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Will this Lad loosen the Banks Purse Strings ?

  • 13-12-2009 1:55pm
    #1
    AlekSmart
    Registered Users, Registered Users 2 Posts: 14,005 ✭✭✭✭


    http://www.activecitizenship.ie/index.asp?locID=4&docID=24

    Interesting that in the midst of all that Budget 2010 had to offer this fellow stands alone as being named ...(assuming we ignore the as yet unexplained reference to the late Ted Kennedy ?)

    So....will Mr T face down the baddies and get that all important credit bubble machine working again..?

    Tune in again next week....same time...same place !!! :)


    Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.

    Charles Mackay (1812-1889)



Comments

  • #2
    Sand
    Registered Users, Registered Users 2 Posts: 12,895 ✭✭✭✭Sand


    Its questionable if we want the banks to start lending again like they did over the past 10 years, when anyone could get a 600,000 euro mortage and stress testing, risk assement and so on were ignored.

    Its quite possible the banks are being wise and reasonable in thinking that they need to work on improving their balance sheets and be cautious about lending money, looking only for safe bets as opposed to dodgy ones.

    If they are denounced as being reckless over the past decade (and they were) then at return to prudence ought to be welcomed.

    The real problem is that people were sold NAMA on the basis that it would "get credit flowing again" when it would never do any such thing. Even post NAMA Irish banks will be deeply wounded, and will have to work very hard at repairing their balance sheets. NAMA was always a bailout for banker, shareholders and bondholders, it has no value to taxpayers.

    We should have let the banks collapse and dealt with the consequences, saving 54 billion in the process and addressing a real factor in Irelands uncompetiveness - commerical property and rental costs. Instead we are going to cripple economic development in Ireland for a decade or so keep those zombie banks upright, tottering, but upright.


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