because of the actions of our government, that this means all goods will have to be paid for upfront, and that is impossible.
    However bad we thought it was, it is as Bock has pointed out going to get so much worse, what if the government can’t pay the social welfare claims, will we have people roaming the streets ?
    Nora; in a previous post I said I could see no point in marching, I eat those words, its all that remains for us to do, en masse, don’t know what it will achieve but as you rightly said, at the very least the people will have spoken

  9. That’s exactly what I was thinking st.something.something. I can’t wait for the day when I’m leaving presents for the nurse in my pants. As for your insanely hilarious take on abroad actually being the afterlife…..

    Nora, it’s good to see a women so finely tuned to the importance of social justice. Just for that, I can half-promise that I won’t punch you as hard as the others.

  10. Hi Norma,

    My thinking is that the Gov’t hasn’t felt the people’s anger, which I believe is out there. Letters to the Editor won’t cut it.

    Protests/demos should be peaceful in intent. I’d love to see the Gardai dealing with thousands and thousands going into the centre of Dublin, Cork, Limerick, etc, and just sitting down and refusing to move. Or, better still, taking over all of our airports with sit-ins. Probably better for Irish weather.

    But one needs to have a couple of simple demands. My previous ones would have been “Jail the developers and seize their assets”. After reading Vincent Brown I’m not sure who we’d be targetting. Change of Government?


    I had a quick look at your blog. ‘Nuff said.

  11. PS: Meant to post a quote that I read recently in relation to the G20 protests in Britain and police actions there.

    “The people shouldn’t be afraid of their Government. The Government should be afraid of the people.”

  12. just reading an article this morning on the food riots in Limerick in the 1840’s. They were peaceful (for the most part). the response was by the ‘propertied classes…. (was) benefiicial (to the people)” A relief committee was established ‘in the very afternoon of the riot’ to raise money, Joseph Barrington offered use of his mill at Barringtons bridge and financed the building of a hospital. FF need to be ousted good and proper and apes like the Jackie Healy Ray should not be in govt. God help us all!

  13. Nuff said?

    Did you roll your eyes, twist your neck and wiggle your finger in a hip ghetto-like manner after you wrote that?

    Also, those G20 protesters deserve everything they get. Fucking complainers.

  14. “In the years to come, when the schools are short of teachers”

    Bock, this is ALREADY happening, has been happening for years.
    Our classrooms are already shockingly overcrowded – one of the very worst in the civilised world during the Celtic Tiger.

    However, on 27th of March Mr. Linehan announced a moratorium on public service recruitment – that includes teachers, nurses, gardai…
    He said that the number of teachers in service in September 2009 will be counted, and capped at that number. So…. if there are say 25,000 primary teachers in service in September, well then no matter how many pupils in a school no further teachers can be employed until one of the 25,000 retires / dies! But, oh dear, what if there are 28 schools needing a new teacher due to increased numbers, but only ONE retires / dies? Which school gets lucky? Will there be political interference and favour?
    This means that the pupil-teacher ratio is now a crock, because there could be any number of pupils per teacher in a class, while schools await some political favour!
    Scoil A could have a PTR of 29:1, and next door Scoil B (where 5 teachers have retired – 2 were 65 and were retiring anyway, and 3 are getting out fast before Lenihan takes their lump sum / taxes their pension further!) could have a PTR of 55:1, becasue those 5 teachers will not be replaced!!!
    Obviously, this has been very well thought through by the Brians – just like every other move this pair has made!!
    It is way past time to get angry, very, very angry.

  15. hell brain, that sounds more like an epileptic seizure than a ‘ghetto like’ move. I don’t think they call it ‘ghetto like manner’ either. WORD!

  16. Hellbrain, – we need our old folk for lots of things, including their sense of humour.

    Myself and a friend dressed up as cops on April 1st last, called round to an elderly neighbours house and told her that her daughter was on a life support machine following a car accident in Sydney.

    You should have seen her face when we exclaimed, “Hah April fools”….

    “Your sick fucks, ” she laughed as the tears ran down her cheeks.

    The elderly have a great sense of humour and mischief.

  17. Mairead there’s no need to worry about future staff shortages in the public service. As soon as the world economy improve there will be such an outpouring of citizens from this country that schools and public offices will be overstaffed.

  18. Nora I did not mean to offend. The majority of voters go for F.F . That is the fact as I know it. More than a third of the population of the Republic of Ireland live in Dublin . However it is still popular to think of the Capitol as the seat of the “Empire” . Perhaps I am wrong . I live in Drumcondra Dublin and am very happy to do so.. Most conflict is based on bullshit . The voters still go F.F.? Because their daddies and their mammies did. Until we the voters cop on .

  19. My apologies Elle, sometimes I find it difficult to adequately translate Ebonics into English. Let’s just agree on the fact that Nora has got it locked down.

  20. Actually Hellbrain anyone would do a better job. The main problem here is that the FFers have been in power too long and don’t see the need for the goodwill of the proletariat. They need a spell out of office to get in touch with those who give them the authority to rule, that coupled with the fact that they have gone from a totally corrupt leadership almost overnight to being led by a totally inept shower…

  21. @King:
    I’m not too sure about that. In my opinion, they’re all a shower of no-hopers. So we’re fucked either way. Just look at Enda Kenny for instance. The man is a walking piece of cardboard. And I’m not joking when I say that there must be some kind of a link between the surname Kenny and a lack of personality.

  22. Gary,
    I’m not offended. You have to think of me occasionally with a grin on my face, ‘cos I’m periodically kidding. I agree with you about the voting habits of families. I do think it’s high time they were dumped — along with FF. And the quicker the better.

    I’m a bit of hybrid maybe. Born in Dublin (and living there) but all my roots on both sides are in Donegal where I’ve spent a lot of time. Nature versus nurture, and all that.

  23. Nora; are you serious about organising a peaceful demo, Maybe a list of “reminders” to be handed into the Dail.
    Hellfire; not everyone connects Nirvana to an afterlife, that would be a particular persuasion, however, its very unfortunate you have to wait so long to have something in your pants, but we all have our crosses to bear.

  24. I am serious, Norma, but I’m not getting the impression in the media that there is much or any talk of the like.

  25. Nora I should be able to bring along about 40,000. More perhaps if partners, sons, daughters, etc. are included. But to what end? I have been there seen that worn the t-shirt. The Government lied about the numbers and ignored the issues.

  26. Nora; yes, no sense of stirrings in the media, but I think that has a lot to do with an overwhelming sense of demoralisation, What is happening now is very different to any previous recession i would think that the majority of the population are overextended debt wise, as in mortages, credit cards, car loans, other loans, it was’nt just the developers who had access to loans beyond a realistic capacity to service.
    That was what i meant in a previous post regarding “personal survival” but nonetheless we need to be seen to object.
    I think most people are feeling overwhelmed and maybe helpless in the face of the last two budgets, that anger and outrage have been replaced.
    I am willing to be of any assistance to you Nora, that you might need, don’t know the protocol here but maybe I can ask Bock if it’s ok for him to send you my e-mail address ? Whatever it takes.

  27. Feel free to swop our email addresses, Bock.

    Norma, I’m rushing out this minute, but I’ll be back anon.

  28. Hellbrain — It isn’t about offending anyone. It’s about staying on fucking topic. Is that very hard to understand?

  29. Yes. Yes it is; especially seeing as this topic has already been covered by hundreds of other bloggers and news pundits alike; so much to the point that they practically raped it in the face and had a cigarette afterwards. You and Med-whatever her name is, seem to have more in common than you think. You both seem to get angry very easily. GAAAAAAAAAAAR

  30. I was just trying to explain that the normal courtesy is to have your wank at home instead of doing it in someone else’s place.

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