Prime Time on NAMA - Please save us Greens

radiofoot

I was against NAMA before tonight, but having just watched Willie O'Dea on Primetime, I have for the first time in my life been stirred to action on a political issue. It is now crystal clear to me that:

1) There is not enough analysis and detail behind the 'Guesstimated' current valuation of 47bn EUR. It is likely that this is an overvaluation of the current value and it is also likely that we are not at the bottom of the market yet. Brian Lenihan's claim that the notional higher yields resulting from falling property prices is a measure of this is ridiculous - Rents are still falling - they are just struggling to keep pace with the decline in property.

2) Richard Bruton's points regarding financing the debt in an increased interest rate environment were correct and had not been factored in by the Govt.

3) To quote that 40% of the loans are performing as the basis of a response is alarming - that 40% could easily deteriorate rapidly as developers go out of business.

4) The banks have continually understated their issues over the last two years. To hear tonight that the estimates were largely based on their valuations rather than a detailed analysis of the loans is shocking. No wonder the banks share prices soared today.

In my opinion we need to forget about the divisions in our society (one political party vs another, rich vs poor, blue collar vs white collar, urban vs rural, worker vs unemployed, even Northside vs Southside :-)) and fight this tooth and nail together because if it goes thru we will all be equally sha**ed.

The grassroots of the Green Party is the key. They don't seem to want this either and are being scammed by the Green leadership. The fate of the country now rests in the hands of the Green Party and the only way to stop this is for the Grassroots to organise against their leadership and force them to vote no. Is anybody from the Green Party reading this and agreeing? If so, how can we help??????

Reginald P. DuM

Sending out Willie to represent the government on this crucial matter was a curious decision indeed. He didn't inspire any confidence, and himself and Bruton were just engaging in usual opposition verbal sparring. The subsequent debate was more enlightening.

However I find it very difficult to take the points of these so called experts on what we should do now. Where were these experts when they were needed, when things weren't so dire. Economists, academics, CEO's, impotent all. Something could have been done to stop the large loans isued and speculators bidding ridiculous sums. I believe this is the single biggest problem this Republic has ever faced. The figures are phoenomenal. But typical Ireland, reactionary rather than proactionary and now we're up to our ears in ****e. I don't know whats gonna happen next I just get on with paying my taxes and hope for the best.

As for the Green party grass roots, we really are finished if they are our only hope!

is_that_so

The Greens have already extracted some "concessions" on NAMA and can be expected to try and get some more. They will also be looking for a better deal on the programme for Govt. They also has a very democratic method to support a particular position.

In Lisbon 1 they failed to reach that 2/3 that would have allowed them to campaign in favour and we end up with the ludicrous situation of the campaigning for and against.

If Gormley gets a majority in favour but not 2/3 then he's faced with a real quandary, which is why he's making noise at the moment. If they get enough sweeteners especially in that social and affordable housing idea they can probably be persuaded to support it.

radiofoot

is_that_so wrote: »

If they get enough sweeteners especially in that social and affordable housing idea they can probably be persuaded to support it.

I may be naive, but I'm not so sure the Green Party membership will be swayed by these sweeteners when they seemed to have real concern about paying anything over market value for the loans last week. This is what I am putting my hope in anyway!

is_that_so

radiofoot wrote: »

I may be naive, but I'm not so sure the Green Party membership will be swayed by these sweeteners when they seemed to have real concern about paying anything over market value for the loans last week. This is what I am putting my hope in anyway!

They may surprise us but seeing as they gave us this Govt and Gormley has already laid claim to the subordinated bond and the windfall tax on development land it's less likely although there'll probably be frank and forthright discussion. The Greens unlike FF tend to focus on what can be achieved as a green legacy. If what they get or claim to have got on NAMA sits well with their philosophy then they'll take the plunge. For the Greens this whole stint in government has turned out to be a once in a generation opportunity so anything they can do to leave a green tinge on our future they will do.

dfbemt

As much as I dislike Willie O'Dea his jack russell style is appealing from an entertainment value. A crap minister but a great clown.

His comment on 'Tommy Cooper economics' sums it all up really. Funny how I've never heard any of the learned economists discuss that. Thanks Willie.

Reminded me of the time all the shootings were going on in Limerick and he is pictured looking down the barrel of a gun. Classic.