Anti Nama Rally - Saturday Letterkenny

md23040

Anti-NAMA Rally, Letterkenny
donegal | miscellaneous | event notice Tuesday September 08, 2009 20:06 by Danny Brown 0868476862
Rally against the proposed NAMA legislation
There will be a rally against NAMA in Market Square, Letterkenny on Saturday 12 September.
Speakers: Eamon McCann, Derry, Thomas Pringle, Donegal County Council.

Posted in Indymedia. Although the protest has nothing to do with me, might pop my head in to show support before the Dublin rally 19th, which would not be attending (too far away).

Hopefully it’ll get good support and basically from conversations on Highland with Danny Brown and some economist it is quite clear to me irrespective of NAMA’s price paid for assets, these institutions are clearly insolvent. Capital bases (tier 1) are completely inadequate to cover the amount of millions of loans. Any write down of any small amount on the bad loans would wipe out the tier base.

Well done to those organising it – from someone who’s generally apathetic and lethargic on political issues, but this to me is important. Btw Eamon Mc Cann is the opposite end of the spectrum from my own political views (which aren’t that strong to begin with).

muffler

Cant see why Eamon McCann is going to be there. But then again its swinging to the left when you take Pringle into account.

LoanShark

Why would we go to listen to a person from Derry???
And it is obvious to see that Pringle still runs with the Shinners!!

I think that too many people are getting in over their heads about this whole NAMA thing..

I dont know anything about it and dont claim to be an expert about it, SO all I will do is see it from the government point of view which is that if the bad debt is taken from the banks and given to a decicated office that will get the money back in time, the banks SHOULD be able to start lending money again...
If being honest what other option do we face, other than allowing the IMF to come in and cut to shreds our whole system, Thus reducing the amount of people in the public sector, saying a massive F**k You to the unions that protect the workers and making us all take the bitter pills that we are are trying to avoid..

md23040

Why would we go to listen to a person from Derry??? And it is obvious to see that Pringle still runs with the Shinners!!

Irrespective of politics the two consensual views will be (i) banks are a crowd of highly paid toss pots, ill-deserving a bailout and (ii) we’re being sold a pup. There may be rhetoric but it’s important to make a stand against something that’s wrong.

LoanShark wrote: »

I think that too many people are getting in over their heads about this whole NAMA thing..

Nama is the largest policy ever adopted in the history of the State. It is a multi billion gamble dwarfing national debt. Apart from trying to improve credit lines (which won’t improve imo) it’s primary motivation is to stop banks from marking to market the actual values of their property assets, which would have to declared through stringent audit procedures. As a result of this major manipulation, Ireland will stand in the wilderness for many more years than required, but will find natural balance eventually, with the same outcome (i.e. prices finding their true level).

LoanShark wrote: »

If being honest what other option do we face, other than allowing the IMF to come in and cut to shreds our whole system, Thus reducing the amount of people in the public sector, saying a massive F**k You to the unions that protect the workers and making us all take the bitter pills that we are are trying to avoid..

With or without the IMF these options are all going to be faced. The credit party is over, the banks and risk takers are exempt but the country enjoys the hang-over. However it is good to be able to show local support and solidarity against a bad decision (in civilised manner).

Maybe Sean the Doc’s radio show (today) is streamed like iplayer. The speaker and organiser of the rally Danny Brown came across very logical, inspiring and his thoughts concur with my own – parking aside political differences.

muffler

md20340 if your intentions were to put this up here for debate then you have the wrong forum.

I can move this to the politics or banking forum if you wish to continue with the debate.

weiss

Very appropriate handle, Loanshark.

"I don't know anything" ... "people are getting in over their heads"

makes sense we should listen to you instead.

md23040

muffler wrote: »

md20340 if your intentions were to put this up here for debate then you have the wrong forum. I can move this to the politics or banking forum if you wish to continue with the debate.

No not interested in having a debate about the pro and cons on whether it'll work. Just letting people know its on and apologies for going off topic. Maybe if there were other more liberal political parties represented it'd be better.

candy19

And what's the point in this???
In all fairness, this country is complaining about having no money, and here we have TD's and ministers heading off on big holidays that we the tax payer are paying for...At every step of the way, the poorer or middle class people are expected to pay...
It's a bit too late to be protesting, sure Brian Cowen :eek: is in power, what is he or any other politician going to do....
It's a waste of energy, the money is there but it won't be spent on the proper resources thats needed in this country and we are expected to suffer!

weiss

absolutely candy19!

in protest of this NAMA protest, i'm organising a beer session in Letterkenny on saturday, who's up for that instead?

oh look, big brother is on...la la la

candy19

Someone that agrees with me at long last!!
When we the little people are pro-active in trying to get things done, ie additional resources in health...Yes, Mary Harney if your not going to do something except cut the poor vunerable people of services they need, the country will suffer further down the line in regard to long term hospital beds ect

Senna

Dont mean to drag this into a debate, but the huge problem is what the gov think will happen once all the loans are stuck in NAMA. They think banks will start lending again, like the way they were lending in 2002-2007. It wont happen, banks ARE lending at the moment but the criteria for acceptance is higher than it was (which isn't hard since they throw money at anyone during the bubble days).

Example, today they wont lend to company A as the risk is too high. Once NAMA starts up are the bank going to say, "ok company A, your risk is still high, but sure what the hell". The best scenario is the banks will extend credit and overdrafts to healthy companies. Current lending practices are more of a norm than the bubble days, we cant look at reckless lending and say "we want that again" thats what got us into so much trouble.

Of course we could be cynical and say the two Brians think the property market will stabilise after NAMA, as a huge amount of houses will be on NAMA's books (and so off the market, lessening the oversupply) and banks will be lending again, but if that is the true motivation;), god help us all.

BlackEdelweiss

This is only my opinion but I would say that most of the people who are against NAMA dont have a clue what it is all about. I certainly dont and I know some very intelligent people who havent a clue either, its like Lisbon, ask most people who are voting either way on it why they are voting that way and the reason they give you will probably have nothing to do with the actual facts about the treaty.
I am no FF supporter but we were all happy enough for them to be in power when things were going well but now the sh1t has hit the fan you would swear it was the devil himself running the country if you listened to some people.
Shut up and take your oil, its a worldwide recession, not even brian Cowen could have caused that, its not the first and it wont be the last, learn a few lessons from it and be prepaired for the next one.

Senna

BlackEdelweiss wrote: »

Shut up and take your oil, its a worldwide recession

Christ sakes, i though one thing to come from this recession was a better informed public, i was obviously wrong.
Funny how the rest of the world is emerging from its recession and we are still nose diving. But of course it all external influences:rolleyes:

NAMA is a solution to a problem, i dont believe its a good solution as the end result will not have the desired effect (main but not only reason). You say to learn from your mistakes, but if the mistakes are yet to be made (NAMA), do we just follow blindly?

North_West_Art

Im afraid I have lost all hope... the reason being, the estimated NAMA bill.

27 years ago, the government had to bail out the AIB after the ICI went under. Cost of that bailout? 190 million. It is still being paid off today (2% on certain insurance policies is going towards that)

The estimated NAMA bill? 90 billion

so thats 90,000,000,000 compared with 190,000,000

And thats not counting the 400 million that the government are borrowing from the ECB evry week so they can pay the social welfare bill etc.

muffler

This thread was for announcing details of a rally and I let it go as far as i could.

The rally is now over and so is this thread. Any comments on NAMA can be posted in the politics forum.

Cheers.