Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

A One Issue Election

  • 05-02-2011 12:58am
    #1
    Chipboard
    Closed Accounts Posts: 428 ✭✭


    The way I see it, this is a one issue election. Who pays for the bailout following the bust?

    If we allow the Banks to fail the bondholders (many of whom are large European Banks) lose their investments. Anyone who is still rich (and rich people do still exist) doesn't have their money in property, it is in one of the other asset classes (bonds, stocks or cash) which means that either directly or indirectly their financial well being is inextricably linked to the health of the financial system.

    The choice is simple - tax the lower/middle classes to save the Banks or let the Banks fail and the rich end up paying for it.

    The poor don't care if Anglo fails (it was a rich man's bank anyway) but if it fails the knock on effect to the European financial system could be catastrophic unless Europe plugs the hole.

    Rather than risk having to plug the hole, the ECB told Fianna Fail to plug it and offered them a loan to do it (of course if you know you have to write the cheque anyway better to make it a loan than a donation).

    Politicians are the new Royalty. They make the laws but aren't subject to the laws (various legal cases in the last 12 months confirm this). They levy taxes but don't pay taxes (not on all their income). They make decisions which affect us with no regard for our views (bank guarantee).

    The politicians are in effect part of the elite who stand to lose the most if the European financial system fails. They are saving their own skins at the cost of ours. Labour and Fine Gael are right in the middle of this by facilitating the passing of the Finance Act.

    When they come knocking on our door in the next few weeks I have only one question to ask them - are they going to draw down the ECB/IMF bailout facility and pump it into the Banks. I'll vote for any party/individual who convinces me that they are going to tell the IMF to go home, regardless of their policy on potholes or hospitals.

    And remember, don't swallow the line about job creation - there isn't a politician alive who ever created a job. Entrepreneurs do that and in this country they do it in spite of politicians.


Comments

Advertisement