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The Sickly Tiger

  • 11-02-2009 1:48pm
    #1
    ionix5891
    Closed Accounts Posts: 1,033 ✭✭✭


    came across this interesting article

    http://online.wsj.com/article/SB123301620834517715.html
    To highlight some of Dublin's most blatant policy slip-ups:
    *Politicians on both sides are still in denial about the country's severe property bubble, refusing even to call it one.
    * They still appear to believe that the downturn in property values is cyclical, and not structural.
    * The government also continues to ignore the economy's deteriorating competitiveness, gave a strategically unwise guarantee of the debt and deposits of all Irish banks and, most recently, nationalized Anglo-Irish Bank.

    is the author correct in the above 3 being causes of our downfall?

    what are peoples opinion on creating a bad debt bank?

    i find this forum enlightening at times so i hope to get the usual high quality comments, cheerio


Comments

  • #2
    SkepticOne
    Closed Accounts Posts: 6,718 ✭✭✭SkepticOne


    ionix5891 wrote: »
    came across this interesting article

    http://online.wsj.com/article/SB123301620834517715.html



    is the author correct in the above 3 being causes of our downfall?

    what are peoples opinion on creating a bad debt bank?

    i find this forum enlightening at times so i hope to get the usual high quality comments, cheerio
    A good article.
    The banking problem and resulting financial burden on the state can only be eased if the Irish banks write down, restructure and correctly value large-scale commercial property assets. Then, a "bad bank" could take on these toxic assets and help unclog the blockage in the banking system.
    I have a bit of a problem with this. How can the same group of people who lent out for grossly overpriced developments now be trusted to "correctly value large-scale commercial property assets"?


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