boards NAMA Poll!

johnnyskeleton

orourkeda wrote: »

Everyone seems to be anti NAMA.

I've yet to heard a credible or viable alternative. I wouldnt be voting simply because I've been too lazy and worn out by it to find out how NAMA works.

I know that this is probably stating the obvious bit there has to be more to this than simply saving the irish banking sector. This is what worries me about the whole thing. What the real motivation behind it is.

Viable alternative? How about not overpaying for land then keeping it from the market for 10+ years. How about selling it on the open market for whatever it will fetch. For example, field in Offaly bought for 20m now worth 200k, at least at 200k it can be used by a farmer to raise cattle and improve exports as opposed to just sitting there for 10 years. The banks realise the loss now rather than later, but there's no point pretending things aren't as bad as they are.

Guy:Incognito

Deleted User wrote: »

or maybe your stuck commuting from Donegal to Cork in a one bed apartment that you thought would be worth a million by now if it werent for Mc Dowell screwing up the stamp duty that time?

Commuting in a mobile one bed apartment you say?

thetonynator

johnnyskeleton wrote: »

Viable alternative? How about not overpaying for land then keeping it from the market for 10+ years. How about selling it on the open market for whatever it will fetch. For example, field in Offaly bought for 20m now worth 200k, at least at 200k it can be used by a farmer to raise cattle and improve exports as opposed to just sitting there for 10 years. The banks realise the loss now rather than later, but there's no point pretending things aren't as bad as they are.

It won't sit their idle, it will be rented out at approx €150 per acre per year (€425 per hectare) and used by a farmer until the value of the land grows sufficently ( which it will in the next 10 years) for it to be sold at less of a loss.

http://sites.google.com/a/contender.ie/www/bunreachtnaheireanntheirishconstitutionarticle27

A majority of the members of Seanad Éireann and not less than one-third of the members of Dáil Éireann may by a joint petition addressed to the President by them under this Article request the President to decline to sign and promulgate as a law any Bill to which this article applies on the ground that the Bill contains a proposal of such national importance that the will of the people thereon ought to be ascertained.

:eek: :mad:


:rolleyes: oh well

I say NO, the only problem is that there isn't any real alternative, based on the current financial model used by most countries of the world!
NAMA is just a paper printing exercise that will involve our children stuffing large bundles of notes into a black hole!
The current banking system is on life support, it's very existance is dependant on growth, infinite growth, after "peak oil" the financial world will contract indefinitely, killing the fiat currencies that depend on growth for their very existance.

A return to a gold or any other physical (valuable) commodity based currency would be the eventual outcome of this fiasco.

Jazzy

um, isnt this why we voted in these people? to, ya know, make these hard decisions that we dont quite understand

Jazzy

Jazzy wrote: »

um, isnt this why we voted in these people? to, ya know, make these hard decisions that we dont quite understand

A bit like the turkeys voting for which farmer is going to pluck them!

thetonynator

Deleted User wrote: »

A bit like the turkeys voting for which farmer is going to pluck them!

fianna fail, fine gael all the same we'll all get stuffed anyway.

Senna

The main reason for NAMA was to get credit flowing to business again. NAMA will not have this effect, the banks are under no obligation to lend.

The international community thinks NAMA is a good idea because it take the debt off our institutions and onto the tax payers, far less risky for investors.

thetonynator

Senna wrote: »

The main reason for NAMA was to get credit flowing to business again. NAMA will not have this effect, the banks are under no obligation to lend.

The international community thinks NAMA is a good idea because it take the debt off our institutions and onto the tax payers, far less risky for investors.

if the banks are nationalised, shouldn't the government get to decide who they loan money to???

More loans, a bit like giving a hungover alcoholic another drink!

genericguy

I'm glad i read this thread, because i'm having the worst week i can recall and remembering this post by darkjager has made my day:

DarkJager wrote: »

Nama gonna give you up,
Nama gonna let you down,
Nama gonna run around and desert you,
Nama gonna make you cry,
Nama gonna say goodbye,
Nama gonna tell a lie and hurt you.

Darkjager is a fcuking poet.


Now somebody hug me.

brianthebard

orourkeda wrote: »

Everyone seems to be anti NAMA.

I've yet to heard a credible or viable alternative. I wouldnt be voting simply because I've been too lazy and worn out by it to find out how NAMA works.

Every other option would be preferable to NAMA, even NAMA with more guarantees and improvements could be better than it is now. FG's good bank proposal or Labour's nationalisation proposal would both cost less, give the government more control, allow the government to use the properties involved (nationalisation) and make a profit quicker than NAMA. Its just as well you wouldn't vote on this issue because you clearly have not tried very hard to find out what the alternatives are.

cock robin

My name is URL wrote: »

I hope people learn from their mistakes. NAMA is there to help growth once the recession dwindles out. Without it, assets would stagnate and they would have lost all value by that time. Is it not better for Ireland to be on the starting block when the global situation improves, rather than trailing behind and missing the opportunity to get off to a good start when it happens?

Sorry but the assets to which you refer were over valued to begin with. This was encouraged because it kept the money moving from lenders to developers & estate agents to the public, who were so desperate to get on the "property ladder" that lenders actively lent money to those people who were least likely to repay it. Our economy thrived becuase of it and died becuase of it. It must never happen again. We surrendered our most indeginous of industries (agriculture,fishing,food) so we could build shrines to bankers and developers. Everybody is guilty to some degree. But those that were most responsible will suffer the least as is always the way. NAMA is there to protect the wealthy from the poor. They will remain wealthy and the poor will remain poor. An goverment such as ours allowed to go unchecked our entire banking industry would now have us believe that they can repair the damage. I dont think so, do you ? Surely we can do better as a nation than stand by while they sun themselves under a cloudless sky while we stare into the abyss and Q in the rain for a passport.