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What Should have been Done?

  • 27-02-2011 4:05pm
    #1
    p1akuw47h5r3it
    Closed Accounts Posts: 3,001 ✭✭✭


    Ok so I'm guessing most people agree that guareenteeing the banks was a bad decision (I think:pac:)

    SO basically my question is what should have been done? What would you do if you could go back to 2009?

    Should the Goverment have saved some banks and not others i.e. save BOI and not Anglo.

    Or do people believe with the information the goverment had at the time they took the right decision?


Comments

  • #2
    hatrickpatrick
    Registered Users, Registered Users 2 Posts: 17,797 ✭✭✭✭hatrickpatrick


    DanDan6592 wrote: »
    Ok so I'm guessing most people agree that guareenteeing the banks was a bad decision (I think:pac:)

    SO basically my question is what should have been done? What would you do if you could go back to 2009?

    Should the Goverment have saved some banks and not others i.e. save BOI and not Anglo.

    Or do people believe with the information the goverment had at the time they took the right decision?

    This is meant to be a free market. You make bad decisions, you f*ck up, your business dies. Your shareholders and bondholders alike, who are essentially financial gamblers, LOSE their money. It was their own choice to invest in the company, they knew the risk they were taking.

    People who had absolutely no stake or involvement in the company have no obligation whatsoever to take part in a rescue attempt.

    The government acts in the interests of all the people rather than their golf buddies.

    But we don't, of course, live in a democracy. Our country has been run for the benefit of about five hundred people rather than five million.


  • #3
    whiteonion
    Closed Accounts Posts: 837 ✭✭✭whiteonion


    DanDan6592 wrote: »
    Ok so I'm guessing most people agree that guareenteeing the banks was a bad decision (I think:pac:)

    SO basically my question is what should have been done? What would you do if you could go back to 2009?

    Should the Goverment have saved some banks and not others i.e. save BOI and not Anglo.

    Or do people believe with the information the goverment had at the time they took the right decision?

    They should have let the banks go bust, nama should never have been introduced. Instead there should have been a fire sales of these assets. Property prices would have fallen down to their market value and the country would have started recovering. Now instead we will suffer pain in Ireland for many years to come. The government should have pulled the plug in 2004-2005 by ending many of the various tax relief schemes towards the property sector. Some sort of property tax should also have been introduced to discourage from speculation. A law should also have been introduced that require people to have at least 20% cash deposit when they buy a house or apartment.


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