Yeah ...I just bought a bank !

peasant

You as well, btw

The Dáil has passed all stages of the bill to nationalise Anglo Irish Bank.

http://www.rte.ie/news/2009/0120/angloirish.html

And it's going to cost each and every one of us ~20k in additional debt. Lovely.

This spiralled into a proposed nationalisation that would saddle Irish taxpayers with Anglo’s bad debts, which could easily exceed €20,000 per household, and starve the other, worthwhile, banks of the capital they need to survive.

http://www.irishtimes.com/newspaper/opinion/2009/0120/1232059661333.html?via=mr

We're all gonna be rich


or maybe not ....

piling Anglo Irish’s gambling losses on top of a spiralling national debt could easily suffice to sink the Irish State into bankruptcy.

tiger325

Let's spread the wealth..:D

uberwolf

http://www.irishtimes.com/newspaper/opinion/2009/0120/1232059661333.html

tbh

Sucking Diesel

Once again we take it up the ass when we didn't ask, yet we provided the lube.

How do we manage to do that all the time?

I look forward to paying for the tribunals in 2014/2015 when we have some money again.

Senna

and so begins the collapse of the Irish economy.

galwayrush

I could do with a small loan to do some work around the house and buy some machinery for my business, I am over the moon that i can now borrow it from my own bank.:D 250k will do for now, my income tax , payments will have it paid off in no time.:)

truecrippler

Senna wrote: »

and so begins the collapse of the Irish economy.

Wahey!

Princess Consuela Bananahammock

Senna wrote: »

and so begins the collapse of the Irish economy.

Eh... "begins"...?!

orestes

So, could someone please explain, in simple English and in terms understandable by someone who knows nothing whatsoever about economics, how fukked we are because of this?

peasant

orestes wrote: »

So, could someone please explain, in simple English and in terms understandable by someone who knows nothing whatsoever about economics, how fukked we are because of this?

read the irish times link provided (twice)

Terry

I was actual;ly hoping that peasant had bought a bank himself.
Always nice to see a poor person do well.

As for the bank in question; is anyone going to be held responsible for this, or is it just another group of white collar criminals going unpunished?

professore

Ikky Poo2 wrote: »

Eh... "begins"...?!

BBBBbbbbaby you just aint seen nnnnnothingggg yet !!!!!

Our new national anthem
http://ie.youtube.com/watch?v=7miRCLeFSJo

Karoma

orestes wrote: »

So, could someone please explain, in simple English and in terms understandable by someone who knows nothing whatsoever about economics, how fukked we are because of this?

*Grabs sock puppets*
It's like HIV, it's pretty bad, but there's always a chance that it'll get much worse. You're ****ed because the majority of knackers chose to go with the same few hoors.

galwayrush

orestes wrote: »

So, could someone please explain, in simple English and in terms understandable by someone who knows nothing whatsoever about economics, how fukked we are because of this?

We're bankrupt. Well politicians and their cronies are still rich, but us mere mortals are ****ed.

Senna

Ikky Poo2 wrote: »

Eh... "begins"...?!

Might seem like were stuck in the shít already, but yes this is only the beginning.

A lot of what has emerged could have been absorbed and wroth off as a world-wide problem. But assets on banks books are still over-valued and they're saying all toxic assets will be put into Anglo.

Zebra3

orestes wrote: »

So, could someone please explain, in simple English and in terms understandable by someone who knows nothing whatsoever about economics, how fukked we are because of this?

Very. :mad:

Princess Consuela Bananahammock

Senna wrote: »

Might seem like were stuck in the shít already, but yes this is only the beginning.

Thank feck I got out. Probably not safe over here, I know, but at least I can still get a bus home at 4am on a Tuesday morning fro mthe far side of the city for 2€

Cow Moolester

orestes wrote: »

So, could someone please explain, in simple English and in terms understandable by someone who knows nothing whatsoever about economics, how fukked we are because of this?

Very....from what I understand, we've just taken on a huge amount of national debt which because the bank is now publicly owned, the taxpayer has to pay off.

Considering tax revenues and all that is falling, we'll be finding it pretty hard to repay all that debt on top of our own existing debt which is still going up and up.

galwayrush

Not forgetting the country's credit rating is going down the toilet so any money we need to borrow becomes more difficult to get and it will cost more.
Another thing that makes me laugh, the less you're able to aford a loan, the more intrest you are charged for it.

orestes

Karoma wrote: »

*Grabs sock puppets*
It's like HIV, it's pretty bad, but there's always a chance that it'll get much worse. You're ****ed because the majority of knackers chose to go with the same few hoors.

galwayrush wrote: »

We're bankrupt. Well politicians and their cronies are still rich, but us mere mortals are ****ed.

Zebra3 wrote: »

Very. :mad:

Cow Moolester wrote: »

Very....from what I understand, we've just taken on a huge amount of national debt which because the bank is now publicly owned, the taxpayer has to pay off.

Considering tax revenues and all that is falling, we'll be finding it pretty hard to repay all that debt on top of our own existing debt which is still going up and up.

Ah right, now I geddit. We're all fukked, and getting HIV from it. Damn.

galwayrush

orestes wrote: »

Ah right, now I geddit. We're all fukked, and getting HIV from it. Damn.

Sorry, way worse . We have no idea how badly the recession is going to hurt us, we know what HIV can do. Apparently, there's hope for a cure for HIV.

peasant

orestes wrote: »

Ah right, now I geddit. We're all fukked, and getting HIV from it. Damn.

short and sweet from the Irish times Article (and without AIDS)

In other words, the Irish economy is facing a decade of stagnation and mass unemployment of the same magnitude as the 1980s, with the difference that the unemployed now have mortgages, car loans and maxed-out credit cards. Faced with an irreversible contraction on this scale, the Government will have grave difficulty borrowing to fund its ordinary expenditure, even after draconian cuts in spending and increases in taxation. In the view of international investors, piling Anglo Irish’s gambling losses on top of a spiralling national debt could easily suffice to sink the Irish State into bankruptcy.

tech77

peasant wrote: »

http://www.irishtimes.com/newspaper/opinion/2009/0120/1232059661333.html?via=mr

We're all gonna be rich


or maybe not ....

Just reading that story it's amazing how
the current government seems to fulfil all the attributes of a malignancy:
Self-serving and disorganised/out-of-control- all at the expense of the state and destined to make the country very sick or kill it.

Surgery may be too late.

Cow Moolester

peasant wrote: »

short and sweet from the Irish times Article (and without AIDS)

TBH I think the author of that article is a bit overdramatic and is doing nothing other than trying to scaremonger.

Standard Toaster

All over my head so it is. Should I be taking my money out from AIB and putting under the mattress?? Are they next??

I don't want HIV

gurramok

julep wrote: »

I was actual;ly hoping that peasant had bought a bank himself.
Always nice to see a poor person do well.

As for the bank in question; is anyone going to be held responsible for this, or is it just another group of white collar criminals going unpunished?

Well, the Garda fraud squad are only onto the case about the dodgy loans the former head of the Anglo took out.
But to answer your question, no. No-one has been held responsible for the banks going under.

Cow Moolester wrote: »

TBH I think the author of that article is a bit overdramatic and is doing nothing other than trying to scaremonger.

The author has been proved right in the past with his facts and figures. Nothing to say the author will be wrong again.

BigEejit

uberwolf wrote: »

http://www.irishtimes.com/newspaper/opinion/2009/0120/1232059661333.html

tbh

Christ thats a scary read. If unemployment gets as bad as he reckons it'll be another exodus looking for work, one thing for sure, there is buggerall in england.

Thats what ye get for voting in that bunch of evil, corrupt cretins

Senna

The_Edge wrote: »

All over my head so it is. Should I be taking my money out from AIB and putting under the mattress?? Are they next??

I don't want HIV

You bank with AIB:eek: Too late you already caught the AIDS.

Dont worry about hiding your money, your mattress will be repossessed soon.

Standard Toaster

Is it teh good AIDS or teh bad AIDS?? :eek:

Fúck me, I've somewhat a grasp on what's happening....country is fúcked.
Who in RTÉ can we blame??

WoollyRedHat

It's not over yet. Senate may still prove useful...

cHaTbOx

Karoma wrote: »

*Grabs sock puppets*..............

I lost you there:o:D

ejmaztec

So it's the Dail first, then the Seanad - and finally the Kalashnikov? Is that correct?

WoollyRedHat

Ye. But I think it can go back and forth if the senate reject the orginal document/add new admentents until both agree.

6th

Honestly, can anything be done to fix it or is it too late.

Does this mean I could just walk into an Anglo Irish Bank, and fire someone? Me being a shareholder and all.:pac:

ejmaztec

Sabotage wrote: »

Honestly, can anything be done to fix it or is it too late.

I think that's what somebody said in 1916 - then look what happened.

ejmaztec

-JammyDodger- wrote: »

Does this mean I could just walk into an Anglo Irish Bank, and fire someone? Me being a shareholder and all.:pac:

They'll probably ask you to lend em the bus-fare home if you do.

Snowie

FFS :rolleyes:

topper75

Nationalise the shaggin' lot I say. If we take it up the ass by absorbing the losses, by God, we are entitled to the profits too. Why should the state bear only the financial misery of non-profit making essential services such as sewerage, transport, and eduction - give us the profits too. The entire banking system in this country should belong to the people.

Blush_01

It hasn't been signed into law by the President yet...


Who the fu(k am I kidding?

galwayrush

-JammyDodger- wrote: »

Does this mean I could just walk into an Anglo Irish Bank, and fire someone? Me being a shareholder and all.:pac:

Can we shoot them?:)

fuck me. that irish times article is a rough read..

themadchef

Ok, so basically we're all taking on 20k in debt.

Stoopid question time. Why didint we have to fill out shed loads of poxy forms that we can't understand and have to sign until our fingers hurt?

Why did no fcuker ask us.. "Hey, Joe Public, what's your opinion on this?"

Where was the "tick this box if you agree" or "tick this box to tell them to go to fook"

Sick to death of FF and all the gob ****e politicians tbh. This is going to get worse, much, much worse imo.

sunnyside

OK I read the Irish Times article. Serious question--why did the gov buy Anglo Irish instead of letting it collapse? Was it because of the liability guarantee? If that's the case won't it loose them a lot of support because the vast majority of the population wouldn't be rich enough to be banking in Anglo Irish.

If they wanted to buy a bank (I understand that it wasn't planned) wouldn't they be better buying AIB or Bank of Ireland?

Could unemployment really reach 20%?

Could the country be declared bankrupt? What would happen then?

[Jackass]

Last one out, switch off the lights...

Davidius

Can we get rid of the "anglo"?

Sea Sharp

Could the country be declared bankrupt? What would happen then?

Ireland = 3rd world country. Worst case scenario :eek:

Things are looking very bleak.

Omnipresence

this is why the better option would have been to let Anglo just fail... these cronies have just screwed us, our children and our grandchildren

nobodythere

Anyone want to buy my part of it? Good price!